Ripe brings fintech heavyweight/ex-Chubb to help scale up

Insurtech Ripe has hired a fintech heavyweight with prior experiences at ACE/Chubb, Lloyds Bank Group, the Bank of England as it looks to scale up the business and explore opportunities in new markets following major investment from  Aquiline Capital Partners at the end of 2021.

The digital insurance MGA has appointed Laurel Powers-Freeling (pictured) as new chair of the board. She replaces Colin Whitehead, who has stepped down from the role to start his retirement.

With a track record in financial services, business growth and tech, Powers-Freeling has led the development of M&S Money as CEO, and has held a series of senior executive, board or non-executive positions for major organisations including the Prudential, ACE/Chubb, Lloyds Bank Group, the Bank of England, as well as fintech platforms including the UK’s first digital only bank Atom Bank, Uber UK (chair since October 2017) and personal finance platform Moneybox (chair since October 2021).

Ripe said the  Aquiline investment is a springboard for the acceleration of its innovative cloud-based underwriting and insurance distribution platform – known as Juice.

The insurtech also hinted at a “major new piece of proprietary technology” in progress that will add new capabilities to enable “ultra-fast” launches of products to specific segments, using an intelligent platform.

“We’re accelerating towards an exciting phase – with the opportunity to explore new markets and the ambition to become a household name. We welcome our new chair at a pivotal time for Ripe,” said Paul Williams ACII, CEO of Ripe Thinking. “Laurel has unrivalled tech and financial industry expertise, and a track record of leading companies that are digitally transforming their sector. With Aquiline and Laurel’s strong belief in our potential, alongside significant investment now being deployed to scale up the business, we are on a path to redefine how insurance is done.”

John Woosey, Ripe’s founder and managing director, added: “Colin has played an important part in the success, growth and unfaltering ambitions of the business over the past 14 years – and I’m sure he will continue to support Ripe from the side lines.”

Powers-Freeling commented: “The Ripe team have an aptitude for innovation, the ability to digitally outpace the market and the tech infrastructure needed to change the future of insurance. Ripe’s developed a platform that can reach insurance customers in a hyper-targeted, efficient, and appealing way. For me, what is truly compelling about the business is that, while currently a bit modest in its footprint, it now has the formula - and the backing - needed to transform the sector - it’s a fintech primed to scale and win.”

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