We take a look at Roamly’s mission to solve more than just affordable RV insurance and offer policies that are tailored to fit its growing customer base
Roamly Insurance Group (Roamly) is a full-stack insurance product for the travel market, unlocking RV insurance to make owners’ vehicles’rent ready.’
Roamly is an RV-focused insurtech that delivers unique digital insurance products that eliminate the commercial use exclusion clause that prevents online rental activities. It is owned by Outdoorsy, one of the largest and most recognised online marketplaces for RVs.
Roamly provides marketplace insurance products for this fast-growing asset class, aided by its portfolio of over 500 insurance licences and innovative products.
Milestone year for Roamly
Roamly enables markets to embed and provide a wide range of insurance products directly to users through simple booking flows, including rental insurance, trip and travel insurance, and pet insurance, among others. Personal and professional insurance products are being sold through the insurtech to peer-to-peer and marketplace firms.
Over the last 12 months, the company has booked more than US$40 million in premium, according to the company. This achievement comes after a year in which Roamly launched its new Pro and Personal products and experienced a 222 percent increase in booked premiums for its new RV product suite.
“We are thrilled to have crossed this huge milestone after a year of great growth,” says Aaron Ammar, Roamly’s Chief Insurance Officer. “The demand we’ve witnessed over the last year confirms what we’ve heard time and time again: clients want easy-to-access travel coverage and protection. Through simple embedding tools, Roamly is assisting professional RV rental operators and consumers in selling and purchasing insurance policies, allowing us to place the most ideal products for all users right at the customer’s fingertips.”
Insurance customers to increase as pandemic eases
According to the RV Sector Association, RV shipments in the United States are likely to surpass 600,000 units in 2022, marking another another record-breaking year for the industry. According to Ammar, the increase in RV purchases might result in more than US$10 billion in RV loans by 2022, with each vehicle requiring insurance coverage.
Roamly has grown at a rate of 295 percent per year for the past six years. As the pandemic fades and tourists resume booking trips, the company expects its growth trajectory to accelerate further.
Roamly CEO Jeff Cavins says, “I am tremendously proud of the worldwide team at Roamly and what we’re able to give to businesses and consumers through our technology and product portfolio.”