Thomas Carroll launches insurtech start-up TCi Futures

The Caerphilly headquartered broker said the new brand will focus on “developing innovative tech solutions that will help the broker market keep pace with online markets, and ultimately provide an improved purchasing experience for their end customers”.

Although founded through Thomas Carroll, the parent company stressed TCi Futures will be autonomous, working independently to develop bespoke insurance technology for clients from various sectors, as well as some direct-to-consumer products.

Embedded

One of the start-up’s first launches is an embedded insurance offering, which TCi Futures claims could provide retailers with a way to offer their customers a more personalised experience when protecting their online purchases.

It means that businesses in this sector can create a more dynamic sales process that’s tailored to the individual, providing options that are affordable, relevant and convenient, TCi Futures added. 

TCi Futures is headed up by managing director David Lewis, pictured above left, who has more than 40 years’ experience working within the insurance industry including stints at Marsh McLennan and Willis Towers Watson.

He is joined by operations director Natalie Sankala, pictured above middle, who was previously head of group sales at Thomas Carroll, before establishing TCi Futures with Lewis.

Interact

“We have big plans for TCi Futures and are really excited about what we can offer our partners. Insurance and the way consumers interact with the buying process has changed irrevocably, and the broking industry has had to adapt accordingly,” commented Lewis.

“Now, combined with Thomas Carroll’s expertise in this sector, we are able to develop some really great propositions for our customers, and subsequently their customers.”

Build

Rhys Thomas, CEO of Thomas Carroll Group, pictured above right, added: “We are determined to build and protect the Thomas Carroll Group for future generations, and to do that we know we need to be thinking differently.

“This is an important move for us as we explore new and innovative ways of working that offer the potential to generate opportunities for our colleagues and clients.”

In its last published accounts Thomas Carroll achieved turnover of £12.9m for the full year 2021, an uptick of 10.6% on the £11.7m it reported in 2020. Operating profit also grew to £2.1m from £1.9m the previous year. Companies House documents showed that profit after tax was £1.7m (2020: £1.5m).

TCi Futures becomes the latest entrant into the embedded insurance market following Certua, whose co-founder Luke Bewley recently told Insurance Age how it is helping insurers get products to brokers quickly through its advanced digital capabilities. 

At the 2022 Insurance Age Broker Expo disintermediation through embedded insurance was described as one of the biggest threats to commercial brokers.

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