Amazon Business’ new InsurTech partnership marks ‘huge step’ in evolution of SMEs insurance

By Gaia Lamperti

Following the Covid-19 pandemic the needs of SMEs when considering an insurance provider have drastically changed. A study by McKinsey found that the importance of online insurance provisions to micro and small businesses grew more than any other factor during the selection process.

Meanwhile, Deloitte found that 60% of SMEs prefer sourcing insurance from a trusted provider that is affiliated with their business community. Flexibility is also front of mind for many more SMEs now, with nearly half saying they specifically want cover they can change throughout the year.

In this landscape Superscript, the InsurTech revolutionising SME insurance, today announced a partnership with Amazon Business to provide tailored insurance for micro and small businesses, as well as sole traders. The program will be available in the UK through Business Prime, a membership programme designed specifically for businesses available only on Amazon Business.

“This partnership is a huge step in the evolution of business insurance. The industry needs to bridge the divide between insurers and customers by providing a quick, smooth buying process that is customer-centric. This means digital-first, flexible and monthly,” Cameron Shearer, Co-founder and CEO of Superscript, said.

Superscript is the first registered Lloyd’s broker in the UK InsurTech scene and is transforming business insurance to meet the fast-changing needs of SMEs. The unique combination of proprietary end-to-end technology, data science, underwriting expertise, and partnerships will streamline the insurance-buying process for UK Business Prime members. Superscript aims to be a global leader for small business insurance with some of its investors including BHL Holdings, Beazley Group, Seedcamp and Concentric.

The Business Prime insurance offering will have a high level of customisation and flexibility thanks to the monthly subscription format and the possibility to amend it easily. The insurance cover will suit different requirements and includes Public liability insurance, Employers liability insurance, Professional indemnity insurance, Cyber insurance, Directors and officers insurance, and Office contents & equipment insurance.

“From its inception, Amazon Business has provided business buyers with access to the familiar Amazon.co.uk shopping experience while helping overcome challenges such as purchase workflows, payments, reconciliation and much more”, said Molly Dobson, Country Manager for Amazon Business UK & Ireland.  “As businesses come out of the pandemic and gradually resume normalcy, we want customers to have the best-in-class tools to run their business. We believe Superscript offering its SME insurance products to Business Prime is another example of how this programme provides value and benefits to members.”

The development comes as Amazon Business looks to further enhance the value of the Business Prime membership for UK customers by providing access to best-in-class tools and services that businesses need to run their operations smoothly. It follows the success of similar developments in its US operations.

Business Prime has previously partnered with Next Insurance, the US-based InsurTech unicorn, earlier this year to provide flexible business insurance for its US members. Superscript joins fellow best-in-class benefit providers on Business Prime UK, such as Sage (cloud accounting), McAfee (SMB digital security) Compleat (invoice automation).