This London firm uses social media to identify and group individuals with niche interests – ranging from diabetes sufferers to mountain bikers – so they can buy specialist insurance more cheaply. In February, Bought By Many launched pet insurance, its first internally-developed product, which was designed after analysing 40,000 member comments. Its platform is also used by PingAn, China’s second-largest insurer. Steven Mendel, 50, Guy Farley, 47, and Sam Gilbert, 38, have secured £13m from venture capital and industry investors since launching the firm in 2012. With demand for niche insurance on the rise, gross premiums of £9.7m this year are forecast to hit £20m in 2018, and it plans to raise a further £20m to accelerate new product launches.
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