The SME landscape is undergoing profound changes, presenting both challenges and opportunities for smart, innovative insurance players like Superscript to become the provider of choice. We dive into how Superscript is tackling this dynamic market.

Yuri Poletto: The SME landscape is deeply changing, opening up new challenges and opportunities that innovative players like Superscript can leverage to become the provider of choice.

What’s the top pain point in the SME insurance market that you are tackling at Superscript?

Henry Newby: SMEs have traditionally been underserved by the slow-moving insurance market, having to deal with bundled policies and long-term contracts that don’t suit their needs, all delivered through old-fashioned paper-based methods.

A new digital-native generation of entrepreneurs are starting businesses and have different expectations of their insurance providers. They expect insurance that is shaped around them and evolves with the business, all delivered and managed digitally and easily – taking the burden off them.

Yuri Poletto: What solutions is Superscript offering to SMEs to fill those gaps?

Henry Newby: We are unbundling insurance through our proprietary rightmatching technology, which presents SMEs with the right covers at the right price from a panel of different carriers based on their unique risk profile.

We also know businesses like to access insurance in different ways, so we provide the full range of delivery mechanisms. Whether it’s a digital journey to get covered in 10 minutes, a tailored service speaking to a specialist agent, or a broker-led service for more complex risks.

Yuri Poletto: How is embedded insurance better positioned than traditional insurance to serve SMEs, and what changes shall embedded insurance undergo to reach a significant market share?

Henry Newby: Providing insurance directly is difficult commercially, as brands have to persuade SMEs to come to them – increasingly hard as SMEs look to purchase from non-traditional providers. In fact, SME broker usage is at a 5-year low according to GlobalData.

Providers of embedded insurance are well-positioned for this trend. By implementing seamless purchase journeys through intermediary sellers, they are placing themselves where customers already are, reaching a larger addressable market.

Henry will also be speaking at Open and Embedded Insurance Observatory Plenary Meeting 2024 on 19 March 2024. Find more details here: https://openinsuranceobs.com/plenary-meeting-london-2024/