Investor Dashboard
Key financial KPIs at a glance — % against revenues in QuickBooks-statement style.
Revenue Mix · % of Top Line
Cost Structure · % of Operating Cost
Use of Funds · % of $15M Raise
Problem & Solution
30-second quote-to-bind · embedded inside the tools SMEs already use
The Problem
32M SMEs in UK + EU are underinsured because broker-led distribution requires 45+ minute consultations and 3–7 day quote turnarounds. Modern SMEs run on vertical SaaS (Shopify, Toast, Procore) but those platforms can't sell insurance. The result: $48B in unrealized SME insurance premium across UK + EU.
Our Solution
An embedded insurance API that vertical SaaS platforms drop into their UI in 2 weeks. SMEs get a personalized quote (general liability, cyber, employer's liability) in 30 seconds based on platform-resident data — no questionnaire. Bind, pay, and policy issuance in-flow.
Market Opportunity
$48B SME Insurance Gap addressable today
Embedded insurance TAM $722B (2030) · SME slice growing 32% CAGR
Commission share with SaaS partners (15–22% of premium) + MGA underwriting margin on direct policies (~8% net). Multi-carrier paper to optimize loss ratios. Recurring annual policies; 86% renewal rate.
Financial Statements · % vs Revenue
QuickBooks-style readout — every line shown as percentage of its parent total.
Revenue Mix
| Revenue Stream | % of Revenue | Share |
|---|---|---|
| Commission Share (Partner-Driven) | 60.0% | 60% |
| MGA Underwriting Margin | 22.0% | 22% |
| Renewal Revenue | 12.0% | 12% |
| Cross-Sell (Add-On Products) | 6.0% | 6% |
| Total Revenue | 100.0% | 100% |
Cost Structure
| Cost Line | % of Cost | Share |
|---|---|---|
| Underwriting / Actuarial | 28.0% | 28% |
| Engineering & API | 25.0% | 25% |
| Partner Integrations & BD | 20.0% | 20% |
| Claims Operations | 12.0% | 12% |
| Compliance / Regulatory | 10.0% | 10% |
| G&A | 5.0% | 5% |
| Total Operating Cost | 100.0% | 100% |
Use of Funds — $15M Raise
| Allocation | % of Raise | Share |
|---|---|---|
| Partner Acquisition (12 new verticals) | 35.0% | 35% |
| Engineering & API | 25.0% | 25% |
| US Market Entry & Licensing | 20.0% | 20% |
| Underwriting Talent | 12.0% | 12% |
| Compliance & Capital | 8.0% | 8% |
| Total Use of Funds | 100.0% | 100% |
Valuation, Capital Structure & Forward View
An investment is a bet on the forward plan, so a trailing snapshot isn't enough. These are derived from this report's own ask and projections — not external estimates.
Capital Structure & Funding
An equity round with no structural debt disclosed — capital-structure risk is dilution and runway rather than credit or covenants. Any future expansion or working-capital debt would change this profile and should be tracked.
How to read these
Rule of 40 sums forward revenue growth and EBITDA margin — ≥40 is healthy; below it flags growth bought at the cost of profit. Capital efficiency is Year-5 revenue per dollar raised. Entry multiple divides the disclosed cap / pre-money / asking price by Year-3 revenue, shown only where disclosed (n/d = not derivable). Verify against primary diligence.
Traction & Proof Points
- £42M premium written · 8 vertical SaaS distribution partners live
- Quote-to-bind median 41 seconds · attach rate inside partner platforms 18%
- Loss ratio 51% vs industry SME benchmark 67% — superior risk selection from platform data
Moat & Exit Strategy
Defensible Moat
Platform-data-driven underwriting (loss ratio 16pp better than market) compounds with every policy bound. SaaS partner integrations are 6–9 month sales cycles competitors must repeat. Multi-carrier panel + MGA license create flexibility on both pricing and underwriting authority.
Exit Path
Strategic acquisition by a global insurance carrier (AXA, Allianz, Zurich), insurance broker conglomerate (Marsh, Aon), or fintech roll-up at 4–7x revenue / 12–18x EBITDA within 5–7 years.
Key Risks
- Carrier paper renegotiation could compress MGA margin
- Catastrophic loss event in a concentrated vertical (e.g., cyber)
- Regulatory shifts in embedded-insurance distribution across EU jurisdictions
When the Thesis Breaks
Read this before trusting the forward numbers. The case rests on operating leverage — revenue growth converting into a holding-or-expanding EBITDA margin. The fastest way it breaks: a period where revenue grows but EBITDA falls (margin compression).
If any of the Key Risks above materialise, the forward projections in this report should be treated as suspended until the model is re-underwritten. The single most material trigger to watch: Carrier paper renegotiation could compress MGA margin.