Blip: affordable and profit-sharing insurtech startup launches

Insurtech startup 'blip' has launched in the UK, providing affordable business insurance for small enterprises along with an innovative profit-sharing scheme. Blip transforms mishaps into mere inconveniences with its insurance services.

As a completely digital insurer, blip offers up to a 10% return on total policy premiums to its policyholders via a profit-sharing model. This initiative enables blip members to enjoy savings, profit participation, and access to a growth-oriented online business community.

Blip has formed a partnership with European insurer 'Wakam', employing a comprehensive tech solution on blip's exclusive distribution platform to offer competitively priced, easily understandable insurance for small businesses. These policies are notably concise, with documentation less than half the length of those offered by competitors.

Pro MGA Global Solution, a specialist in nurturing insurance providers, supports blip in maintaining compliance within a regulated framework. Furthermore, blip collaborates with McLarens, a worldwide provider of claims services aligned with blip's commitment to high-quality client outcomes. McLarens will offer cross-class Third Party Administration (TPA) and loss adjusting services.

Gary Ross, Founder and CEO blip says: “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 continues: “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 at Pro commented: “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 said: “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.”

Every policyholder becomes part of the blip community, which is organized by region but accessible nationwide. This community serves as a network for small business owners to connect, offering mutual support and enabling the sharing of knowledge and expertise among peers. Through this collaborative platform, businesses supported by blip have the opportunity to thrive and grow collectively.

Blip also offers practical and user-friendly business support toolkits, crafted to equip entrepreneurs and small businesses with essential resources to smoothly manage various operational aspects. These toolkits include templates and guidelines for developing strategic business plans, assisting blip members in defining their vision, mission, and goals, and providing clear, actionable steps toward achieving success.