Superscript, the insurtech revolutionising SME insurance, today announced that it has partnered with Amazon Business to provide tailored insurance for micro and small businesses, as well as sole-traders through Business Prime (membership programme designed specifically for businesses available only on Amazon Business) in the UK. The partnership is a significant step for Business Prime as this increases the value of the membership in the UK as SMEs emerge from lockdown.
Superscript’s unique combination of proprietary technology and underwriting expertise will streamline the insurance-buying process for UK Business Prime members, at an exclusive 20% discount. From the member section, Business Prime members will be able to log in to Superscript using their Amazon account and start their instant quote journey; the simple online journey means they will receive customised insurance in under ten minutes. There will be no big commitments, only a monthly subscription, discounted specially for as long as they are Business Prime members. The cover is flexible, and can be managed and amended at any time by logging into Superscript’s online customer portal.
This partnership is a direct response to the changing needs of UK SMEs following the pandemic. Research by McKinsey found that the importance of online insurance provisions to SMEs grew more than any other factor (except price) when considering an insurance provider during lockdown. Meanwhile, Deloitte found that 60%+ of SMEs prefer sourcing insurance from a trusted provider that is affiliated to 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.
Business Prime members will be able to purchase the insurance cover that suits their requirements best, including: Public liability insurance, Employers liability insurance, Professional indemnity insurance, Cyber insurance, Directors and officers insurance, and Office contents & equipment insurance.
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).
Cameron Shearer, co-founder and CEO of Superscript, said:
“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.
We are therefore delighted to partner with Amazon Business to provide this much needed service for SMEs, and to stand alongside leading tech companies which understand what SMEs need.”
“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.”