London-based Superscript has recently raised €51 million, as it continues to disrupt and influence the future of insurance for small businesses and fast-growing internet enterprises. The new insurtech business has plans to broaden its product line and increase its global distribution.
A Series B investment round was conducted, with previous investor BHL UK, owner of Comparethemarket, serving as its leader. Fresh money and Fortune 500 insurance Together with already-existing investors like Concentric, The Hartford also took part.
Superscript is a startup on a mission to offer better insurance products for digital enterprises. It was founded in 2015 under the name Digital Risks. Despite some market turmoil, the London-based business has had rapid development since its 2020 redesign and has now acquired new finance.
Superscript’s CEO and co-founder, Cameron Shearer, said that the fundraising round “represents a big vote of confidence in what we’re building at Superscript in the face of a hard macroeconomic environment and shift in global investor appetites.”
Cameron continued, “We are in a unique position to address the insurance needs of small businesses during tumultuous times as they traverse economic issues this year because of the flexibility, customization, and cost we offer. The global reach of our investors will support our expansion going forward as we pursue our goal of dominating the SME insurance market globally.”
For small enterprises, sole proprietors, landlords, and high-growth IT companies, Superscript provide a customized and specialized insurance package. The insurtech pioneers, who prioritize personalization and customer involvement, cover both straightforward and complicated risks in their quest to become a global leader in business insurance.
The company uses patented triaging technology and a distinctive multi-carrier strategy to access insurer capacity across a wide range of markets and geographical areas. Through the advising and broking service known as SuperscriptQ, modern firms with complicated risks can obtain coverage. However, using the internet platform, less complicated enterprises can be addressed in a matter of minutes.
“The global small company sector represents a vast, yet unexplored, opportunity for the insurance industry. In the US, Hartford’s Small Commercial business dominates its industry. A winning small-business carrier must have convenience, precision, and consistency, according to Superscript, an up-and-coming leader in small-business insurance in the UK and Europe,” said Stephanie Bush, president of Hartford’s Small Commercial and Personal Lines.
Stephanie further added, “The majority of newly formed small businesses find their initial insurance contact point online, therefore Superscript is well-positioned to break into this market thanks to its customer-centric strategy and machine learning-powered underwriting insights.”
Since its Series A financing, Superscript has announced a more than fivefold expansion in its user base and attracted significant partners like Virgin Money Bank and Amazon Business, indicating the high future potential for the product. To foster pan-European expansion, the company has also just opened a second office in Rotterdam.
Superscript intends to expand its underwriting and broking capabilities, as well as its selection of insurance products and services for global distribution, now that it has an additional €51 million in the bank. Building on its current embedded partnership capabilities will also be a priority.
“Superscript distinguishes itself from other InsurTechs by its unique distribution and underwriting capabilities, underpinned by proprietary machine-learning technology,” said Ian Leech, CEO of BHL UK. We’re thrilled to increase our investment and look forward to assisting with the next product advancements and global expansion.
Image Credit: Superscript
