Lukango

Lukango is a London-based insurtech operating a digital insurance intermediary platform for small businesses, microbusinesses, sole traders, freelancers and independent consultants. The company does not underwrite risk itself; it provides the technology and digital customer journeys that let business owners view, compare and apply for cover that is provided and underwritten by a panel of specialist insurance partners, including Markel, with policies arranged and administered by Markel Direct.

The product range spans professional indemnity, public liability, employers' liability, product liability, stock insurance, business equipment, cyber and data risks, directors and officers, and legal expenses cover. Lukango segments its offering by business type, covering ecommerce sellers, media and creative businesses, professionals, tech and data businesses, trades, tutors, consultants and IT professionals, alongside shops and retail. The company has described two core product constructs: 'Fix', a fixed upfront price product, and 'Flex', which applies algorithms to customer-supplied data to price cover and is intended to evolve into a usage-based offering. Alongside its direct proposition, Lukango offers an embedded insurance solution for partners such as neobanks and SaaS platforms, available co-branded, white-labelled or API-first.

Customer-facing features promoted on the site include an online quote in around 90 seconds to five minutes, no hidden fees or cancellation charges, interest-free payment options and a 10% discount code.

Founding story

The company was founded in late 2021 by two women with around two decades of combined insurance and corporate experience, after conversations about why insurance was failing the smallest businesses — with claims denied for lack of the right cover and products that were too complicated or rigid for entrepreneurs, freelancers and microbusinesses. CEO and co-founder Joanne Safo had previously spent years building and launching insurtechs, including as a founding team member of Munich Re's Digital Partners business, and cites the lack of visible Black and minority-ethnic women leading insurance businesses as a personal motivation. Co-founder Selina Bilton serves as CXO, bringing customer strategy experience from leading roles at global corporations. A 2022 interview also names Mark Dennis among the co-founders.

Business model

Lukango acts as a digital insurance intermediary rather than a risk carrier, distributing business insurance products underwritten by specialist insurer partners such as Markel, with Markel Direct arranging and administering policies and collecting customer data for quotation. A second distribution channel is embedded insurance for platform partners including neobanks and SaaS providers, delivered co-branded, white-labelled or via API.

Traction

Traction indicators are limited to product and partnership milestones: a live quote-and-buy journey underwritten by Markel, an embedded insurance proposition for platform partners, partnerships with Continuity Strength, Digital Cognate and Digital Control Room, a £275,000 pre-seed raise, and multiple UK insurtech award listings and rankings between 2022 and 2024.

Latest developments

Most recent reported milestones include CEO Joanne Safo's appointment to the Insurtech UK Council, selection for the BusinessCloud InsurTech 50 ranking for 2024, her feature in Tech Funding News' International Women's Day 2024 list of 25 female innovators in UK and European tech, and her role as a judge for the TechRound BAME50 competition. The current website markets both the direct small-business proposition underwritten by Markel and an embedded insurance offering for neobank and SaaS partners.