Founded by brothers Richard and Bob Brown in 2009, VIPR was set up to provide a critical service for insurers, brokers and managing general agents, saving costs, improving analysis and increasing profitability. Richard and Bob previously co-founded price comparison site Moneynet, which they sold in 2010. The brothers remain shareholders of VIPR and are ready to pursue other interests.
The launch of VIPR also called for a CTO – Paul Templar, who was promoted to CEO in 2019. Previously Head of IT at Moneynet, Paul has been a driving force in the creation of VIPR’s software solutions. He is now well-placed to take it into its next phase as the go-to business for delegated underwriting software – where insurers give third parties the rights to underwrite insurance on their behalf – powered by sophisticated data and analytics.
With Richard and Bob Brown ready to move on from their journey as Founders and realise the value of what they’d created, the time came to define what that next step would look like. Despite a number of attractive trade purchase options presenting themselves, the desire for continued growth made private equity the right choice.
Now, it’s about defining how we work together. “We’ve got good communication lines open,” says Paul. “And I think it will evolve as we go.”
Even after racking up a strong 11 years in business, growing from startup to market leader with a 30% revenue growth in the past 12 months, Paul believes there’s still a long way to go. “We’re operating in a small area of the global insurance market, so there’s an awful lot to play for,” he explains. “With assistance from Tenzing and the experts they’ve got on hand, we have a great chance of growing this significantly.”
Tenzing is now supporting the hunt for an FD and Chair, while Entrepreneur-in-Residence Glenn Elliott and head of the Tenzing Sales Leader Network Shelley Lavery are helping review VIPR’s sales process. “We need to make some sales hires and we’re just making sure we’ve got the right processes in place first, so that’s been really useful,” adds Paul.
Paul is also looking forward to Tenzing connecting VIPR with some potential Non-Executive Directors and other specialist experts to maximise growth potential, through investment in marketing, product development and internationalisation.
“I can see the future and what we’re capable of to be super successful,” Paul predicts. “With more people working remotely, there’s more of a need for systems with automation efficiencies, which we can bring to the party.”