Bought by Many (BBM) is a startup from the UK, which leverages social media, keyword analytics and quote request data to help individuals create and join afﬁnity groups relating to a specific risk. Interestingly, BBM negotiates with traditional underwriters on behalf of their members in order to secure group buying discounts for niche insurance products such as pet insurance and extreme sport insurance.
To acquire customers in the hyper competitive UK insurance industry, BBM anlyses anonymised social and search engine keyword data to look for niche insurance product needs, builds affinity groups and then negotiate deals with insurers. According to BBM’s co-founder Stephen Mendel, “BBM negotiates discounts directly with insurers for the client’s unique situations, helping them save an average of 17.9% on their premiums“.
Interestingly, BBM has also partnered with Ping An, China’s largest private insurer, to create seven new travel insurance propositions and market it through China’s ubiquitous WeChat platform.
Bought By Many has just (Jan 2017) closed a £7.5m Series A funding round led by Octopus Ventures, with participation from Munich Re / HSB Ventures as well as existing investors. BBM plans to use the funds to launch a new range of branded insurance products co-created using customer feedback in 2017.