AXA-backed startup Fixter is expanding across the UK, to make motorists' life easier
The UK motor insurance market is worth GBP 12 billion, with about 20.2 million out of 27.2 million UK households having car insurance. The largest share of the motor insurance policies' distribution, about 70%, is provided by established price comparison websites like Compare the Market and Confused.com. Overall, the market is fiercely competitive, requiring a lot of inventiveness from insurers to cope with new businesses and services challenging the traditional insurance market. Insurance startups now drive innovation across key segments such as pay-as-you-go insurance, peer-to-peer cover, the gig economy, and more. These companies are raising the bar for customer expectations across the board, but particularly for quality digital services.
Fixter provides competitively-priced car maintenance powered by technology, aiming to provide customers value added services. Their end-to-end service includes picking up a customer's vehicle within a 30-minute time slot, managing any required work on their behalf, and then returning the vehicle to the customer's requested location - usually their home or workplace. They use a network of trusted local garages and guarantee all work for 12 months.
In February 2017, Fixter started operating in the Manchester area as part of a soft launch. This gave the company an opportunity to iterate and improve its service before launching more widely. Now, Fixter is embarking on its ambitious national strategy, operating in certain areas of London, Leeds, Liverpool, and Birmingham.
The company began as a startup and was developed through Kamet. Funded by AXA, Kamet supports disruptive companies in the insurance, protection, and assistance industries. Through their three offices in Paris, London, and Tel Aviv, they help companies like Fixter fund, develop, and scale their business ideas, to explore ways of building long-term relationships with customers in a fast-changing, competitive market.