Key highlights and milestones so far
2017: Successful development of B2C (retail customer) platform
2018: Successful development of B2B (broking and affiliate) platform
2019: Focus on AI and Big Data
It has been another busy but thoroughly successful year for us at Tapoly. We would like to thank you for your support and for being part of our journey so far.
Having started the year as the winner of Insurance Provider of the Year at the British Small Business Awards, 2019 has been a year filled with growth, innovation and expansion. We have added new products, increased the number of professions we cover, and onboarded new affiliate partners. We are shortlisted for numerous award nominations and have received additional recognition such as the Efma Accenture Award, in addition to many invitations to speak at key industry platforms. It is safe to say that Tapoly is seen and recognised not just as an insurtech, but also as a thought leader, one that certainly plays an important role in shaking up the industry. Here we share some of the highlights of 2019 and give you a sneak peek of what’s in store for 2020.
First of all, our team has grown to 12 exceptionally talented professionals, each playing a crucial role in making 2019 a success.
Our customer base has also grown substantially and each of them played an important role in making 2019 a success. We are thankful for their loyalty and continued renewals.
We have onboarded more than 30 affiliate partners this year. Thanks to our AI analytics capability we have significantly improved our sales and conversion rates. Over the last three months we have experienced a sales growth rate of over 200%. Our sales pipeline remains strong and we anticipate for this growth to continue into 2020.
We have successfully raised additional funds to allow us to continue innovating and particularly to focus on building our next generation AI capability. The project is being developed in partnership with industry leader Beazley and academic partners from the University of St Andrews. We have also brought an actuarial and data science expert on board to ensure that we build the best AI technology. Using data from 4 million SMEs we aim to further enhance our AI capability which will strengthen our proposition significantly. We are certainly excited about the potential and scale this will bring us.
Our product offering is growing continuously and currently numbers 14 products such as Professional Indemnity, Public Liability, Cyber Breach Response and our recently launched Medical Malpractice and Legal Expenses. The list of professions that we cater for is expanding too and now covers over 400 activities. We remain committed to bringing new products to more of you, so watch out for our new additions in 2020.
Our SaaS (Software as a Service) proposition has gone global as a result of key partnerships that we have forged with leading insurance partners across four continents. For example, Crum and Forster in the US, and other insurance partners across Asia, US, Europe and UK.
Tapoly is invested in by both angel and institutional investors such as Startup Funding Club, London Co-Investment Fund and Lifenet, one of Japan’s leading life insurers. Lifenet also provides Tapoly with invaluable insight into the Japanese insurance market. Our board is made up of champion heavyweights in Insurance, Technology and Investment as well as individuals with access to a vast network.
What’s in store for 2020?
There is no business without customers. So, first and foremost, we will continue to strengthen our customer focus via building and offering more on-demand products and personalised pricing. We will continue to serve our insurance partners with our AI enhanced software as a service platform.
We will also maintain our focus on AI and Big Data as these are predicted to be key trends going into the next decade. As part of this focus, we will continue to build our database, further improve our underwriting and customer experience, while helping insurers and market participants to connect with under-served customers in the gig and sharing economies through our AI and fully automated platform.
We will continue to build new strategic ventures with key platforms as we realise the potential and opportunities that these present.
I would like to take this opportunity to, once again, thank you for your continued support and belief in Tapoly, and look forward to an even better and bigger 2020.