# Battleface Financial Model Tech-enabled travel insurance platform covering high-risk and non-standard destinations globally, sold direct and via B2B2C partners. - Canonical: https://finamodel.com/startups/battleface - Excel download: https://finamodel.com/startup-models/battleface.xlsx - Category: InsurTech - Model type: Insurance GWP - Funding round: Series A - Funding: $12M - Founded: 2021 - Geography: Global (worldwide availability stated [DECK, slide 1]); team across USA, UK, Malta, Spain, Barbados; deck context suggests ~2020 timeframe (COVID-19, Brexit references [DECK, slide 6]). - Customer: B2B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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 - Core problem solved: outdated products, expensive distribution, poor service - addressed via tech-based solutions.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: 1. **Direct (D2C):** Online quote/buy via website and mobile app; customers pay premium directly. 2. **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. 3. **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:** 1. Assumptions - all drivers in one place, clearly tagged 2. Channel Model - Direct / B2B2C / Groups policy counts and GWP by period 3. GWP Waterfall - GWP → ceded → NWP → earned premium 4. P&L - underwriting income (combined ratio build) + tech fee revenue − central opex = EBIT 5. Headcount & Opex schedule 6. Cash Flow (simplified) - operating cash + capital movements 7. KPI Dashboard - GWP, loss ratio, combined ratio, policies in force, avg. premium, NWP per channel 8. Scenario toggle - Base / Bull / Bear ## Frequently asked questions ### Is the Battleface financial model free? Yes. The Battleface model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.