Canopy, the rental app offering deposit free insurance, has been recognised as one of the top 100 InsurTech firms, in this year’s inaugural InsurTech 100 list.
Canopy was selected for the Top 100 by an independent panel of industry experts, who analysed the nominees in order to identify the top 100 change makers within the insurance industry for 2019.
The list recognises companies at the forefront of digital innovation within the insurance sector, with a focus on businesses working to solve significant industry challenges whilst also generating savings and improving efficiency.
Canopy was founded to tackle the barriers to renting faced by tenants across the UK, and provides tenants, landlords, and agents with a unified platform on which to make payments, vet tenants, and record evidence to contribute towards building a credit score.
The DepositFree insurance policy, backed by HISCOX, replaces the need for a cash security deposit, usually consisting of six weeks’ rent. The DepositFree insurance offering is about access to an affordable deposit solution for renters, whilst providing landlords with greater protection. It’s a one-off premium that covers the renter for the length of the rental contract.
Canopy also offers a RentPassport solution, designed to tackle the long waits and complicated vetting processes required before a tenant can move into a property. RentPassport is free for renters and verifies everything from their income, creditworthiness, and employment, to their regular rent payments and past references, so that vetting is expedited.
Ruth Polyblank, CMO at Canopy said, “We’re thrilled to be recognised for the work we’ve done towards improving the experience of renters, landlords, and agents across the UK, and we view this list as a real indication of a move within the insurance industry towards creating innovative products which offer genuine, usable solutions for modern problems. We’re always looking to find new ways to tackle old problems, and we are proud to be selected as a representative of the future generation of change makers within our industry.”