Virgin Money, the high-street bank, is teaming up with Superscript, the Insurtech startup, in order to offer its business banking clients with customizable, flexible, subscription-based business insurance.
Superscript will reportedly serve as the business insurance provider via Virgin Money’s online marketplace, where their business banking clients will be able to access a range of all-digital services by established providers, all in a single place.
Small businesses have been underserved by insurance service providers, with bundled policies and complex contracts meaning they end up either paying over-the-odds for their insurance, or aren’t adequately covered.
As noted in the update, Superscript is streamlining the process for small businesses by providing tailored, monthly, unbundled insurance coverage which suits their requirements. Superscript clients may obtain a quote online within minutes and a few clicks, and may also update/change their insurance free-of-cost (and at any time they wish).
The collaboration represents an additional step for Virgin Money in the ongoing development of its business banking digital proposition for SMEs.
Henry Newby, Partnerships Director at Superscript, stated:
“We are delighted to partner with Virgin Money on their new business banking online marketplace. Virgin Money is a big high-street bank, growing fast, and developing a really strong digital offering. It is also the first high street bank that Superscript has partnered with, so we are excited to be at the forefront of its digital proposition and for the mutual opportunities this holds.”
Graeme Sands, Head of Business Lending & Products at Virgin Money, remarked:
“This new partnership with Superscript reinforces Virgin Money’s commitment to helping our small business customers make managing their business as easy as possible. We know our business customers want the freedom to adjust their cover as, and when, things change, and this business insurance platform innovates to provide exactly this sort of flexibility.”
As covered last month, SurePay, the Confirmation of Payee provider, announced that it has supported Virgin Money with the implementation of its UK Confirmation of Payee solution in order to protect consumers against fraudulent activities and misdirected payments.
Confirmation of Payee is a way of giving users more assurance that their transfers are being routed to the intended recipient and are not being accidentally or intentionally misdirected.
The SurePay algorithm is designed for Confirmation of Payee from scratch and operates in line with the Pay.UK guidelines and specifications.