PIONEER COVERS 'UNINSURABLE' RISKS WITH USER-FRIENDLY CONCEPT

Rotterdam, Aug. 23, 2023 - British insurance broker Superscript is growing fast, including with its recently opened Rotterdam office focused on continental Europe. CEO Cameron Shearer started his company eight years ago, after signaling that insuring his own business processes was not proving easy: he started offering flexible insurance to digital companies. Where other insurers sell a "one size fits all package," often leaving customers under- or over-insured, Superscript is like a tailor who measures your measurements and makes sure your suit is not too tight or too roomy. To do so, Superscript uses proprietary high-performance technology, which it uses to select customized (and cheaper) insurance. That's especially good for SMEs, for whom average insurance is often too expensive. Shearer, at home in the tech world, joined forces with co-founder and Chief Underwriting Officer Ben Rose, who could lean on extensive knowledge and experience in the insurance industry; the perfect match to turn the insurance world on its head.

Photo: Ben Rose and Cameron Shearer, Founders of Superscript

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Innovative technology

Cameron Shearer, CEO of Superscript, on his company's success: "Most business insurance policies are not customer-centric. They are based on insurers' willingness to cover certain risks, rather than looking at what a modern business needs. This often results in the customer being offered an undersized 'one-size-fits-all' package. As a result, they are either underinsured, or paying for coverages they don't really need. We created Superscript to turn priorities around and put customers first. To do this, we designed a system that matches customers' unique needs with insurers' specific offerings - a win-win for the entire chain. Most importantly, it gives customers exactly the coverage that suits them, with more flexibility."

Complex playing field

He continues: "The playing field of start-ups, scale-ups and SMEs is diverse and complex, requiring innovative, technical solutions to meet insurance needs. The mostly outdated technical and operational situation in the industry often stands in the way of customer experience and improved results for insurance companies. Our proprietary technology and data-based systems are central to everything we do and contribute to advances in both the insurance industry and for our clients. The innovative way we work allows us to move faster than other insurers. We assess risks more accurately, which in turn guarantees greater transparency, ease of use and more competitive pricing. As a fast-growing tech company, we know the risks we cover, and that is both inspiring and motivating."

Digital transformation

Superscript's coverage includes common policies such as employers' liability, business interruption, directors' and officers' liability, specifically for hard-to-insure emerging sectors in tech. The offering is broad and addresses challenges that companies are increasingly facing. "Digital transformation and the increasing amount of data processed by companies bring growth opportunities, but also all kinds of risks. Insuring those complex risks has so far been difficult, if not impossible. It is that gap in the market that we have jumped into." The insurance broker decided to operate completely differently than the well-established players; not fixed packages but customized insurance, delivered through a unique combination of a digital-first oriented approach and a team of tech specialists. "This allows customers to insure only those risks that apply to them, thus allowing insurance to grow and scale with the business," Shearer continued. "And that was exactly our intention when we started it."