Homelyfe raises £2.4m in bid to make insurance technology the norm

Homelyfe, an insurance company using technology to make purchasing and managing insurance easier for consumers, has raised £2.4m in a super seed round led by Talis Capital and Peterson Ventures.

The investment follows Homelyfe’s launch earlier this month, offering the first policy - Home Buyer’s Insurance - in response to the fact that one in 10 people looking to buy a home in the next two years will be ‘gazumped’.

Homelyfe will add multiple general insurance lines over the coming year, starting with Home Insurance in early 2018, allowing consumers to manage all of their insurance requirements within one app, available on The App Store and Google Play.

Vasile Foca, managing partner at Talis Capital, commented: “At Talis, we believe in combining cutting-edge technology with conventional business, and Homelyfe’s modern and consumer-centric approach to insurance fits perfectly with that ideal.

“Insurtech is an area we continue to monitor closely, especially as it’s a sector experiencing monumental shifts in technology. Peter and his team have built a scalable solution, [with] a company that promises to change the attitudes and experience of the insurance industry.”

The investment will go towards further technical development, as well as building out the Homelyfe team in key areas including customer success and data management as the product expands in functionality, the customer base increases and the company grows.

Randall Lloyd, of Peterson Ventures, also said: “When we invest, we’re on the lookout for outstanding entrepreneurs to back.

“The Homelyfe team has an impressive track record that is supported by a compelling business idea, which addresses a notable gap in a market that is ripe for disruption and improvement.”

Homelyfe was founded by Peter Goodman and Andrew Craven, serial entrepreneurs who have established a number of startups, most notably Brighter Option (now Social.com).

The duo launched Homelyfe with the aim of making insurance easier for customers through using technology that makes the process more intuitive, less jargon heavy, and consolidates data to reduce the question sets consumers have to go through to apply for each policy.

Peter Goodman, CEO and co-founder of Homelyfe, concluded: “Our vision is to build an insurance solution around the needs of the modern consumer.

“The insurance industry has fallen on customer centricity, not interacting with people on the technology they want to use, or with solutions they expect and not being wholly transparent around pricing. Homelyfe is giving the insurance industry a much-needed update; making insurance simpler to help consumers get the right policy, at the right price, 24/7.”

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