Uinsure is a cloud-based technology platform that connects intermediaries and lenders to insurance providers to offer a seamless process when arranging cover.
The firm has been investing in its technology over the last few years, including the launch of its Uinsure CX platform, which aimed to change the way home insurance is sold through intermediaries by automating quotes at different stages of the advice process.
It has also launched application programming interface (API) integrations and developed a pricing engine.
The Uinsure management team will remain the same and continue to be led by founder and CEO Simon Taylor. Martin Schultheiss will continue as group managing director, James Fawcett as chief financial officer, and Dan Wright as non-executive chair.
As part of the deal, Peter Thompson, former CEO of BGL Insurance, has joined Uinsure as a non-executive director.
The investment was led by LDC North West partner Aziz Ul-Haq and partner and head of North West Dale Alderson. The deal was also supported by LDC’s investment director Grant Goodwin and investment manager Camilla Greenwood.
Alderson and Ul-Haq will join the Uinsure board.
Since 2012, LDC has invested more than £650m in technology firms.
Taylor said: “Right from the very first meeting, LDC has been aligned with our vision to remove the complexity of insurance for our partners and their customers. When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us.
“The team at LDC will be working closely to strategically support us with our long-term goals, as we explore new markets and grow our network of partnerships.”
Ul-Haq added: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge. It has a highly experienced and incredibly ambitious management team whose offering has disrupted the industry and revolutionised the market.
“We’re looking forward to working with them to help it grow further.”