Welsh Insurtech PH Innovate Group Plans Expansion with 75 New Jobs in South Wales Valleys

South Wales-based insurtech firm PH Innovate Group, a Fintech Wales member, is in discussions with potential investors as it looks to scale up operations and create 75 new jobs in the South Wales Valleys.

The company, which develops technology enabling businesses to operate as insurance brokers and provides a platform for trading insurance products, is seeking to accelerate its expansion plans. PH Innovate also operates the Quote Detective motor insurance brand.

Growth Plans and Investment Discussions

Co-founder David Harlow confirmed that the firm has engaged with Cardiff Capital Region (CCR) to support its job creation plans.

“We’re talking to Cardiff Capital Region about helping us to create around 75 extra jobs.”

– David Harlow, Co-founder, PH Innovate Group

The proposed new roles would include underwriters, data analysts, developers, managers, and call centre operators, with approximately 25 positions requiring industry experience.

While external funding is being explored, Harlow emphasised that PH Innovate is in a strong financial position:

“We have a reasonable amount of reserves as a company. So anything we do will probably be a combination of CCR money, our own money, and possibly external funding.”

Co-founder Stephen Peck highlighted the company’s primary challenge:

“We don’t really need any investment to trade. What we really need is more insurance to sell. We could double (sales) pretty much as quickly as we could hire people.”

Future Strategy: Expanding Insurance Capacity

Harlow and Peck are also considering launching their own insurance vehicle, citing market shifts that may present an opportunity for new competition.

“We think there’s going to be an opportunity whereby there’s not enough competition, perhaps. So there is an opportunity to create some capacity of our own.”

As the company looks towards long-term sustainability, a key leadership change has been made with the appointment of Katie Wiltshire as Chief Operating Officer.

“She has come up through the ranks.”

– David Harlow, Co-founder, PH Innovate Group

Peck also reflected on the company’s future:

“The prospect that this might be a permanent big business here, without us, is quite nice to think about. We can almost see that now.”

With ambitious growth plans and potential investment on the horizon, PH Innovate Group is positioning itself as a major player in the South Wales fintech and insurtech landscape.