Superscript Business Insurance Company (Research Paper Sample)

SUPERSCRIPT BUSINESS INSURANCE COMPANY
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Superscript Business Insurance Company
Brief context
Superscript Business Insurance Company is a London-based company that operates on a digital-first insurance online platform geared towards automating the entire marketing and management insurances. It has offices in Rotterdam, Netherlands. The company CEO and co-founder are Cameron Shearer. It is a private company that was founded in 2014. Its total funding is $13.4M, with the investor list being SeedCamp, London Co-Investment Fund, Atami capital, Concentric, Beazley group, Nire Capital and BHL holdings. The Company relies on using a simple price comparison tool and flexible monthly subscriptions modalities that adopt the daily digitalized business practices. It enables the small and medium-sized investments to generate quotes, defines their cover per minute, and make a transaction in payment or cancellation of orders from any place much conveniently (Bohnert, Fritzsche and Gregor, 2019. pp.15.). The Company operates well under the supervision of the UK insurance supervision body, the Financial Services Authority (FSA), formed in 2005. This has been aided by the management controlled by the PRA regulation that deals with all the coordination of the applicant insurers by ensuring that the companies provide in-depth information about its scope and detail financial information that can enable the client to project its operation into the future (Michael Fake 2021, pp. 29). The Company specializes in providing services for the essential covers, professional covers, and management covers. It has sixty-nine employees with unique service in the area of health and life insurance. The main competitors that they face include Breathe Life, ClaimVantage, Ebix and InsuredMine.
The Company was established in 2015 with the motivation of being a Digital Risk investment. At had a simple ambition at the establishment of making insurance better for the digital business investments. They intended to spark something special with great products and a seamless experience that could transcend other competitors in their field of operation in service provision. Though their monthly subscription of the insurance services was common with other companies, they intended to make their towering service provisions above others (Ramkumar and Woo, 2018. pp.17). It offers it services to business with up to over 1000 types of business investments. However, the Company provides its services digitally while keeping in mind that it is necessary to follow all the digital ethics and inclusive financial customer out co codes. Therefore, it adopted the name Superscript in 2020 from the original name the Digital Risk insurance company. This new name by definitive boundaries explains what the Company's services are all about. It is a self-explanation of the vision they possess of providing the best coves for their customers.
The Company has set up a new platform that challenges the traditional business Insurance providers with an absolute application of online services that flow adequately with the monthly subscription platform that has proved ideal for the millennial run. Cameron Shearer, the co-founder, was hit by the idea for Digital Risks at the time of his struggles with Commercial insurance in the technology and advertisement sectors. In his findings, he identified that the existing providers were rigid in their practices, expensive in the service provisions, with limited technical skills that could encourage the confidence of the clients that the companies had proper cover for their needs (Stoeckli, Dremel and Uebernickel, 2018, pp.292). This discovery sparked a partnership with Ben Rose, who had in-depth experience with cyber and technological insurance services, aiming to establish a new type of insurance brand that would make acquiring insurance affordable for SMEs.
Superscript Business Insurance Company currently underwrites significant insurance product.
Like any insurance, business insurance is essential for general protection against any financial loss as per the gui9dleines of the Syndicate operating at Lloyd’s guidelines. The ever evolving market consistent valuation on the assets and liabilities has enabled most insurance companies to improve the understanding of the insurers' financial positions and protect the customers in case of an eventuality, thereby pulling more customers. Superscript Insurers have been a major benefact6or of these validations (Michael Fake 2021, pp. 34). Be it for an employed person, for small business entities and large companies, insurance is a sure way of cushioning against any negative eventuality such as an expected cost that could otherwise prove attainable at the point in time. It is why Superscript Company offers its services in public liability insurance (Baker, Logue and Williams, 2021). Though the Company deals with general liability insurances, it pays much attention to the public liability in these specific ways. It is only possible to wish the importance of public liability insurance if the business in question is run out of the basement.
Public liability protects an insured person or Company against all the legal liability for any third party that arises from the harm caused by their products or services. The service providers may never contact any other person, either as a client or competitor. This service is designed to protect the business against any claims that may arise from injury or damage from any person in the Company minus the employee. When a business deals with the public who do not include the business's employees, public liability insurance must (Baker, Logue and Williams, 2021). The business must consider that even if they may never engage the customer face-to-face, there are specific times that the business must interact with people, at least for some time.
Since Superscript pays keen attention to the relationship of the business and the customers, it attends to the lawsuits that may arise from the injuries or property damage caused by a product that is supplied or manufacture for public use. For example, a restaurant that operates within London City might be involved in a lawsuit for a customer that slipped and fell on the fall while walking in or out of the restaurant. Though this may be considered an accident, the customer may decide to pursue justice in the courts for the injuries they have experienced due to the fall, such as broken arms. They may choose to sue the restaurant for 120,000 euros for the medical cost. However, since the restaurant may not be able to always pay for the injuries that occur out of accidents at any time, the superscript Insurance Company offers insurance cover for the restaurant by taking care of the lawsuit proceedings and making payment in the restaurant name of the restaurant ((Baker, Logue and Williams, 2021). There are those companies that offer only bodily injury on many occasions. However, Superscript covers both the customer's physical injuries and the business financial involvement in the case. All these are provision that Superscript offers if no insurance regulations were breached by any of the clients involved in the case.
Suppose any injury results from the handling or use of the product that was not foreseen, then the product supplying Company is held liable for the damage caused (Baker, Logue and Williams, 2021). Superscript aims to address the central question for the customers: does the business sell products to the public that its control lies in the buyer's hands after-sale yet can be held responsible for any harm? If the Company gets the response to be yes, then Superscript becomes the solution for the insurance against that eventuality. If the business sells the products as producer, manufacturer, supplier or retailer of already produced goods, they must consider public liability cover. There is a common misunderstanding that retailers or suppliers do not need to worry about public liability, and it is only the manufacture that can be held responsible for the damage. However, that may never be the case with some goods. Logically, the buyer cannot directly claim to the manufacturer, and the retailer or the supplier remains the link point between them. (Adams, Upreti and Chen, 2019. pp.1019). On the other hand, suppose the business deals with only service providers and no physical product or sell a product. In that case, the cases of inquiring for product liability insurance are limited. However, the business must be aware of the possibility of damage caused by something sent to the customer as a gift. In that situation, then product liability follows automatically in lien with the public liability offered in Superscript's Public liability insurance.
Methods of product distribution
Superscript is well known for not fearing to ask questions about the most difficult queries that the customer could raise before they do. The Company has ensured that it follows the protocols provided by the Insurance Distribution Directives in the UK business regulations. Superscript has ensured that it has well-spelt customer protection provisions in its insurance activities. This protection is spread out for the insurance products and the privacy of the insurance brokers without letting out information to the competitors (Amanda Burnell 2021, pp. 37). This has become the best ground for them to go back to the drawing board to review their ambitions, strategies and vision in line with the mission. It has discovered that it is the best strategy to deal with the most challenging situations that could threaten its development while thinking of something better (Wang,...