Rnwl

Idea

Introduction

Buying and managing insurance is a broken process.

We’ve all been there before: we lose track of what is insured, who it’s insured by, when it renews and what’s included or not included, not to mention not being able to find our insurance details when we need them the most.

But what if you could have your entire insurance world at your fingertips?

Welcome to Rnwl.

We set out to make it easy to buy and manage insurance by focusing on two key parts:

More importantly, users love what we’re doing.

And they aren’t the only ones who have an eye on Rnwl. Our product has begun to be noticed in the industry by some of the top banks and other companies.

We’re currently in potential partnership discussions with banks and other financial services companies who together serve millions of customers.

We’re building the insurance platform of the future, and we’d love you to join our journey.

Substantial accomplishments to date

In 2020 we started Rnwl with a vision and an experienced team. We then raised on Seedrs in September 2020 at a valuation of £3.8m and we raised well over double the amount we required.

By November 2021 we assembled the team and built the MVP of the product, and we raised again on Seedrs at a valuation of £6m. This time we smashed it and were oversubscribed at 329%.

Now, 18 months later, we have made even more progress:

- We have a fully working product, early B2C (16,000+ sign-ups and positive online reviews) and early B2B traction (ongoing partnership conversations with potential partners);

- We won a second SMART grant (c4% applicant success rate);

- We submitted a patent application for our product and technology;

- We were accepted on to Barclays Rise and PwC ScaleUp programme;

- We were shortlisted for a high-profile industry award for “Re-imagining customer experience” in insurance.

Monetisation strategy

The standard business model in the industry is for insurers to pay a commission to the distribution party.

The commissions paid differ from insurer to insurer and are usually 10 to 13.5% for motor insurance and 20 to 23% for household insurance (home and contents).

Rnwl gets a commission for every user that buys a policy using Rnwl.

For partnerships, we’ll look to charge based on a B2B SaaS (Software-as-a-Service). If the partner doesn’t have existing relationships with insurers, we envisage that Rnwl will provide these, and commissions will be shared between the parties.

Use of proceeds

The capital raised is planned to be used as follows:

- 78% - human resources;

- 16% - Marketing;

- 6% - Operational expenses (rent, professional services, software subscriptions, hardware, insurance, and other smaller expenses).

Seedrs investors will receive EIS-eligible ordinary shares under Seedrs nominee and will have access to Seedrs secondary market.