Gary Ross, Founder & CEO, blip Insurance

Today we're meeting Gary Ross, Founder and CEO of blip Insurance, the leading provider of digital-first insurance solutions for small businesses with a pioneering profit-share model.

Over to you Gary - my questions are in bold.

Who are you and what's your background?

I'm Gary Ross, the Founder and CEO of blip Insurance, a digital-first Insurtech on a mission to support small businesses, and the first mainstream insurance provider to pioneer a profit-share model for all policy holders.

When it comes to insurance you could say I've "been there and done that," having spent over 30 years in the industry including directorial positions at some of the biggest players in the game.

Working in the Lloyd's market for so many years, essentially the beating heart of the UK insurance world, I was immersed in the complex world of globally competitive insurance companies. Over the years I grew tired of the way things are done and started to see cracks where customers were being let down, especially when it came to small businesses.

Starting blip was not only a business decision for me; it was personal. My whole career I've been inspired by small business owners, whether that be a bricklayer with a few labourers on the books who works all hours of the day, a barber shop with four hairdressers that's a stalwart of its local community, or even a startup consultancy firm working out of a small office but trying to take on the giants of the city.

To be a small business owner you need resilience, creativity, and grit. I think they deserve better, and I know blip can help provide it. Today, Blip isn't just about selling policies; it's about creating a movement that empowers small businesses to succeed. And honestly, that's what keeps me going every single day.

Outside of insurance, I'm a firm believer in the power of community. As soon as we launched blip we partnered with Band of Builders, the National Charity for Tradespeople, which is a community we are proud to support and who I am currently training for a half-marathon race to fundraise for.

Growing up with a family working in the trades I have seen first-hand the toll it can take mentally and physically. Many tradespeople are also small business owners which adds another layer of responsibility and pressure to everyday life. blip is an incredible tool for tradespeople, as well as any small business owner, but knowing we are supporting such industrious and resilient people motivates me.

Whether it's through partnerships, mentorship, or just rolling up my sleeves alongside my team, I've always believed in the power of community, which is why blip is founded on collaboration. We are as much about community as insurance, creating an environment to support people to succeed and grow with the right network and tools around them. This is a principle rooted deeply in both my personal values and professional endeavours.

What is your job title and what are your general responsibilities?

As the Founder and CEO of blip insurance, I oversee the strategic delivery of our mission, which currently is successfully navigating a period of rapid growth. I speak regularly with everyone in our team, but we have a culture based on self-sufficiency which chimes well with our digital-first start-up mentality. I understand that relationships and partners are key to blip's success, so I'm always looking for opportunities to collaborate. Of course, technology is the core of our Insurtech business, so working closely with our tech team to ensure our platform is providing the best possible service to our users is my bread and butter.

Can you give us an overview of your business?

blip Insurance is a digital-first insurance provider dedicated to supporting small businesses in the UK. We have taken insurance back to basics and made it as affordable and accessible as possible for small business owners. We are straightforward, no nonsense, real-people that want to protect livelihoods at an affordable price and help small businesses succeed.

Being fully digital we can pass on savings to our customers with the blip price guarantee:

• A Third Cheaper

blip insurance is on average a third cheaper than the best price you'll find on price comparison sites. By not featuring on price comparison sites, we are able to pass the savings directly to you, providing quality protection at an affordable price.

• Unbeatable price

On the rare occasion our customers find a cheaper price elsewhere for the same small business cover, we'll match it.

• Share in our profits

Our customers could get up to 10% of their total policy cost sent back to them at the end of the year. If total annual claims and expenses are less than the total premium, we share the profits with every blip customer.

blip is founded on three pillars: Price, Value and Return - which is why blip is great for small business.

We understand that small business owners are incredibly busy, with insurance often dropping to the bottom of the list of priorities. We've reduced the length of our policy documents, so small business owners don't have to wade through pages of complicated jargon to understand what they are covered for. We have simplified insurance without compromising on protection.

We have received an excellent reception from the market, our customers tell us that they appreciate the transparency of our policies and accessing the community we have built of like-minded small business owners.

For me, it's not just about selling insurance - it's about empowering small businesses.

Tell us how you are funded.

In our initial funding round, I reached out to former colleagues and mentors with extensive experience in the insurance industry. I presented the challenges faced by small business owners and demonstrated how blip's model offers clear, simple, and competitively priced insurance solutions. Their confidence in our vision led to their investment. As we progressed, our technology partners recognised the innovative potential of blip and chose to invest, providing the technical support necessary to underpin our growth. Much of our team are also invested in the business, it's very much a one-for-all mentality at blip insurance.

What's the origin story? Why did you start the company?

Small businesses in the UK are the backbone of our economy but with rising costs and inflation, high insurance costs, increasing competition and more tangible issues like the rising tool-theft epidemic, running a small business can be incredibly difficult. Financial institutions in the UK can do more to support small businesses, which are often overcharged and underserved, which is a travesty and a mistake.

The lightbulb moment to found blip insurance came from these frustrations. Proving to small businesses owners that a claim should just be a blip on their road to success, not an all-encompassing headache.

Too much money in the insurance industry is spent on marketing, advertising and competition, if insurance providers are truly there to protect and support their customers, then this money should be passed directly to them. I wanted to build an insurance company that truly supports small businesses, both in protection but also savings. We want to level the playing field for sole traders and SMEs that have historically been given a rough deal when it comes to insurance.

Small businesses face so many challenges---from managing cash flow to navigating operational hurdles---and insurance shouldn't be another. I wanted to create something that truly worked for them, not against them.

Our solution was to strip everything back to basics. We asked ourselves, "What do small businesses really need?" The answer wasn't just cheaper insurance; it was a better experience altogether---one that combined transparency, affordability, and community.

This culminates in blip's profit-share model, the first mainstream insurance provider in the UK to do this, where members can receive up to 10% of their premium back at the end of the year. If blip is doing well, so should its members. You can look at it as a modern spin on the concept of mutuality, where the losses of the few are covered by the premiums of the many.

Who are your target customers? What's your revenue model?

Our target customers are sole traders and small businesses with 5 employees or less from any sector including tradespeople, retailers, and professional services.

We generate revenue through the direct sale of insurance policies. Our unique profit-sharing model means we share annual profits with our customers, demonstrating our commitment to their success and our belief in growing as a community.

We have launched a campaign in support of tradespeople, partnering with the charity Band of Builders and providing tool-theft cover that aims to payout within 24 hours.

The rise in tool theft is an epidemic. Tool theft isn't just a loss of equipment; it's a threat to livelihoods and the integrity of skilled trades. Each stolen tool represents hours of hard work and investment, hurting the foundation of small businesses and hitting the pockets of tradespeople during a cost-of-living crisis.

We are particularly proud of our quick and simple registration of tools and business equipment as part of our tools cover. Members have the ability to video and voice record their tools and equipment and we can use this as proof of ownership. If they need to make a claim they simply pull out their phones and record via our app explaining exactly what happened. This is all we need. And we aim to payout within 24 hours!

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

Having worked in finance for over thirty years before launching blip insurance, I understand the complexities and inefficiencies that are plaguing financial services. Value chains need to be simplified, technology needs to be embraced, and savings need to be passed on to end users instead of whopping CEO bonuses.

By streamlining processes across product delivery, supply chain and customer engagement, you can offer financial services like insurance that are accessible, transparent, and put the customer first. That is what fintech and Insurtech should be all about, ultimately supporting the people using these services. In the case of blip insurance; small business owners that deserve more.

What is your message for the larger players in the Financial Services marketplace?

Don't overlook the importance of small businesses to the UK economy and support them through innovative products and reduced costs.

Embrace technology and evolution of current markets, the old way is often not the best way to do things.

Collaborating with start-up disruptors like blip insurance, could actually teach the larger players a thing or two.

Where do you get your Financial Services/FinTech industry news from?

I regularly read broadsheets like The Financial Times, but for fintech news I read most of the trade magazines, my go-to for news is Finextra, for context is The Fintech Times, and for stories it has to be WIRED. I also like reading about business leaders and founders in publications like Entrepreneur and Start-Up Magazine. Finally, I have to keep up with our customer based through Professional Builder and HPM.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

• Catherine Charrier-Leflaive, Group CEO of WAKAM, a B2B2C insurance company that creates insurance via its Play&Plug® platform for its distribution partners. I am incredibly impressed by WAKAM's innovative approach to the insurance market and supporting distribution partners in disrupting markets across Europe with modern technology solutions.
• The Founder of Tide, George Bevis, is inspirational for his vision in revolutionising banking for small businesses by creating a digital-first platform that simplifies financial management, eliminating the bureaucratic hurdles of traditional banks. His commitment to leveraging technology to empower entrepreneurs with faster account setups, seamless invoicing, and expense tracking has made Tide a game-changer in fintech, supporting thousands of small business owners in managing their finances efficiently.
• Jim Marous. As a speaker, publisher, and co-publisher of The Financial Brand, Jim Marous provides insights into fintech trends that impact small businesses. He offers valuable perspectives on digital transformation and financial services, helping small enterprises navigate the evolving fintech landscape.

What FinTech services (and/or apps) do you personally use?

Other than digital banking platforms to manage my finances, I am often trying out the latest apps that are harnessing the power of AI. For example, Cleo is an exciting new product helping people save money using AI, and ANNA Money works to support small businesses with their financial management utilising simple AI tools.

What's the best new FinTech product or service you've seen recently?

Silbo Money's journey has been interesting to watch and is a great tool for small business owners. It allows users to send money and manage expenses directly within WhatsApp. I'd be excited to see this platform spread more widely in the UK as I believe it could help sole traders and small business owners better manage their finances on the go.

Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?

blip was founded because I saw an underserved market where small businesses in the UK were not getting the right support from their insurance providers they deserved. Building a digital-first Insurtech has allowed us to streamline processes and pass those savings on to our customers, without compromising on protection or service.

It may sound oxymoronic, but being digital-first has allowed us to have a more human approach to customer engagement and community creation. Due to our proprietary technology platform, we believe we are much closer to our policy holders in terms of customer service, active support and claims processing, than most big insurance providers.

As someone leading an InsurTech built on innovation and community, I believe the next few years will see fintech and Insurtech continue to reshape financial services to be more customer-centric, by breaking down barriers of communication and streamlining overheads to make innovative solutions affordable to the masses.

Secondly, AI. In insurance, AI is enabling personalised policies that adapt in real-time---coverage that evolves with a small business's changing needs. AI also powers advanced risk assessment, fraud detection, and customer support, allowing companies to provide smarter, faster, and more tailored services.

Finally, InsurTech will become more instantaneous. InsurTech eliminating the traditional slow processes of insurance, such as lengthy claims processes and rigid policies. At blip, we're using technology to register tools and equipment quickly and enable claims to be processed in as little as 24 hours. This type of real-time responsiveness is becoming the industry standard.

Absolutely fascinating Gary, thank you so much for taking the time to participate.

Read more about Gary on LinkedIn and you can find out more about his company blip Insurance at www.justablip.co.uk.