London: heroineBroker Superscript said on Monday that .com Inc. is starting to offer insurance to small and medium-sized UK business clients, a first step in business insurance in the country.
Members of Amazon’s Business Prime program will be able to purchase covers from Superscript such as content insurance, cyber insurance and professional indemnity insurance, which a Superscript spokesperson said will be underwritten by a “major UK insurer.” They will be offered a discount of 20% over the existing rates as a way of wooing businesses.
According to a recent survey of 12,000 people globally by advisor Capgemini, more than 50% of customers are willing to buy insurance from non-traditional players such as big tech or insurance technology (insurtech) firms.
“The (insurance) industry needs to bridge the gap between insurers and customers by providing a quick, smooth buying process that is customer-focused,” Cameron Shearer, co-founder and CEO of Superscript, said in a statement.
Amazon’s move into UK business insurance US Insurtech Next Insurance said in March that it was offering cover to US small businesses through Amazon Business Prime.
Molly Dobson, Country Manager, Amazon Business UK and Ireland, said in the statement, “As businesses come out of the pandemic and slowly resume normalcy, we want customers to have the best- Have in-class equipment.”
Financial institutions are worried that tech firms will steal their business, trading on strong brand names of tech players and ease of access to their products.
But industry sources said insurers or banks and tech firms are more likely to form partnerships than direct competition, given the difficulties and expense for outsiders in entering the highly regulated finance sector.
Amazon also offers warranty insurance and “buy now, pay later” services in the UK.
Members of Amazon’s Business Prime program will be able to purchase covers from Superscript such as content insurance, cyber insurance and professional indemnity insurance, which a Superscript spokesperson said will be underwritten by a “major UK insurer.” They will be offered a discount of 20% over the existing rates as a way of wooing businesses.
According to a recent survey of 12,000 people globally by advisor Capgemini, more than 50% of customers are willing to buy insurance from non-traditional players such as big tech or insurance technology (insurtech) firms.
“The (insurance) industry needs to bridge the gap between insurers and customers by providing a quick, smooth buying process that is customer-focused,” Cameron Shearer, co-founder and CEO of Superscript, said in a statement.
Amazon’s move into UK business insurance US Insurtech Next Insurance said in March that it was offering cover to US small businesses through Amazon Business Prime.
Molly Dobson, Country Manager, Amazon Business UK and Ireland, said in the statement, “As businesses come out of the pandemic and slowly resume normalcy, we want customers to have the best- Have in-class equipment.”
Financial institutions are worried that tech firms will steal their business, trading on strong brand names of tech players and ease of access to their products.
But industry sources said insurers or banks and tech firms are more likely to form partnerships than direct competition, given the difficulties and expense for outsiders in entering the highly regulated finance sector.
Amazon also offers warranty insurance and “buy now, pay later” services in the UK.
.