Movo buys into insurtech Durell

The terms of the deal have not been disclosed.

Durell has 180 brokers and over £400m of gross written premium on its platform.

Movo detailed that the insurtech offers general insurance brokers and other intermediaries across both GI and life markets, a ‘complete software solution’. This includes client and policy management integrated with a full accounts package, client portal and office management tools.

Around 130 of the brokers are in the GI space. The majority of the GI users are commercial lines brokers who trade their personal lines on it.

As well as open market personal lines the system offers commercial bespoke schemes and over the last 10 years the business has developed a full cycle multi-line schemes platform for intermediaries with delegated authority.

Durell was founded around 40 years ago originally being created to make software games for Commodore 64 and Atari.

The first version of its back-office software was largely written by company founder Robert White and was published in 1990 having been designed as a comprehensive office solution for ‘combined’ insurance brokers with GI and life in one system.

Digital capabilities

The two parties set out that for Durell’s existing brokers the investment will create enhanced digital capabilities and they will benefit from Movo’s operational and compliance oversight of the system.

After the deal Durrell will still be recruiting brokers from the full market for its offering.

Movo also highlighted that AR network members will benefit from direct access to the schemes’ software, now incorporated as part of its package as an add-on that will not replace the current core software systems.

Creation

The investment will also see the creation of Durell Schemes and Quote Portal, both expected to launch by the end of this year.

Durell Schemes will be a central resource that matches brokers with capacity providers – ensuring transparency between the parties to give them confidence to bring products to market quickly and efficiently, Movo explained.

Quote Portal will be a B2B marketplace that enables products, including schemes and niche lines of business, to be built and distributed quickly and broadly. The portal aims to bring as many products as possible into a single marketplace to make it quicker and simpler for brokers to obtain quotes. The portal will be open to any MGA looking to increase its distribution.

Lea Cheesbrough, managing director of Movo Investment Group and of Movo Partnership, explained the importance of the two offerings which will be available initially to Durrell’s 180 brokers, Movo’s more than 50 ARs, its own brokers and why the niche and schemes offering will bring more users on board over time.

She told Insurance Age: “All brokers are looking to their position in the market and it has been a really tough time.

“There are a lot of opportunities with emerging markets and the best thing brokers can do is align to some of these and create bespoke and tailored made solutions. Tech will play a big part of that.”

Users will be able to deliver schemes to the likes of individual associations or trade sectors and onto Quote Portal with its wider distribution opportunity, she detailed.

Adding that such a marketplace will remove the need for brokers to tap into “six different sites” when seeking cover and as a “one-stop place” will enhance efficiency.

Competitive advantage

In a statement on the deal she commented: “Durell has a first-class tech proposition that gives intermediaries with delegated authority, across both general insurance and life markets, a very real competitive advantage.

“Independent brokers don’t always have the resources to take advantage of technology so working with Durell we can help our brokers embrace tech and be competitive in an increasingly online market. Movo already centralises and oversees compliance and operational best practice for its brokers so it’s a natural fit to add tech expertise to the network.

“Its front end is simple and easy to use, giving brokers as much or as little control as they prefer, but under the bonnet it has powerful software capabilities that will future proof technology for intermediaries and grow with them. The Durell Schemes and Quote Portal will sit alongside our other broker software house solutions, giving our members more options and a quick way of quoting from a wide choice of niche schemes. The technology has immense potential for our group and the wider market.”

Step change

Tom White, managing director of Durell, added: “We’re very proud of what we have built but now is the right time for us to make a step change – to bring our technology to a wider market and build on what we’ve done with schemes to develop a B2B community with Movo.

“Movo and Durrell brokers will get access to the marketplace and any existing and future products built on our platform will have that distribution at their fingertips. We’re delighted to be partnering with Movo and excited about the future.”

Board

As part of the deal Cheesbrough will join the Durell board.

White continued: “Our brokers’ independence is of vital importance to them, so we hadn’t originally considered a network as an investment partner; but Movo Investment Group has an established life business which complements many of our brokers’ businesses.

“In addition the group houses Movo Partnership which isn’t like other networks – it is wholly aligned to our interests and committed to the growth of the independent broker market.”

He concluded: “Lea and her team are a force of nature; Lea has an infectious enthusiasm with boundless energy levels, together with a deep understanding of the broker market that we and our brokers will benefit from hugely. We’re extremely excited to have them on board.”

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