Gryphon Group Holdings has announced it has raised £180m in funding to design and build an insurance challenger.
The challenger hopes to protect more families in the UK as the company believes there is significant potential to grow the market with its approach.
Daniel 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.”
The funding for the new venture came from investors Leadenhall Capital Partners and Punter Southall Group.
The infrastructure of the system will be based on digital and cloud-based technologies, however Gryphon are keen to emphasise how it will be people-centred and not technology-led.
Pender continued: “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.”