It aims to expand its services to various companies and even further.
Cameron Shearer, the co-founder of Superscript, is in charge of an expanding team of 45 people located at London in London and Legnica, Poland.
What was the source of inspiration for your business originate?
The increasing volume of data that businesses handle can unlock revenue-generating opportunities. It also opens up risk. This is a problem for businesses of all sizes across every industry, which makes it challenging to secure the proper security. I experienced this as an advertising professional. When it came time to get insurance and finding a broker that could comprehend and willing to take on a risk that was complex was a challenge. I noticed an opportunity in two areas: an improved experience with insurance and, secondly, the necessity of insurance that could meet the current risks head-on (rather than the insurance industry trying to catch up later and leaving companies vulnerable).
What is your experience in your industry?
The Superscript Co-Founder, Ben, has over 17 years of experience in insurance broking, underwriting, risk management and claims. His experience and network are invaluable in helping us navigate the complexity of the market while finding the top commercial partners with a passion for the under-utilized market for business insurance.
In the realm of technology, I’m the tech advocate. Since my first days of coding, I’ve carved out a path that covers a variety of sectors: advertising, education and online broadcasting; as the leader of technology-driven businesses having the ability to play in the process of solving problems is not just crucial to accelerating growth but also keeps things interesting.
Do you think your company is to be disruptive? If so, what is its USP?
Most definitely. We’re very distinct from others in our industry. The customer experience at Superscript isn’t just a vague idea – it’s at the core of what we do. We’re passionate about giving businesses a chance to flourish – that is to say, providing them with the resources, time, and security to invest the full attention it deserves, leaving the responsibility to us.
Although business insurance offered online is typically packaged, dependent on the type of insurance an underwriter would like to sell, we’ve designed the technology that allows us to change the structure of this in a way that we can tailor insurance for each client to cover their specific risk. This is also beneficial for underwriters as we’ll match them only to the risk they wish to protect. This lets us tailor our service to each customer’s requirements and provide a complete level of protection for lower costs.
What role does technology play in your business?
This is my favourite one because I’m an IT guy.
The insurance industry is mainly run using a few software companies which have existed for a long time. They limit innovation and place restrictions on challengers to the insurance business. To truly build something that is focused on the customer, we decided that we had to shift out of the platforms. Instead, we decided to invest in our software, which has enabled us to create new products in this field.
Our technology lets us offer an end-to-end insurance policy that covers a broad spectrum of risks. This lets Superscript customers have complete insurance coverage without switching between service providers.
We’ve also eliminated the traditional notion of annual policies and instead of a subscription-based model that allows for the flexibility of monthly bill billing.
What kind of funding did you need to launch your business? Where did it originate?
The business was started with a tiny amount of personal savings that could keep us going as we were getting up and running. I worked through the initial few months, and then it was the right time to get serious.
The beginning was a long process since becoming subject to the FCA is challenging. While working on this, we concentrated on establishing relationships with insurance providers and networking.
Our initial capital round resulted from angel investors who attended a pitching conference held for insurance tech. It was the time in the days when Insurtech was a new buzz term. I remember debates over whether to call it ‘Insuretech or “Insurtech”.
The business has expanded. How many significant hurdles have you encountered, and how did you deal with these?
The restriction of resources, people, and cash is frequently a problem at the beginning. Innovation and agility have helped us overcome this by constantly trying and re-evaluating concepts and assumptions. This strategy has stuck for us because it has allowed us to concentrate on the developments that genuinely bring value while swiftly shifting away from those that don’t.
Have you considered using external financing to help you grow? If so, which type is it – equity or debt?
We recently received $10.4m in the Series A equity funding round, which was led by BHL Holdings and was made public in February. BHL Holdings is a worldwide firm with a solid reputation for its insurance innovations, and it is the owner of the popular comparison site Compare the Market. Nire Capital also participated in the round with existing shareholders Concentric, Beazley and Seedcamp.
What advice would you give to other business owners contemplating attracting investors from outside?
Capital raising is only one of the best options for some. There are certainly pros and negatives. However, while it might be challenging to attract outside capital, getting other investors to support your ideas is an excellent benefit regardless of the funding option. Insisting on how to structure and articulate your idea and inviting other people to debate will help you expand your concepts. If you find it challenging to convince others that you are the best choice, reconsider your decision.
How do you gauge the success you have for yourself, your employees, your investors, and your clients?
Although customer satisfaction and growth are crucial measures, I’m not convinced that the success of a business can be achieved without a happy team. Internally, we are highly concerned about being “authentically involved”. This means ensuring that our employees, from customer service to our tech team to finance, are enthusiastic about and dedicated to the work we’re doing for our customers.
What personal or business (or personal) advice would you recommend to other entrepreneurs who are trying to increase their profits?
Make sure you invest in your employees and accept anyone who challenges your thinking externally. The ability to bounce ideas off helps you refine and expand your thinking. Both are equally crucial.
What has had the most influence on your work life?
I was fortunate to grow around a community of spirited people who gave me valuable insight into the challenges of entrepreneurialism. When I was a kid, I still vividly remember the aroma of hops and the euphoria surrounding my father’s first large-scale venture, the Hahn Brewing Company. His subsequent ventures were focused on technology. Near the end of my high school days, I was involved in a project that brought me to the reality of business issues and how to tackle these challenges. This encouraged me to pursue the route of software engineering and has proved to be an essential benefit in all the work I’ve worked on since.
How do you unwind during the day?
In the beginning, I struggled to manage the difficult balance between personal and work time. Using apps to help me focus on mindfulness, such as Calm, has helped me develop my skills in this subject. Today, I also love running. Many of my most difficult challenges were solved with the treadmill. There are a lot of typical candidates. I enjoy cooking and travelling and am a massive fan of action-sci-fi television.
