Battleface Financial Model
InsurTech Startup Financials (Free Excel Download)
Tech-enabled travel insurance platform covering high-risk and non-standard destinations globally, sold direct and via B2B2C partners.
professionals from Deloitte
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About this model
Battleface is a tech-enabled travel insurance platform for destinations and trip types that conventional policies often exclude. Customers can quote, buy, manage policies, and access emergency assistance through digital products.
It distributes travel cover directly, through embedded B2B2C partners, and through customized group plans. Premiums and MGA or distribution commissions are the commercial engine, with underwriting and product configuration tailored to traveler, destination, and activity risk.
The model is an insurance GWP and loss-ratio forecast by channel. Policies sold, average premium, reinsurance, loss ratio, claims costs, and distribution expense determine underwriting income. Partner growth, direct acquisition, destination mix, and combined ratio drive the operating case.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Battleface
battleface.com
How to build a detailed financial model for Battleface
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Battleface model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Travel insurance for people "going places" - including destinations under FCO/government "do not travel" advisories.
- COVID-19 medical expenses covered for travellers under 59.
- Mobile app: quote & buy, policy management, itinerary, emergency call, alerts.
- Every plan includes 24/7 emergency travel, medical and claims assistance services.
- Robust underwriting and expanded benefits/coverage vs. standard market products.
- Core problem solved: outdated products, expensive distribution, poor service - addressed via tech-based solutions.
- Awards: ITIJ 2020 Winner - International Travel & Health Insurer of the Year. Trustpilot "Rated Excellent".
Revenue model
Three distribution channels:
- Direct (D2C): Online quote/buy via website and mobile app; customers pay premium directly.
- B2B2C: API integration with partner websites; white-label tech plan administration; battleface builds custom tech for partners and their customers. Revenue likely via net premium or MGA fee/commission.
- Groups: Customised group plans for organisations with internationally mobile workforces/volunteers - priced to group-specific destination, demographics, and activities.
Premium pricing: No specific premium figures disclosed. Policy shown on app screen references "500,000 USD" coverage amount - illustrative policy limit, not premium.
Revenue mechanics: Insurance premiums (GWP) less reinsurance ceded = Net Written Premium (NWP). Additional revenue streams likely include assistance service fees embedded in premium. No commission rates, average premium, or take-rate disclosed.
Traction & metrics
- Trustpilot "Rated Excellent"
- ITIJ 2020 International Travel & Health Insurer of the Year
- Three Trustpilot review snippets shown (positive sentiment, no score/count)
Competition / moat
Not explicitly disclosed. Implied moats:
- Coverage of high-risk / "do not travel" destinations - differentiator vs. standard carriers.
- Tech stack: proprietary app, API integration capability, white-label plan administration.
- 24/7 assistance services as bundled differentiator.
- ITIJ award signals underwriting/service quality recognition.
No named competitors shown.
Team & funding ask / use of funds
Team:
- Sasha Gainullin - CEO, USA
- Mike Meeks - COO, USA
- Paul Simmonds - Managing Director, UK
- Anthony Spiteri - CTO, Malta
- Hugh King - Business Development Director, UK
- Jeff Pope - Director of Partnerships, Barbados
- Katie Crowe - Director of Communications, UK
- Jay Chapelle - Head of E-Marketing, Malta
- Franziska Gross - Operations Manager, Spain
- Andrej Novak - Creative Director, Malta
Investors:
- Drive Capital
- Fintech Ventures Fund
- Greenlight Re (reinsurer - strategic)
Recommended financial model
- Archetype + why: Insurance GWP / Loss-Ratio P&L model with channel split. Battleface is an insurtech MGA/carrier writing travel insurance across three channels. The natural model is a GWP waterfall (GWP → ceded reinsurance → NWP → earned premium) with a combined ratio build (loss ratio + expense ratio = combined ratio) to arrive at underwriting income, plus a fee/commission line for B2B2C tech revenues. This is the standard travel insurance operating model.
- Forecast horizon & granularity: 5 years (Year 1–5), monthly for Year 1 then annual. Monthly is needed in Year 1 to capture policy-count ramp and seasonality (travel demand is seasonal).
- Key drivers & assumptions:
- GWP per channel:
- Direct: policies sold per month × average premium per policy
- B2B2C: number of active API/white-label partners × policies per partner per month × avg. premium
- Groups: number of group contracts × avg. group size × avg. per-head premium
- Policy count growth rate
- Reinsurance cession rate
- Loss ratio
- Expense ratio - acquisition + admin
- Combined ratio
- Assistance service cost
- B2B2C tech revenue / white-label fees
- Headcount & opex
- Capital / solvency buffer
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Moderate post-COVID travel recovery, 2–3 B2B2C partners live by Year 2, combined ratio ~95%.
- Bull: Faster travel rebound, 5+ partners, digital CAC efficiency improves, combined ratio <90%.
- Bear: Extended travel suppression (COVID variants/restrictions), high loss ratio from covered COVID claims, slow partner onboarding, combined ratio >100% - underwriting loss funded by capital.
- Key flex variables: policy volume growth rate, loss ratio, avg. premium, # of B2B2C partners.
- Required sheets / outputs:
- Assumptions - all drivers in one place, clearly tagged
- Channel Model - Direct / B2B2C / Groups policy counts and GWP by period
- GWP Waterfall - GWP → ceded → NWP → earned premium
- P&L - underwriting income (combined ratio build) + tech fee revenue − central opex = EBIT
- Headcount & Opex schedule
- Cash Flow (simplified) - operating cash + capital movements
- KPI Dashboard - GWP, loss ratio, combined ratio, policies in force, avg. premium, NWP per channel
- Scenario toggle - Base / Bull / Bear
Frequently asked
Is the Battleface financial model free?+
Yes. The Battleface model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Battleface's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
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