Founded in 2006, iprism is an FCA-regulated, insurance e-wholesaler based in London. It provides around 1,000 smaller brokers with online access to standardised HNW and SME insurance policies, enabling them to compare price and coverage and execute policies over the company’s proprietary trading platform.
Small insurance brokers sell policies valued at more than £2 billion a year but the distribution channel is highly fragmented and difficult for insurers to access. Online policy comparison and execution represents a fast and efficient, low-cost route to market for both brokers and insurers. Although currently only a relatively small proportion of the overall market, e-wholesaling is growing at over 20 per cent per annum. iprism has achieved impressive growth in revenues and profits in recent years through a combination of leveraging its strong insurer relationships, increasing broker adoption and introducing new products.
Bowmark has acquired a majority shareholding in the company, alongside the current management team, and RBS Financial Sponsors have provided the senior debt and working capital facilities.
Bowmark partner, Julian Masters, said: "We have been hugely impressed by the achievements of the iprism team. The company is well positioned to continue its strong growth by further penetrating the smaller broker market and developing new products to distribute across its platform."
Gary Burke, founder of iprism, added: "We are looking forward to working with the Bowmark team to capitalise fully on the potential of the business. Online distribution and execution of insurance policies is continuing to grow strongly, delivering benefits to both brokers and insurers, and Bowmark’s experience of helping deliver growth in other, similar online sectors will prove invaluable."
iprism grew its insurer panel, added new capacity in a number of areas and expanded its range of SME and high net worth insurance products
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