New protection provider enters the market

New protection provider enters the market

Gryphon Group Holdings Limited has raised £180m in funding to design and build an insurance provider challenger.

The company was founded by former Prudential executive director Daniel Pender and former Guardian chief risk officer Simon Davis.

It will initially focus on protection and bosses claim there is significant potential to grow the insurance market with their approach.

Mr Pender, chief executive of Gryphon Group Holdings, said: “The insurance industry plays a pivotal role in our society but there is work to be done to keep pace with the evolving needs of customers and advisers.

“We felt there was a tremendous opportunity for an insurance challenger to build a business around the people it serves, and in doing so, establish strong long-term relationships built on trust.

“We are creating what we think protection should look like in today’s digital age.

“Technology has moved on remarkably and our ambition is to embrace that, bringing an intuitive customer offer and adviser experience to market.”

Mr Pender added: “One of our key advantages is that from a technology perspective we are starting from a blank canvas with no legacy systems or constraints.

“This allows us to frame everything around the customer and adviser when creating the product, systems and processes. Ultimately, we want it to be intuitive, simple and easy.”

The infrastructure will be based on digital and cloud based technologies, built with the support of a number of leading partners.

The core platform technology partner is Liss Systems, a UK company owned by Nasdaq-listed technology group, EXL.

The digital interface technology partner is Space.

Gryphon Group Holdings raised £180m in funding from investors Leadenhall Capital Partners and Punter Southall Group.

Jonathan Punter, chief executive of Punter Southall Group, said: “We already know there is a significant protection gap in the UK.

"This translates into a great opportunity for an insurance company that can solve the issues of customer trust and adviser experience. This company, with its new approach, will be well placed to meet these challenges head on.”