Business Interruption – FCA test case

For information about the outcome of the FCA’s test case into how insurance policies respond to business interruption claims as a result of Covid-19 please visit this page.

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Line of Business: Commercial Combined and Offices

Trade: SME 

Consumer attitudes and buying habits are changing rapidly in the current climate - and many of these behaviours are set to remain post-pandemic. While most purchases we make are primarily fulfilling our most basic needs, people are shopping more consciously, buying local, handmade goods and embracing digital commerce for all sizes of enterprise.

With this insight into the growing demand for small, independent businesses producing consumer goods, Superscript wanted to design a new breed of insurance products directly aimed at this changing niche sector.

However, commercial insurance products in these industries have been complex, and a key aim was to simplify the process and clarify exactly what types of cover would suit. For example, in research carried out by Superscript on the effects of COVID-19 for the SME community, 16% of SMEs reported challenges in either accessing or adapting their business insurance to their modified operations or understanding what cover they needed.

But it isn’t just about the products. How and when business owners buy insurance is evolving too. Increasingly, customers are looking for providers who pay close attention to the customer journey and understand their need for a more flexible, simplified approach.

Partnering with us meant that both parties were able to bring key strengths to the table. Superscript had the access to this new market and a profound level of customer insight to drive a digitally led integration. We added a strong reputation, scalable capacity and an impressive team of governance/compliance, underwriting and claims experts to the mix.

In collaboration, we had the confidence and agility required to capitalise on the emerging trends for this niche customer.

The result is a subscription-based portfolio of bespoke products underwritten by RSA. Initial cover options include employers, public and products liability, buildings and contents, electronic equipment and goods in transit, and the proposition is still growing.

“There has been a significant change in the dynamic of small businesses over recent years, impacting the level and style of cover that they need. We’re pleased to add RSA to our ever-growing underwriting panel in order to provide extensive and comprehensive insurance for an increasing number of these trades.” Ben Rose, co-founder and chief underwriting officer at Superscript.

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