Tech and media specialist announces commercial combined cover with Aviva
Digital Risks, the new digital-first broker for technology and media businesses, has announced a partnership with Aviva to launch its combined commercial product. Designed to meet the needs of fast-growth and digitally focused start-up and SME businesses, the product is sold as a monthly subscription, rather than an annual commitment.
Digital Risks has developed its own comprehensive broking infrastructure that automates the entire process of buying insurance. Rather than providing a simple price comparison service, or consolidating the customer’s risks to a single underwriter, the platform considers risks individually and places them with the most suitable provider.
That means that a typical Digital Risks client may have their complete insurance programme placed across a number of different underwriters, following a similar model to the more traditional offline broker process, but bought entirely online and as a single experience.
With its subscription-style model, Digital Risks says it is challenging the restricted availability of specialist insurance for SMEs online, enabling businesses to pay monthly and cancel their cover at any time, offering greater affordability and accessibility.
The company is eyeing the booming tech and media start-up and SME market, which includes software development, IT services, advertising, publishing and media firms. The sector represents at least 350,000 businesses, worth a combined £152bn in revenues annually.
Cameron Shearer, CEO, Digital Risks, commented: “Digital Risk is offering the next generation of insurance delivery, tackling the legacy and digitisation issues that have plagued the industry. Using some of the most current technical frameworks developed by the likes of Facebook, our systems are infinitely scalable and can respond quickly to any changes, whether to our business, the market or regulation.
“When putting together our Commercial Combined offering, Aviva was clearly the right option and we’ve worked hard with the team there to ensure that the product fits the subscription model we know that our customers demand and with the technology that they love. We’re looking forward to a successful partnership!”
Michael Greenland, Head of Broker Sales & Distribution at Aviva, commented: “Digital Risks is a truly innovative InsurTech brand that is committed to providing the best products and service to the customer. They have taken the time to understand the real needs of start-up and SME businesses, building the products and technology that reflect how they work. Our partnership will enable Aviva to expand its reach amongst these digitally focused, fast-growth businesses, offering them an innovative subscription-style product that works for them.”
Digital Risks will launch its full Cyber and Professional Indemnity cover later this summer.