Urban Jungle is a tech-enabled insurance provider on a mission to transform the UK home insurance market.
Focus areaEarly action
Investment typeEnterprise equity
Whilst some families have savings, few have enough to deal with a financial shock such as losing all their possessions in a fire or flood. Insurance can provide a critical safety net and plays an important role in financial inclusion, however, existing insurance providers unfairly exclude large segments of society.
Insurers typically assess risk based on demographics rather than assessing individuals themselves. This has led to an industry that under-serves people who need insurance the most. In the lowest 10% household income bracket, only 43% have contents insurance compared to 92% in the top 10%, and some of the most vulnerable people are paying the highest premiums.
Urban Jungle is initially focussed on renters’ contents insurance, where people are most underserved.
They use behavioural data to assess individuals’ risk on factors that they can control rather than demographics. This helps them design products that are more transparent, fairer and more effective at serving their customers so that people only pay for the insurance they need.
The customer journey for applications is straightforward, with fewer questions than the typical process and provides customers with a quote for a monthly policy, no cancellation fees, and pricing starting at £5 per month.
Urban Jungle sells insurance products direct to consumer and is currently tailored to renters.
Urban Jungle now has 20,000 customers and over 1,000 five-star Trustpilot reviews.
They are actively seeking to increase participation in insurance amongst groups who have not been insured before. Up to 50% of their customers buy insurance for the first time.
Our mission to change one of the world’s biggest and least loved industries by applying the latest technology with a big heart. Our customers’ need for the financial backstop that insurance provides is even stronger, and their need for the value that our low cost model provides is more profound.
Douglas SloanInvestment Director
- Talk to me about:
- Our 2017 strategy; Mental Health; Social Venture Capital
We want to tackle social issues at an early stage, either to stop them occurring or to prevent them from worsening.
We work with expert partners to create and design new investments.
Eka Ventures invests in founders creating consumer technology companies with the potential to build shareholder value in parallel with societal value, we call this ‘shared value’.
Purpose-led startups are tackling hard problems and improving lives. But what do we mean by purpose-led startups, do they make strong financial returns, and how can we capitalise on this momentum to tackle social issues?