blip, an innovative InsurTech startup, is set to make waves in the sector by providing small business insurance policies that are on average 1/3 cheaper than the lowest offers on price comparison websites.
The move is designed to cater to the needs of small businesses looking for insurance – ensuring that they receive the best possible deal.
The UK-based firm’s pricing strategy promises a best price match guarantee and annual profit-share model, aiming to return as much as 10% of the total policy premium to its members if claims and expenses are lower than the total premium collected.
The company will also match any lower price found by small business owners, ensuring they receive the best value for money.
blip operates outside of traditional price comparison websites, choosing instead to engage directly with customers.
This approach allows it to cut out price-inflating middlemen, adhering to the original principles of insurance where the premiums of the many pay for the claims of the few.
By eliminating these intermediaries, blip offers a more cost-effective solution for small businesses, underpinned by its triple-lock guarantee: compare, match, and profit-share.
Gary Ross, CEO of blip, highlighted the advantages of their direct-to-customer model. “By cutting out the middlemen we avoid passing on administration fees to our customers and instead offer prices that are, on average, up to a third cheaper than those found on Go Compare, Simply Business and other price comparison websites. This direct-to-customer model ensures that blip consistently offers the most competitive rates in the market.”
Understanding the unique challenges faced by small business owners, blip provides fast, easy-to-understand policies.
In addition to competitive pricing, blip offers access to an online community and useful tools, allowing customers to focus on their business without the added stress of insurance complexities.
Ross further elaborated on blip’s mission, remarking, “At blip, we know the most important thing for small business owners when it comes to their insurance is price. We have streamlined our platform to remove unnecessary and costly stages of the insurance value chain, allowing us to offer the most competitive price on the market. We’re on average up to a third cheaper than the best price out there and on the rare occasion we’re not, we’ll match that price!”
blip’s innovative model is set to challenge traditional perceptions of insurance companies as entities that take from customers. Instead, blip is pioneering a customer-centric approach that prioritises affordability, simplicity, and community support.
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