Against the backdrop of the “new normal” for SMEs post-pandemic, the insurtech now aims to accommodate the changing needs of SMEs
Insurtech Digital Risks will be rebranding as Superscript as it guns to become the global leader in SME insurance.
The name ‘Superscript’ represents the insurtechs ambition in raising the standards of how insurance is delivered to SMEs and prioritising their needs.
Superscript says it is therefore an insurance provider for the “new normal” of business, and aims to deliver flexible insurance to match the changing needs of SMEs, unlock new revenue-driving activities, evolve business models at short notice or use their supply chain differently.
Cameron Shearer, co-founder and chief executive at Superscript, said: “Through our unique mix of technology and underwriting innovation, Superscript aims to meet all insurance requirements for any SME, without forcing them into lengthy and expensive contracts.
“As we have developed and grown as a business, our proposition has evolved beyond how our original brand described us. To reflect and fuel this continued growth, we need a new brand that encapsulates our strong position in our market and our ambitions for the future.”
Shearer and chief underwriting officer Ben Rose founded Digital Risks in 2015 with the intention of empowering entrepreneurs and modern businesses using personalised insurance.
Initially the insurtech launched with services geared towards tech-based businesses, which was a growing sector that was heavily underserved insurers.
But since then the insurtech’s scope and capability have grown.
Rose added: “Current SME insurance policies are rigid and inflexible. They’re also very broad-brush, offering cover that doesn’t understand the needs of startups, that’s unable to adapt as business activities pivot, or that doesn’t keep up with businesses on a fast growth trajectory. These requirements were always important, but they’re now even more so as SMEs face some of the most challenging business conditions out there.
“The SME community won’t look the same in a post-pandemic world. Incumbent insurance providers don’t move quickly enough to help these businesses to adapt - that’s why Superscript exists. Our approach looks at every insurance cover from a new perspective. Rather than just selling policies that insurers want to sell, we ask what businesses need and then find the right solution.”
In February 2020, Superscript received $10.4m (£8.02) in Series A funding led by BHL Holdings.
Following this the business scaled, delivering up to 25% month-on-month customer growth – and is set to have doubled its headcount by the end of the year.
Superscript has previously partnered with Starling Bank, Revolut, Urban and Appear Here.