GoCo Group - NOAH19 London
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The document outlines the UK market for car and home insurance as well as energy, showing a significant growth potential estimated to be 3-4 times larger than the current size of £1.1 billion, largely driven by consumer inertia and barriers to switching providers. It highlights the substantial opportunity for a technology platform that can simplify the switching process, revealing that 54% of households are currently on default tariffs in the energy sector. The document also discusses the ambition to reach 3 million customers representing about 10% of UK households by 2022, emphasizing the importance of leveraging industry relationships and innovative solutions.
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- 1. Confidential Information - Commercial (CI-C) 1 Matthew Crummack, GoCo Group CEO Revolutionising an industry and positioning for growth
- 2. @NOAHConference @noah_conference @noah-conference @NOAHConference FOLLOW USONSOCIAL
- 3. Confidential Information - Commercial (CI-C) 1. Saving Hobbyists 2. Saving Resignists 2 3. Saving Resistors 1 in 5 switch every year1 3 in 5 switch sometimes1 1 in 5 never switch1 1. Estimates based on a survey of average switching rates for Car Insurance, Home Insurance & Energy People are still spending more than they need to
- 4. Confidential Information - Commercial (CI-C) 3 The addressable opportunity for growth ▪ Current size in UK ~£1.1bn1 ▪ Dominated by 5 key players ▪ Limited innovation 1. Across Car Insurance, Home Insurance and Energy ▪ Potential opportunity 3 – 4x2 bigger than today – UK aloneHuge Unaddressed Opportunity 1. Saving Hobbyists 2. Saving Resignists Traditional Price Comparison
- 5. Confidential Information - Commercial (CI-C) 4 Inertia is evident in switching Barriers to switching 1/3 think it is too much hassle 1/5 think it is confusing 4% 12% 16% 20% 31% 34% 35% Worried energy supply could be switched off I don’t have time No benefits to changing supplier/tariff It's confusing Satisfied with the price of existing supplier/tariff Too much hassle Satisfied with current supplier/tariff
- 6. Confidential Information - Commercial (CI-C) Incremental 23m household opportunity in Energy in UK alone 51. According to Ofgem’s latest State of the Energy Market, 54% of households are on Default Tariffs (October 2018) 2. Potential opportunity per annum assuming £30 fee per fuel for 23m households 3. Number of switches in 2018 based on BEIS / Ofgem data Existing Switching Households 20% 80% ~28M households ~5M3 switched energy in 2018 £0.3bn ~15M households are on a Default Tariff1 ~23m £1.3bn2 Household Opportunity
- 7. Confidential Information - Commercial (CI-C) 6 Revolutionising an industry Sign up RecommendSwitch Data Switching inertia works Sign up once Save forever Savings Resignists for customers Powered by our proprietary technology platform
- 8. Confidential Information - Commercial (CI-C) 7 Consumers are ready for it % of respondents 45% 38% 35% 40% 27% 24% 25% 40% 40% 39% 33% 36% 33% 31% 85% 77% 74% 73% 63% 57% 56% Energy Broadband & Mobile Home Insurance Car Insurance Bank Accounts Pay TV Credit Card Very Appealing Appealing Source: Bilendi, Nat rep quant, N=1,001, Q1 2019
- 9. 8 Confidential Information - Commercial (CI-C) >220k live customers in 12months 8 <5k July 2018 >220k live customers1 0 Jan 2018 >175k July 2019 c.+28% 2 brands, 23M households, transformative by 2022
- 10. 9 Confidential Information - Commercial (CI-C) Ambition = 3m customers with strong unit economics in the UK alone July 2019 26th Sept 2019 2022 >175k live customers July 2018 <5k customers Ambition 3 million c.10% of UK households Target >260k live customers by 31st December 2019 31st Dec 2019 >220k live customers Significant Annual Recurring Revenue
- 11. Confidential Information - Commercial (CI-C) 10 Revolutionising an industry and positioning for growth
- 12. Selected Completed NOAH Transactions Focus on Leading European Internet companies Covering over 400 companies across 25 online verticals, a broad range of over 500 investors as well as 100+ online-focused corporates Deep understanding of industry dynamics Ability to add value beyond banking advice Facilitates overall process and minimizes management distraction NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry Knowledge of and strong relationships with potential buyers’ key decision makers Proactively finds and unlocks attractive investment opportunities for leading investors Annual NOAH Conference in its 10th year Over 40 years of combined relevant M&A experience Routine execution of M&A and financing transactions with sizes of several billion euros 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A competencies to the Internet sector Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence Ability to deliver top results in short time frames Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results Creative deal solutions Unique Industry Know-How Unmatched Network and Relationships Strong Investment Banking Competence Full Commitment - We Are Entrepreneurs! EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE® The NOAH Advisors Core Banking Team Marco Rodzynek Managing Director & Founder Jan Brandes Managing Director Nikhil Parmar Director Olek Skwarczek Associate Lukas Schlund Analyst December 2014 October 2014 Sale of 100% of for $800m to Exclusive Financial Advisor to Fotolia and the Selling Shareholders Sale of 100% of for €80m to Exclusive Financial Advisor to Trovit and its Shareholders October 2016 Investment in Exclusive Financial Advisor to KäuferPortal and its Shareholders by 84% Ownership December 2016 August 2017 Financial Advisor to Silver Lake Financial Advisor to EMK Capital Investment in Acquisition of a Majority Stake in by by at a valuation of $200m November 2019 July 2019 September 2018 Financial Advisor to MagicLab Financial Advisor to AU10TIX and its shareholders Financial Advisor to 10bis and its shareholders Acquisition of a 79% stake in $60m Investment in Sale of 100% in by at a valuation of ~$3 billion at a valuation of $260m by for €135m to 10Bis