Insurance price comparison service to create multiple jobs after securing multi-million investment
A company that runs an insurance price comparison service for household and landlord property insurance will create multiple new jobs after securing a multimillion-pound funding package from Barclays, a news report in the local business media has found.
The Penarth-based Source Insurance provides more than 20,000 quotes per month with turnover predicted to exceed £12m next year.
The investment has already created three jobs and will enable Source Insurance to offer in-house credit lines for any customer that chooses to pay their annual premium by monthly instalments.
Kevin Paterson, managing director at Source Insurance, said: "We started life as a software company but used our expertise and technology investment to develop a general insurance business for the broker market.
"We pride ourselves on being at the forefront of technology and a disruptor to the market. We have already diversified into the ‘direct to consumer’ market this year for non-standard property insurance or for clients who may struggle to obtain cover."
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