Fintech Finance presents: The Insurtech Magazine 04

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PLATFORMIFICATION Cracked it: ActiveQuote emerged as the first PCW in its field, but learned you can’t stand still


Principles of creative disruption

As the pandemic forces insurers to reasses processes and technology, we ask insurtech pioneer Dr Richard Theo, founder of the first health insurance PCW, ActiveQuote, and Rod Jones, its Head of Partnerships & Marketing, for their prescription for success When was the last time you compared health insurance products with pamphlets? Can you even remember spreading out those glossy leaflets, trying to decipher the different services and offers? If you prefer to compare online, then you have one man to thank: Dr Richard Theo. Back in 2009, Theo founded ActiveQuote, the first online health insurance price comparison website (PCW). Today, it might seem obvious,


TheInsurtechMagazine | Issue 4

but back then it was groundbreaking. And the story of how it emerged is a classic tale of entrepreneurship: humble beginnings, gritty determination and infectious innovation. Headquartered in Cardiff, Wales, ActiveQuote is an independent broker of health and protection insurance products with a market-leading health insurance comparison website that now allows customers to tailor-make policies. We spoke to Theo and ActiveQuote’s head of partnerships and marketing, Rod

Jones, to learn from the company’s experience as an insurtech disruptor. Here are their five fundamentals for creating a stellar solution.


Create something that solves a problem

Whatever line of innovation you’re in, there’s a tip that comes in handy, time and time again: sell the problem you solve, not the product. Think of your most-used mobile app (Google Maps, WhatsApp, Tinder perhaps)