Simply Business partners with Compare the Market

Simply Business is partnering with Compare the Market. 

In a statement Simply Business said the long-term partnership would help it tap into new territories, including more small businesses and sole traders.

And it said this was the latest in a series of strategic partnerships the online provider had formed to expand its portfolio.

Jason Stockwood has led Simply Business since 2010. The broker’s global expansion saw Stockwood became global chief executive in 2018, with former chief operating officer David Summers becoming UK chief executive after 12 years at the company.

Some brokers, including Towergate chief executive Joe Thelwell, have criticised the online sale of commercial SME insurance, saying that it fuels underinsurance. 

Summers responded saying: “At Simply Business we’re constantly challenging ourselves to create something better for our customers – whether that’s through the innovative use of new technologies, harnessing the power of data, or building on our existing insurance expertise.

“With our unique proposition, we’re able to offer customers simplicity, flexibility, and choice.

“Working with Compare the Market will help us to provide even more customers with this choice and flexibility – empowering small business owners to find the policy that is right for their needs.”

Growth

Valued at $490 million last year, Simply Business has offices in London, Northampton and now Boston, following its recent US expansion. Since setting up in 2005 its team has grown to almost 500 employees and it is sustaining a strong trajectory of 20% average annual growth in turnover.

It currently helps over 425,000 customers, covering more than 1,000 classes of business.

Will Douglas, Head of SME Products at Compare the Market, said: “We have strong aspirations to grow our business and landlord insurance offerings and are therefore delighted to announce this partnership with Simply Business.

“We are seeing an increasing demand from the millions of small business customers to purchase their insurance online and so with Compare the Market’s brand and distribution capabilities, together with Simply Business’ dedication to delivering great customer outcomes, it creates an exciting combination.”