UK-based insurtech Superscript obtained $54 million USD in its Series B funding round. This digital-first insurance provider serves small businesses and high-growth tech companies.
The round was supported by Fortune 500 insurer The Hartford along with other existing investors Concentric and BHL UK. In addition, Comparethemarket owner BHL UK led the round as a new investor.
As a result of its unique multi-carrier model and proprietary triaging technology, Superscript has access to insurance capacity from multiple carriers across many regions. This gives the company the capability to accommodate both simple and complex risks with a high level of personalization. The online platform SuperscriptQ provides easier, faster coverage for businesses with less complex risks. More complex businesses need the advisory and broking service SuperscriptQ to provide custom coverage.
Superscript has enjoyed strong growth since their Series A fundraising round. Since then, the company has delivered a 5x increase in customers, securing notable partnerships such as Virgin Money Bank and Amazon Business. The company became the first UK insurtech to secure a Lloyd’s of London broker license in 2020, and they launched the first Lloyd’s backed product for digital asset businesses last year. Additionally, Superscript opened an office in Rotterdam to support future European growth.
Superscript’s increased funding will be used to expand their brokering and underwriting services as well as develop more dynamic insurance options for international distribution. They’ll also focus on building on their existing partnerships and capabilities.
CEO and co-founder of Superscript Cameron Shearer stated:
With a challenging economic environment and a change in global investor appetites, Superscript’s funding round shows a huge amount of confidence in what the company is building. Their customizability, affordability and flexibility put them in a position to meet the insurance needs of small businesses during turbulent times. This is because small businesses are having to face economic challenges this year.
As we work to become the world leader in small business insurance, our mission supports our growth thanks to our investors’ international presence.
According to Ian Leech, the CEO of BHL UK, the statement below is true.
The company stands out from other insurtechs thanks to its unique distribution and underwriting abilities. It uses proprietary machine-learning technology to separate itself from the competition. We’re excited to continue our investment and look forward to supporting future product developments and international growth.
Head of Small Commercial and Personal Lines at The Hartford, Stephanie Bush, stated that she said this.
Small businesses in the United Kingdom and Europe greatly rely on Superscript’s small business insurance offerings. This is because the company believes everyone needs easy, consistent and accurate coverage to win a competition. Because of this, the company has found success by keeping its customers in mind with their data-driven underwriting methods. As a new competitor in business insurance in Europe and the UK, Superscript feels that ease of use, sharp, consistent results and accurate claims handling are crucial to any winning carrier. This is why the company believes small businesses with just beginning operations often opt to use online platform to process their first claim. Using a machine-learning powered underwriting system as well as a customer-first approach, Superscript aims to be the leading small-business insurer in its field.