Insurance Age reports that "insurtech start-up Superscript has partnered with Amazon Business to provide insurance for UK micro and small businesses, as well as sole traders, through Amazon membership programme Business Prime."
Superscript says that "its technology and underwriting expertise will streamline the insurance-buying process for UK Business Prime members, with customers receiving customised insurance."
- KC's View:
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The definition of "insurtech" seems self-evident, but I double-checked Investopedia to be sure. This is how it is defined:
"Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model … The belief driving insurtech companies and investments by venture capitalists in the space is that the insurance industry is ripe for innovation and disruption. Insurtech is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies, social insurance, and using new streams of data from Internet-enabled devices to dynamically price premiums according to observed behavior."
Which is why Amazon is involved. First, it expands the definition off "everything store." And second, it is focused on disrupting an entrenched and, in some ways, sclerotic business model.
