RVU, owners of Uswitch, Confused.com and Money.co.uk, is bolstering its solutions for motor insurance customers by agreeing to acquire Tempcover.
Tempcover leads the way for temporary insurance solutions with a strong reputation for exceptional user experience. It connects customers to short-term insurance policies, working with a panel of insurers and 85 corporate partners and brokers to bring flexible and affordable solutions to motorists - whether hourly cover or month-long policies.
Based in Hampshire, Tempcover was established in 2006, and now has a team of 51 employees.
RVU operates a number of digital brands that empower people to make confident decisions. In the UK these include Uswitch, Confused.com, Money.co.uk and Mojo Mortgages, all of which offer consumers the ability to compare and switch across a range of utilities and financial services products.
Tariq Syed, CEO of RVU, said: “We’re always striving to improve experiences for customers, and believe that Tempcover will help us enhance these further.
“As a leader in its category, Tempcover brings with it significant expertise in the insurtech market. Having already worked with the team to provide short term insurance products, we know we share the same approach in putting the customer first and investing in a great place to work for our employees.”
Alan Inskip, CEO and Founder of Tempcover, said: “Tempcover continues to exceed growth expectations, and this transaction is good news for everyone. Being backed by RVU presents us with the exciting opportunity to capitalise on the broader motor insurance market. It also creates the opportunity for even further growth and development not only for Tempcover as a brand, but for our panel of insurers, our commercial partners and, most importantly, our employees.”
The transaction is subject to regulatory approvals and customary closing conditions.
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Formed in May 2018, RVU operates international digital brands that empower people to make confident decisions. With offices in London, Cardiff, Manchester, Madrid, Paris, Mexico City and Gurgaon, RVU reaches millions of consumers around the world, solving everyday complex problems through outstanding experiences.
RVU is jointly owned by US-based Red Ventures, a global group of influential brands, digital platforms and strategic partners, as well as Silver Lake, GIC and PSP Investments.
Tempcover is an award-winning online InsurTech specialising in short-term car, van, courier, motorbike, student, and learner insurance – having sold more than 3.9-million policies since 2006. Tempcover enables drivers aged 18-75 with full UK, provisional and EU licences to purchase temporary fully comprehensive coverage from as little as 1-hour to 28-days in duration. Our short-term policies offer truly flexible cover for the time drivers actually need – with no long-term commitment or auto-renewals. Our temporary cover does not impact other annual policies or no claims discounts, as it is a separate, standalone policy.