UK insurtech start-up Nimbla seeks SME market shake-up
Nimbla, a London-based insurtech start-up, has launched a platform offering UK SMEs credit control and single invoice insurance using cloud accounting, as well as underwriting rules agreed upon by Munich Re’s new business unit Digital Partners.
The firm says it is looking to tap into the UK’s SME market that has a reported £5.8 billion bad debt write-off, according to a survey by Direct Line for Business.
Flemming Bengtsen, CEO Nimbla, says Munich Re “understands that the landscape for commercial lines is changing, especially for SMEs”.
Nimbla allows SMEs to manage their trade credit exposure, insuring invoices against default, check the credit of new and existing customers, and share insight within the B2B community.
The firm says there is no whole book commitment, no minimum premium, and no upfront payments as this is done by pay as you go ledger insurance.
In June, Nimbla was one of 24 firms that made it into the UK Financial Conduct Authority’s (FCA) regulatory sandbox. The sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”.
Nimbla says its single invoice insurance is underwritten by Great Lakes Insurance. Nimbla is the trading name of TradeCrediTech which is an appointed representative of Ambant Underwriting Services (for general insurance intermediary business), a company authorised and regulated by the FCA.