SportsCover Direct, a specialist digital distributor of insurance to niche online markets, today announces that it has debuted Starpeak as it ushers in a new era of growth. The new corporate structure comes as the company continues to expand its expertise beyond sport to reflect a broader offering that helps to address the UK insurance protection gap of 17%.
Founded in 1991 as SportsCover Direct, Starpeak is an expert in specialist online insurance, servicing a variety of customers in both the consumer and micro/SME markets. Starpeak provides insurance to over 100,000 live policyholders across the UK. The new corporate structure will continue to see the company operate its consumer and business-facing brands: SportsCover Direct and Protectivity (launched in 2013) which is a specialist in commercial, leisure and lifestyle insurance.
Starpeak’s innovative technology and business model provides capacity providers with a unique avenue to reach niche markets, offering products designed to protect customers from personal injury and unforeseen circumstances.
An uncertain macroeconomic landscape has made business resilience a top priority for insurers. There is a growing range of complex threats including climate and cyber risks and very few of these are currently covered. Starpeak is responding to this shortfall to provide a value proposition that meets the demand for specialist coverage and customisation. Customers’ increased adoption of the internet and willingness to use self-serve solutions in an informed online environment has uncovered previously unserved customer niches and needs. Starpeak can identify and satisfy these evolving needs and is poised to thrive in this ever-changing market.
The new corporate structure comes as a direct result of the company’s growth. Starpeak’s founding mission of offering competitive but simple and compliant insurance directly to the end-user in an informed environment, has expanded to cater to previously unserved online niche markets, specifically the SME segment. This makes it easier for customers to buy and cover their risks.
By partnering with world-leading insurers and ambitious smaller insurers such as AXA XL, Peach Pi and Irwell Insurance, Starpeak can provide comprehensive service offerings to an often-underserved market that brokers are unable to cover. The Starpeak company will offer a complete range of tailored, unique insurance products that span sectors such as sport, education, events, lifestyle, and wellbeing, along with other niche markets through its brands SportCover Direct and Protectivity.
“As we embark on this evolution, we recognise the critical importance of digital ability, scale-up, ambition, and resilience. The insurance industry is evolving at a rapid pace, and it is imperative that we have the digital capabilities to stay ahead of the curve. Today’s enterprises need data-led, customised solutions that meet the individual needs of businesses. By embracing digital technologies, we can unlock new opportunities for growth and efficiency while delivering superior customer experiences” says Julian Hucks, Managing Director, Starpeak.
“We believe businesses should have access to specialist solutions that are offered alongside a frictionless, efficient, transparent, and well-supported experience. Since the company’s inception, we have been a leader in the insurance industry, incorporating in-house built IT to capitalise on emerging markets, drive optimisation, and provide world-class customer support for users. This evolution was a natural next-step, and we look forward to partnering with more ambitious like-minded insurers who recognise the opportunity” adds Andy Brownsell, Commercial Director, Starpeak.