Insurance Edge caught up with Julian Hucks, (pictured) Founder and Managing Director at Starpeak Insurance Solutions to find out more on sports insurance and the Starpeak brand’s plans for the future.
Tell us about Starpeak, where did the idea come from?
“Starpeak, originally established as SportsCover Direct in 1991, was founded as the result of a paragliding training course in France. After buying a £25 policy from a French broker and realising that the same wasn’t available in the UK, I decided to find a way to sell French-based policies to the UK market. The rest is history.
While the world was just waking up to the power of the internet, we launched our website and made our first online sale in 2002. Since then, Starpeak has become a technology-driven business delivering niche insurance to UK customers. While we began by selling sports and leisure insurance to customers, we have used our IT specialism and industry experience to diversify into emerging sectors under the Protectivity brand.
Although our vision and purpose has stayed the same, the vision has evolved and so too has the brand. Our corporate name change to Starpeak (September 2023), embodies our continuous work towards delivering the best for our customers and partners and clarifies our move away from predominantly sports related cover.
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”.
What can we expect to see from Starpeak in the future?
“We will continue to concentrate on the niche insurance product areas in which we have become famous, as shown by the incredible milestone of selling our 500,000th policy in March 2023.
Our goal is to double the turnover of the business over the next four years by launching new products and pursuing organic growth initiatives – a challenge we are looking forward to and confident we can achieve. We embrace the potential that lies ahead for Starpeak, and look forward to what the future holds!”
Insurance is a heavily crowded market, what makes Starpeak different?
“Starpeak is a specialist digital insurance distributor serving niche markets and caters to a diverse range of customers in both the consumer and micro/SME markets. With more than three decades of experience, we have the industry expertise, professionalism and IT expertise that will ensure our customers and partners such as AXA XL get the best outcomes.
Our journey in merging technology with insurance began in 2002, when we made our first online sale. Since then, we’ve continued to underpin our business with strong technological offerings, optimising every aspect of our operations from distribution to marketing and all the way through to customer service. Owning and developing our ow IT has proven to be pivotal in the areas we work.
What sets us apart is our unwavering commitment to placing our customers at the core of the business. We empower them with the essential information and expertise, enabling them to make well-informed decisions.
Despite our long-standing presence and foothold in the industry, we refuse to rest on our laurels. We continually challenge ourselves to grow and evolve, constantly striving to deliver the very best to our valued customers and partners”.
Why is it important for insurers to address the post-pandemic demands of startups?
“Addressing the post-pandemic demands of startups should be a priority for insurance providers given the important role that startups play in the UK economy. The pandemic saw people using their newfound spare time to cultivate innovative businesses, resulting in a diverse and thriving niche market. This trend persisted beyond COVID-19, driven by various economic factors like the rising cost of living, motivating people to explore and monetise their skills through hybrid work models.
However, many startup owners in these emerging sectors may lack clarity on their insurance needs and what they need to be covered for. I believe that insurance providers can seize a greater share of the startup market by directing their attention towards these distinct segments. This creates innovative products and provides education and guidance to customers, making them feel fully catered for during the buying process”.
Why is personalising CX important for insurance providers, and how they can adapt their services to individual business owners?
“The distinct preferences and needs of business owners can vary significantly. A one-size-fits-all approach often falls short in meeting diverse requirements. By tailoring our services, we can create a more positive and engaging experience for each customer, enhancing satisfaction and fostering long-term loyalty.
To adapt their services to individual business owners, insurance providers can harness the capabilities of data and analytics. These tools provide valuable insights into customer behaviour and preferences, enabling insurance providers to make data-driven decisions”.
How can insurance cover adapt to the rising costs of PI risks associated with contact sports?
“Insurance coverage and the insurance providers themselves can play a pivotal role in addressing the mounting risks associated with contact sports. This can be achieved by urging Sports Associations to thoughtfully assess and take measures to mitigate the primary causes of insurance claims in the world of sports, primarily through rule changes and enhancing the effectiveness of protective equipment.
Currently, one of the major concerns in contact sports is head injuries, with a particular focus on the long-term consequences of repeated impacts. The issue of head injuries has garnered significant attention, with various sports, including rugby, cricket, and football, responding to this concern.
Considering these challenges, Sports Associations must examine the rules governing their respective sports, as well as invest in advancements in protective gear to enhance player safety. By doing so, they can reduce the frequency and severity of injuries, which, in turn, can lead to more manageable insurance claims”.
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