London-based InsurTech Superscript has raised 45 million pounds in a Series B funding round.
The company announced the round in a press release on Monday (Jan. 9), stating that existing investor BHL UK, which owns insurance comparison business Comparethemarket, led the round. Other previous investors also participated, including Concentric, as did one new investor — The Hartford.
Founded in 2015 as Digital Risk, Superscript specializes in providing insurance for small businesses, sole traders, landlords and high-growth tech firms.
The company leverages a multi-carrier model and proprietary decision-making and machine learning (ML)-powered underwriting technology to provide coverage for businesses across multiple markets and regions. It has a dedicated advisory and brokerage service for businesses with complex risks while less complex businesses can apply for coverage and receive a quote easily via the superscript website.
With the latest funding round of 45 million pounds ($54.82 million), the startup intends to further develop its underwriting and broking capabilities, as well as to grow its range of insurance products for international distribution, the release stated.
“In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript,” Superscript CEO and Co-founder Cameron Shearer said in the release.
“The flexibility, customization and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year,” he added.
Ian Leech, CEO of BHL UK, said, “Superscript separates itself from other InsurTechs through its unique distribution and underwriting capabilities, powered by proprietary machine learning technology. We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.”
Superscript’s focus on machine learning (ML) points to a wider trend in the insurance sector, where the technology is increasingly used to automate underwriting, risk assessment and claims processing.
For example, in the home and contents insurance market, New York-based Lemonade has deployed ML to fully digitize the process of receiving a quote, purchasing a policy and making a claim.
Following success in the U.S., Lemonade has since expanded to Europe. Most recently, the company launched its contents insurance offering in the U.K. in partnership with Aviva.
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