Launch of digital insurance specialist targeting SME market

Liverpool-based Bibby Financial Services is behind a new insurtech business which it claims will transform insurance for UK SMEs.

Digital insurance solution Coverly, based in London, has launched to provide contractors and small businesses with fast and flexible cover

Coverly says it will transform how UK SMEs manage their cover, with an on-demand, digital solution.

It says it has launched in response to the inflexibility of current insurance products on the market, many of which charge admin fees when business owners need to make changes to their policy.

According to the Coverly Insurance Tracker, nearly one-in-five SMEs (18%) said that insurance fees put a strain on their cashflow and more than a third (36%) said they are too expensive.

The research also shows that half of small businesses in the UK don’t regularly review their insurance requirements, which puts businesses at risk if they do need to make a claim.

Coverly managing director Jodi Cartwright said: “For too long business owners haven’t had adequate choice when it comes to their insurance needs, the insurance industry has been left behind when it comes to innovation.

“For example, a third of UK businesses believe insurance fees are too expensive.

“Being digital means we don’t need to charge fees. The current model doesn’t work for modern businesses, so Coverly is putting the control back into the hands of business owners.”

Backed by global SME partner, Bibby Financial Services, and headed up by insurance expert Ms Cartwright, Coverly launched in February and currently offers UK SMEs a range of products including public liability, employers’ liability, business equipment and personal accident cover.

Ms Cartwright added: “Coverly offers businesses a seamless digital experience, so they can get cover in minutes.

“Everything can be accessed online, 24/7, from buying your policy to updating your cover. This is the exact level of flexibility businesses demand.”