A new insurtech business targeting the SME market for on-demand, commercial insurance is set to shake-up the market in 2019.
Backed by global SME partner, Bibby Financial Services, Coverly is a flexible, pay-as-you go insurance start-up, that puts business owners in control of their cover. The new business is set to launch in Q1 2019 and will use feedback and SME usage data to shape the customer experience.
Managing Director of Coverly, Jodi Cartwright said: “Undoubtedly insurtech has come a long way in a short space of time, but much of this innovation has focused on personal lines insurance. Small business owners still can’t access a truly digital, on demand experience when looking to cover and manage the insurance for their businesses. Coverly will lead the way in digitally serving the needs of small businesses and joins the wave of other insurtechs disrupting the status quo.
“The current model is archaic and doesn’t fit the needs of modern businesses. SMEs want to be able to manage their insurance needs digitally and on-the-go, 24 hours-a-day, and it’s this control that Coverly provides.”
Prior to Coverly, Jodi held a variety of executive roles in the insurance sector, including positions at Aviva, Brokerbility and a start-up digital broker.
Jodi continued: “We know that more than 90 per cent of the population don’t understand their insurance cover, and two-fifths of SMEs don’t know what they’re covered for, so it’s clear that there’s still work to be done in simplifying both the experience and language used in the industry.
“We’re creating something unique using in-depth SME feedback, which is both straight-talking and provides a really easy experience for busy business owners.”
Jodi is joined by Product Director, Bryan Phillips, former Head of Product Innovation at BFS. Bryan has also held roles with the BBC, Santander and Digital Production Partnership.
Bryan added: “Business owners tell us that they don't have the time to fully engage with their insurance needs, so at Coverly we are addressing this by making it a whole lot easier.
“We are going to radically transform the commercial insurance experience for SMEs through intelligent data integration and a simple interface that gives back to the business, the time and control they need."
"Additionally, being free from legacy systems and conventional question sets allows us to bring something unique and fresh to the market, with an insurance experience that is fit for a modern business."
BFS is a SME global partner, supporting more than 7,000 UK businesses with funding and foreign exchange solutions.
Global Chief Executive of BFS, David Postings said: “The launch of Coverly demonstrates our commitment to the SME sector and will enable us to support the needs of a wider business population.
“We have a fantastic management team in place with extensive experience and this is a hugely exciting venture for BFS, leveraging our 36-year history of helping small and medium sized businesses to succeed.”