Bought By Many – A UK Based Insurance Company with an Innovative Approach to Insurance
Bought by Many is a UK-Based insurance company founded by Steven Mendel and Guy Farley. The company aims to disrupt the traditional insurance industry by providing insurance to the people which is personalized and affordable in nature. Let us dive deep into the history of Bought by Many and let us understand the contributions of the founders and what the future holds.
History of Bought by Many
The idea of Bought by Many was born in 2012 when it was launched by financial services veteran Steven Mendel along with IT specialist Guy Farley. Mendel was the one who had the idea after leaving a corporate career and discovering that the cost of his family’s medical covers went up exponentially and he felt that it was unfair that large multinational companies are able to negotiate enormous discounts while the common people don’t have an easy way to do so. Mendel also wanted to create a company that would use technology to offer customized insurance products that were tailored to each customer’s specific needs and requirements.
Mendel saw this as an opportunity and teamed up with Guy Farley, a software developer with experience in building e-commerce platforms. Together, they launched Bought By Many in 2012 with the goal of disrupting the insurance industry.
Initially Bought by Many focused on creating groups for people with specific insurance needs and consumers are given the option to join the group Bought By Many would negotiate better prices for them with insurers.
Bought by Many has from the beginning focussed on creating insurance products for niche markets that were underserved by traditional insurers. The one thing that makes Bought By Many different from other insurance agencies is its ability to use social media and online advertising to reach potential customers and quickly gain a loyal following.
As the company grew, it now had the option to include more mainstream insurance products such as pet insurance, travel insurance, and car insurance. In 2017, it launched its own pet insurance policies in the UK that cover insurance for cats and dogs. The company received a massive £78.4m in series C funding in 2020 and it was also able to launch its cat and dog insurance products in Sweden in 2019.
Today, Bought By Many is considered to be one of the fastest-growing insurtech companies in UH with over 500,000 customers and a team of over 400 employees.
Contribution of the Founders Towards Bought By Many
The founders are the ones who make it possible for any startup to succeed and so was the case with Bought By Many. Steven Mendel’s experience in the insurance industry gave him valuable insights into the shortcomings of traditional insurers and the opportunities for disruption. On the other hand, Guy Farley’s technical expertise allowed him to build a platform that cloud drivers customized insurance products at scale.
Together, the founders have led the company through several rounds of funding, including a £78.4 million Series C funding round in 2020. They have also taken the responsibility of overseeing the expansion of the company’s product offerings.
Future Plans for Bought By Many
The future seems bright for Bought By Many as the founders have ambitious plans for growth and expansion. The company recently announced plans to expand into the US market, with a focus on offering pet insurance products to US consumers.
Bought By Many is also fully committed to using technology to improve the customer experience and the company has developed a platform that uses machine learning and artificial intelligence to personalize insurance products for each customer. Bought By Many is also well-versed in using chatbots and other digital tools to provide fast and efficient customer service.
Bought By Many is a perfect example of how technology can disrupt traditional industries and provide better, more personalized products to consumers. With its creative approach to insurance and commitment to customer services, the company has quickly become one of the fastest-growing insurtech companies in the UK. It will be an understatement, to say the least, that Steven Mendel and Guy Farley’s vision and leadership have been very instrumental in the company’s success and their plans for future growth and expansion are sure to make Bought By Many a strong force to reckon with in the insurance industry for years to come.