Insurtech Digital Risks reveals SME plans after rebranding as Superscript

Insurtech Superscript, formerly known as Digital Risks has revealed its plans as it undergoes a rebrand to better support SMEs as they navigate the current pandemic and thereafter.

This includes the challenges that businesses have faced during lockdown with business interruption cover. And it has made a string of strategic appointments as it aims to fulfill its global ambition. 

Cameron Shearer, co-founded Digital Risks with chief underwriting officer, Ben Rose five years ago in 2015.

Shearer was also the insurtech’s chief executive, and is now chief executive of Superscript, Rose maintains the same role under the rebrand also.

At the time Digital Risks set out with one simple ambition: to make insurance better for digital businesses.

Now with a team of 50 – ten of which were hired during lockdown, the insurtech has plans to become a global leader in SME insurance.

Shearer told Insurance Times: “We’re now serving over 1,000 different business types. We are providing a broad range of covers, from essential business risks to more specialist, emerging lines. We’re working with more carriers and partners every day, which continues to expand our capabilities as well as our distribution.

“Simply put - we’ve outgrown Digital Risks. Now was the right time for our brand to be updated to reflect this.”

“We’ve got plans in motion to enter new international markets. We are also investing further in our enterprise team, focused on servicing more complex, emerging risks. Ultimately, this is all to help us become a global leader in business insurance.”

Shifting SME landscape

According to the firm’s research, 48% of UK SMEs saw a decrease in customers due to the pandemic and over three quarters (76%) have been forced to make some operational changes.

“That’s a lot to cope with on top of the personal strain that all business owners will be feeling. That said, it is so encouraging to see such positivity and resilience from so many businesses. Of the operational changes, one of the biggest transitions has been to digitise,” Shearer added.

Meanwhile a quarter (25%) of SMEs in its research believe new online models will make them more profitable post-pandemic.

The insurtech has had an overwhelmingly positive response to its new look already and will be sharing its product offering that will include a broader range of businesses in the second half of 2020.

More than a name change

But Shearer said that the rebrand is “more than a name change” it encapsulates what the insurtech’s all about: elevating customers by providing better cover.

By definition – a superscript is a small character that’s set above the line. Its purpose is to distinguish something by elevating it.

“This is a real metaphor for what we’re all about: setting higher standards for business insurance,” he added.

Also Shearer commented on how the name ‘Superscript’ is “unexpected and breaks traditional category norms.

“We have a unique proposition of proprietary technology and expertise in emerging risks and threats. Added to that, partnerships with several world-leading carriers. This together allows us to deliver business insurance in a new, flexible way - a way that breaks norms,”

Working with creative agency – Siegal+Gale. He said that “the result has been brought to life in our new brand values and manifesto. We’re not just another insurance provider and It’s important that our brand makes this clear”.

Strategic appointments

On top of this, Superscript has made some strategic appointments bolstering its enterprise team to accelerate its growth.

These include Anthony Anderson being appointed as chief product officer, he joins from global startup Culture Trip.

Anderson said: “I’m excited to join Superscript at such a pivotal time, to build innovative products that customers love and trust. Our customers are at the heart of everything we do. My job is to help create products that make them feel safe and empowered, giving them their time back to focus on what they do best. Enabling businesses to thrive.”

Meanwhile David Dickson has joined as head of enterprise where he will be in charge of developing the team providing bespoke insurance solutions for larger and more complex risks. He was previously at Safeonline, but also has experience in deep technology and cyber in the Lloyd’s market. He has also worked as advisor at Lloyd’s Lab.

Dickson added: “Regardless of whether a company is a pre-revenue start-up, a rapid-growth unicorn or a listed business, Superscript truly embraces digital innovation to deliver the platform, products and services to cater for all manner of complex risks. I’m looking forward to working with a talented and experienced enterprise team to bring this unique offering to businesses the world over through a growing number of distribution channels.”

Finally, Luke Chesworth has joined from insurance broker – Protean Risk. He also has extensive experience working with fintech and financial institutions. His hopes to upgrade Superscript’s process of obtaining insurance for businesses, by embedding technology into the broking process.

Rose said that the Dickson and Chesworth’s appointments “further enhances its insurance and underwriting expertise.

“This will help ensure we reach the businesses that most need our service, fuel our international expansion plans and strengthen our abilities to innovate our offering for customers with increasingly complex, emerging risks.”

Shearer added: “We recorded our biggest month on record during July. These three hires really strengthen our ability to drive further growth and innovation in the insurance market, as we continue our ambition in becoming a global leader in insurance for small businesses.”

Read more…How parametric insurance could serve SMEs in a post-pandemic world 

Not subscribed? Become a subscriber and access our premium content