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Thursday, July 18, 2024

blip Launches Pioneering Profit-Sharing Insurance for Small Businesses

Today marks the launch of blip, an insurtech startup in the UK, dedicated to providing small businesses with affordable insurance options coupled with an innovative profit-sharing scheme. blip makes setbacks manageable, ensuring that any mishap is merely a minor hiccup.

As a fully digital insurance service, blip is revolutionising the industry by offering up to 10% of total policy premiums back to its customers through a profit-sharing arrangement. This initiative allows members of blip to enjoy savings, partake in the company’s profits, and benefit from being part of an online community focused on business growth.

In collaboration with the European insurance giant Wakam, blip integrates a comprehensive technology solution with its unique distribution platform, offering competitively priced, straightforward small business insurance. blip stands out by offering policies that are concise, with less than half the length of those offered by competitors.

blip’s journey is supported by Pro MGA Global Solution, a specialist in nurturing insurance ventures, ensuring compliance and regulatory adherence for blip. The startup is also in partnership with McLarens, a global leader in claims services, aligned with blip’s commitment to high-quality client outcomes, providing extensive Third Party Administration (TPA) and loss adjusting services.

Gary Ross, the visionary behind blip, stated, “We are using our digital-first platform to cut costs and pass on the savings to our policy holders through our profit-sharing model. We want to empower our customers and build back trust between policyholder and provider through greater transparency and sharing in the profits. Exceptional service is a given. We are taking insurance back to first principles, where the losses of the few are paid by the premiums of the many.”

Ross further elaborated, “blip is a new way to think about insurance that does more than just protect your business. The UK is facing a cost-of-living crisis and small businesses are being pressured by rising inflation and interest rates so there is a need to get more from your insurance. Building a community of like-minded small business owners, blip provides tools to help you succeed and grow.”

Danny Maleary, CEO of Pro, expressed his enthusiasm, “We are excited to be supporting the launch of blip’s digital-first insurance platform in the UK. Digital transformation is putting the need for the insurance industry to think more about its end users firmly under the spotlight and that’s exactly what blip is looking to achieve for the small business market. There is strong growth potential for blip and I’m confident the talented team there will take the business from strength to strength with this customer centric strategy”.

Jason O’Sullivan, Head of Global TPA Development at McLarens, remarked: “Claims are the shop window of insurance and it’s crucial they are handled in a way that mitigates risk, reduces costs, and meets customer needs. blip’s proprietary software supports this approach, driving high quality claims journeys, and allowing policy holders to contact an adjuster directly and have visibility throughout the claim journey. We’re delighted to be partnering with the blip team to support the SME market.”

Membership in the blip community is a perk for every policyholder, offering a regionally segmented yet nationally accessible platform for small business owners to connect, share insights, and support each other. This exchange fosters a conducive environment for growth and success among blip-affiliated businesses.

blip also provides an array of practical business support toolkits, empowering entrepreneurs and small businesses with essential resources for smooth operational management. These toolkits offer templates and advice for devising strategic business plans, helping members to define their business vision, mission, and goals, and to map out clear strategies for achievement.

For more information on what blip offers and the coverage available to business owners, please visit www.justablip.co.uk.

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