AllClear, the UK’s leading specialist travel insurance broker for customers with pre-existing medical conditions, has sold a majority stake in its business to Synova Capital, a growth investor, building on investments in Stackhouse Poland, Defaqto among others. AllClear, operating in the UK, Ireland and Australia, has market-leading expertise in covering impaired travel risks through its proprietary data, accumulated from nearly 20 years of experience. This data enables AllClear to price impaired travel risk more effectively than its competitors, who often lack the data to provide affordable cover for many medical conditions. AllClear transacts business direct through its UK-based contact centre, white label partnerships and its own price comparison website. It has provided cover for over one million policyholders. As an example of its expertise in an often complex market, last month AllClear became the first insurance provider to cut its premiums by as much as 17% for those diagnosed with certain major cancers.
And for the month of January, for the first time in its history, AllClear has announced a 20%* discount across a number of products to celebrate this exciting investment. Mike Rutherford, Co-Founder of AllClear said the business remains focused on providing high quality cover at the right price: “Synova has a proven track record for investing in technology, healthcare and financial services sectors, and this new investment will enable us to further develop new products, technological innovations and extended services for the often under-served, seniors market.”
As part of the transaction, Chris Rolland will be joining the Business as CEO. Chris was previously CEO of Staysure and CEO of American Express Insurance Services managing high growth organisations. Founders, Mike Rutherford and Chris Wacey, will re-invest and remain with the Business as nonexecutive directors.
Chris Rolland, CEO of AllClear commented: “I am delighted to have partnered with Synova to identify this opportunity. AllClear’s founding shareholders, Mike Rutherford and Chris Wacey, together with their team, have built an award-winning offering. Having amassed two decades of experience and a unique claims database, AllClear has a reputation for delivering excellent long-term underwriting performance and a track record of exceptional customer service. We will continue to build on our expertise, rolling-out new products and services which will provide even greater access to travel for those managing all types of conditions.”
David Menton, a Managing Partner of Synova and a Director of AllClear concluded: “In line with our strategy, Synova continues to target niche businesses in the Financial Services sector. AllClear, which provides specialist cover to over-50’s, has evidenced rapid growth in recent years by offering better access to policies, better cover and market-leading customer service for policy-holders with impaired health. We intend to support Chris Rolland and the team as they develop and promote competitive, accessible and inclusive products for an ageing population often managing pre-existing medical conditions.”
Launched in 2001, AllClear has provided cover to more than one million policy-holders with over 1,300 different conditions. Most of its customers are within the 50+ age demographic. It has been the partner of choice for BIBA (British Insurance Brokers’ Association) since 2011 for medical travel insurance, and is the recommended travel insurance provider for Diabetes UK, the Stroke Association, and Motability among many others.
To accommodate the increasing growth of the organisation, AllClear, which already has more than 100 employees, is hiring a further 30 staff to its call centre in Romford, dedicated to sales and customer service.
This story was also featured in The Times.