Insurance Company Profile: Bought by Many Amplifies Niche Insurance Role

Set up in 2012, Bought by Many, an insurtech company, allows people with niche interest such as owners of exotic pets or model railway enthusiasts to associate together to get a discount on the insurance they buy from insurance companies. Basically, Bought by Many uses search data and social media to give insight-driven insurance to customers which are often declined by traditional insurance policies. These assimilations are according to the report titled, “Insurance Company Profile: Bought by Many,” which has been latterly included in the repository of Market Research Hub (MRH). According to the study, Bought by Many clocked 20 million in premium income at the end of 2017-2018 financial year.

Bought by Many struck a deal with Munich Re, a reinsurance firm, which enables the former to roll out its own insurance products and expand its footprints. Using the data analytics and through relentless conversation with their members, Bought by Many vies to provide a full stack insurance proposition, thereby satisfying the unmet needs of customers.

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Being at the forefront of fintech innovation, Bought by Many, in 2017, launched product range including pet insurance and travel insurance for people with medical conditions willing to travel to Europe. By the end of the same year, the number of members the firm served in the U.K. came close to half a million. The Sunday Times Tech Track named Bought by Many as one of the 15 ‘ones to watch’ companies in 2017 and in the preceding year the company featured in the European FinTech50 list.

 Bought by Many: Report Synopsis

The report elucidates a comprehensive analysis on the insurtech company Bought by Many along with its business strategy and its financial performance. Moreover, the report delves into the marketing and distribution activities of the insurtech company. The report also extensively does SWOT analysis to provide readers a holistic view of the company.

The report does the assessment of the company through perusing into deals, partnerships and advertising expenditure. The report delineates how the company started creating groups for people and negotiated deals and discounts with well-established insurers.

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Bought by Many: Research Methodology

The report provides a comprehensive research methodology incorporating secondary and primary research. The analysis in the report is on the back of secondary research, primary interviews and reviews by expert panel.

The secondary research include SEC filings, company websites, twitter, statistical database and industry white paper. The primary research incorporate e-mail interaction, face to face interviews and phonic interviews. To provide the readers with an honest report, expert panel assesses the data collated from different sources.

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This release was published on openPR.