How to Solve the Small Business Insurance Problem | Superscript | FF Virtual Arena #341

How to solve the small business insurance problem.

Superscript is changing the game when it comes to insuring SMEs, so we were delighted to speak to co-founder and CEO Cameron Shearer for the latest edition of the FF News Virtual Arena.

There are a multitude of threats facing small businesses, including the increasing threat of cyber crime, so insurance increasingly needs to cater to sector specific nuances. Shearer provides some great insights on this, the role of AI in insurance and more.

Superscript’s Mission and Approach

Considering SME’s make up almost 99% of businesses in most countries, many find that getting insured is challenging and face rising premiums. According to the FSB, 16% of small businesses have experienced a premium increase of more than 25% since 2021. So how do you serve this segment effectively? For Superscript, the approach has always been about blending tech and insurance expertise to make insurance more accessible and adaptable for businesses.

Traditional insurance models often struggle to meet the needs of dynamic SMEs, where business operations evolve rapidly—particularly in the post-pandemic era. Shearer emphasized that navigating the insurance landscape is notoriously complex for business owners, many of whom lack the time or expertise to identify suitable policies. But it is a common concern in the insurance industry. Superscript’s customer-centric platform provides flexibility, enabling businesses to customize their coverage as their operations expand or pivot.

For SMEs, insurance is not just about ticking boxes but addressing the diverse risks we mentioned above which also include supply chain disruptions, and regulatory challenges. Superscript caters to this diversity by offering tailored products that account for sector-specific nuances, ensuring businesses from plumbers to fintech startups find the protection they need.

Unique Challenges for SMEs

To hone in on those unique challenges further, Shearer highlighted key pain points for SMEs in securing insurance: complexity, customization, and evolving risks. Unlike consumer insurance, which is more commoditized, business insurance must address a broader range of operational intricacies. SMEs also require policies that adapt to their growth trajectories, such as scaling from a handful of employees to hundreds in a short period.

Cybersecurity is a particularly pressing concern for SMEs, something we looked at in our Smartnumbers series, as technological advancements have heightened vulnerabilities to ransomware, phishing, and data breaches. Supply chain disruptions, amplified by geopolitical tensions and regulatory shifts, further compound operational risks. Shearer points out that while businesses cannot insure directly against regulatory penalties, policies can cover legal costs for defending against compliance claims—offering peace of mind in an increasingly regulated landscape.

Emerging Technologies and Their Role in Insurance

Like in many of our conversations, this one delved into the transformative potential of emerging technologies like AI and blockchain within the insurance industry. Superscript employs AI and machine learning for risk assessment, claims automation, fraud detection, and predictive analytics. These tools enhance underwriting accuracy and streamline customer experiences, making insurance more efficient and responsive.

Shearer noted the growing demand for specialized insurance in areas like cryptocurrency and blockchain. Superscript’s broking team, one of the few with expertise in these fields, facilitates coverage for crypto risks such as asset protection and regulatory compliance. With blockchain and cryptocurrency becoming more mainstream, insurers will increasingly need to navigate the volatility and complexities of this sector.

The Future of Insurtech

Looking ahead, Superscript aims to further enrich the customer experience by leveraging data and technology. By incorporating diverse data sources, the company plans to simplify insurance processes, ensuring policies remain relevant as businesses evolve. Superscript’s focus on innovation and adaptability underscores its commitment to addressing the unique and changing needs of SMEs, positioning itself as a leader in the Insurtech space.

Through Superscript, Cameron Shearer and his team are reshaping how businesses engage with insurance—offering not just policies but a partnership that evolves with the challenges and opportunities of modern commerce. For SMEs navigating today’s complex risk landscape, solutions like these are not just convenient but essential.

Be sure to watch more of our Virtual Arena segments, right here on ffnews.com