Roamly, the insurtech for embedded insurance in the travel and enthusiast market, has booked more than $40 million in premium over the last 12 months, as per a press release.
The achievement came after a year during which Roamly brought its new Pro and Personal products out of beta, seeing sales surge by more than 222% in booked premiums for its new RV product suite.
The Roamly Pro product features commercial RV insurance for businesses, and the Roamly Personal product includes RV insurance for individual RV owners and those wanting to list and rent their RV in the marketplace economy.
Roamly allows marketplaces to embed and offer a broad array of insurance products ranging from rental insurance, trip and travel insurance, and pet insurance, and more directly to customers through simple booking flows. Moreover, the company markets personal and professional insurance products to peer-to-peer and marketplace businesses.
“Following a year of incredible growth, we are delighted to have crossed this major milestone,” said Aaron Ammar, Roamly’s chief insurance officer. “The demand we’ve seen play out over this past year tells a story we’ve heard time and time again — that customers want easy-to-access coverage and protection for travel. Roamly is helping professional RV rental operators and consumers sell and purchase insurance products through simple embedding tools, allowing us to place the most optimal products for all users directly at the customer’s fingertips.”
The insurtech’s growth coincides with the growing appeal of the RV market. The growth in RV purchases, as per Ammar, could create over $10 billion in RV loans in 2022, with each vehicle requiring insurance coverage.
Roamly expanded partnerships with global brands last year. It worked with companies including Sirius Point, Hippo-owned insurance solutions provider Spinnaker, Crum & Forster, Apollo, and IMG. It also continued the aggressive rollout of its new Pro and Personal product lines across the U.S., and expects to have full coverage in the U.S. by the end of the year.
Roamly has seen annual growth at 295% over the last six years. It is expecting to continue to grow as the pandemic subsides and travelers start booking trips again, albeit with a strong desire to protect their trips against the unexpected.
I am incredibly proud of the global team at Roamly and what we’re able to provide to businesses and consumers through our technology and product suite,” says Roamly CEO Jeff Cavins. “In the last year, our platform has delivered amazing service to our customers. It’s exceeded our expectations.”
About Roamly
Roamly Insurance Group (Roamly) is the first full-stack insurance product for the travel and enthusiast market with a full suite of embedded insurance offerings, unlocking RV insurance to make owners’ vehicles ‘rent ready.’ Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Aided by its suite of more than 500 insurance licenses and proprietary products, Roamly delivers marketplace insurance products for this fast-growing asset class, enabling RV owners to enjoy life-changing financial benefits by hosting travelers while also offering insurance protection to travelers seeking to protect their trips and loved ones. For more information, visit www.roamly.com.