Roamly surpasses major milestone: Roamly books premiums in excess of $40 million

Roamly, the insurtech for embedded travel insurance, announced that it has booked more. $40 million in premium over the last 12 months. This milestone follows a year in which Roamly released its Pro and Personal products into beta. It also saw its sales grow by more 222% in booked premiums.

Roamly Pro is a commercial RV insurance product for businesses. Roamly Personal covers RV owners as well as those who want to list or rent their RVs in the marketplace.

Roamly enables marketplaces to embed and offer a broad array of insurance products – such as rental insurance, trip and travel insurance, and pet insurance, among other offerings – directly to customers through simple booking flows. Insurtech sells professional and personal insurance products to marketplace and peer-to-peer businesses.

“Following a year of incredible growth, we are delighted to have crossed this major milestone,” Says Aaron Ammar, Roamly’s Chief Insurance Officer. “The demand we’ve seen play out over this past year tells a story we’ve heard time and time again — that customers want easy-to-access coverage and protection for travel. Roamly is helping professional RV rental operators and consumers sell and purchase insurance products through simple embedding tools, allowing us to place the most optimal products for all users directly at the customer’s fingertips.”

Roamly’s growth coincides with the skyrocketing appeal of the RV market. RV Industry Association has announced that RV shipments will exceed 600,000. This would mark another record year for the industry. Ammar estimates that RV purchase growth could bring in more than $600,000 annually. $10 billion in RV loans in 2022, with each vehicle requiring insurance coverage.

Roamly has increased its partnership with global brands to include Roamly in 2021 Sirius Point, Hippo-owned insurance solutions provider Spinnaker, Crum & Forster, Apollo, and IMG. Roamly continued its aggressive rollout across the U.S. of its Pro and Personal product lines and anticipates having full coverage by 2022.

Roamly’s annual growth rate has been 295% over the past six years. The company expects that its growth trajectory will continue to accelerate as the pandemic fades and travelers begin booking trips again, although with a strong desire for protection against the unexpected.

“I am incredibly proud of the global team at Roamly and what we’re able to provide to businesses and consumers through our technology and product suite,” Roamly CEO Jeff Cavins. “In the last year, our platform has delivered amazing service to our customers. It’s exceeded our expectations.”

 

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