Insuretech start-up Rnwl celebrates fintech win at London Tech Week
Cambridge-based insuretech start-up Rnwl is celebrating after winning the Elevating Founders Fintech Industry award at London Tech Week.
The Station Road company’s free app, which is available in app stores now, reminds drivers to renew their MOT, car tax and insurance and can also help them in a breakdown, even if it is not covered by their policy.
The breakdown offer was added by the Rnwl team to coincide with Highway Code changes in September. Rule 98 now states that drivers should have a mobile phone with emergency contacts stored, including for breakdown purposes.
Serial entrepreneur Goncalo de Vasconcelos founded Rnwl in 2019 after struggling to stay on top of his car insurance administration.
A Kwik Fit study recently found that up to 29 per cent of drivers forget to renew their MOT and the DVLA handed out more than 1.2 million enforcement notices in 2019 to drivers with untaxed cars.
Meanwhile, the Financial Conduct Authority found that Brits could save £1.8bn annually on motor and home insurance premiums if they switched rather than accepting the current insurer’s renewal price.
Goncalo said: “We’re thrilled that Rnwl has won FinTech of the Year at London Tech Week. It’s great recognition for our app and the work we're doing to make life easier for millions of motorists in the UK. It’s just the start for Rnwl.
“We’re working on launching lots of new features over the next 12 months which will give our customers, and their friends and family, insurance peace of mind.
“It’s also brilliant recognition for the talent we have in Cambridge.”