Background to the business
Founded in 2009, VIPR is a leading provider of back-office insurance software operating in a niche within the UK insurance market.
VIPR’s founders, brothers Rick and Bob Brown, set up the company after they noticed that insurance industry reports, which contain key policy information, varied hugely in quality. Increasing regulation was forcing greater discipline and scrutiny across the market, and Rick and Bob saw an opportunity. They believed that through standardising and validating the information contained in these reports, they could provide a critical service for their clients, which include insurers, brokers and managing general agents (the local operators who underwrite contracts on insurers’ behalf). VIPR’s product helps these industry players to capture cost savings, improve analysis and, therefore, increase profitability.
Eleven years on, VIPR has grown from three to over 40 employees, and its market-leading insurance software continues to address ever-growing compliance and regulatory burdens. The business has delivered steady and consistent growth, with revenues growing at over 30% over the last twelve months.
Tenzing has backed the existing management team, led by CEO, Paul Templar and COO, Stewart Williams. Paul, who has been with VIPR since the start, was promoted to CEO in 2019. He has driven the growth and strategy since then. Stewart joined the business in 2018 and has years of experience within the insurance industry. Both will work closely together to drive the business forward, as founders Rick and Bob Brown reduce their time commitment to VIPR.
Tenzing, along with its Entrepreneurs Panel and Growth Team, will support VIPR to maximise growth potential through investment in sales and marketing, product development and internationalisation.