British entrepreneur Cameron Shearer stomped out multi-million dollar company Superscript in eight years. He recently opened a new headquarters in Rotterdam.
The idea to offer flexible insurance to digital businesses came about when he noticed that insuring his business processes was difficult. Whereas other insurers sell a “one size fits all package,” which often leaves customers underinsured or overinsured, Superscript offers customized insurance. To do so, it uses proprietary high-performance technology, which it uses to select customized (and cheaper) insurance. This is especially good for SMEs, for whom average insurance is often too expensive.
Innovative technology
Cameron Shearer, CEO of Superscript: “Most business insurance policies are not customer-centric. They are based on insurers’ willingness to cover certain risks rather than looking at what a modern business needs. This often results in the customer being offered an undersized ‘one-size-fits-all’ package. As a result, they are either underinsured or paying for coverages they don’t need. Our system matches unique customer needs with insurers’ specific offerings. Most importantly, it gives customers exactly the coverage that’s right for them, with more flexibility.”
Complex playing field
He continues: “The playing field of start-ups, scale-ups, and SMEs is diverse and complex, requiring innovative, technical solutions to meet insurance needs. The industry’s mostly outdated technical and operational situation often stands in the way of customer experience and improved results for insurance companies. Our proprietary technology and data-based systems are central to everything we do and contribute to advances in both the insurance industry and our clients. We assess risk more accurately, guaranteeing greater transparency, ease of use, and competitive pricing.”
Digital transformation
Superscript’s coverage includes standard policies such as employer liability, business interruption, and directors’ and officers’ liability, specifically for hard-to-insure emerging sectors in tech. The offering is broad and addresses challenges that companies are increasingly facing. “Digital transformation and the increasing amount of data processed by companies bring growth opportunities and risks. Insuring those complex risks has so far been difficult, if not impossible. It is that gap in the market that we have jumped into.”
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