Close Menu
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing & Mental Health
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
X (Twitter) LinkedIn YouTube
Trending
  • 5 ways employers can supercharge their workforce with apprenticeships
  • Take Control of Your Business Finances: “Know Your Numbers” Workshop
  • Planned or reactive maintenance: Which is best for your business?
  • Putting information security first is your first step to building digital trust.
  • Why the crackdown on late payments could be a turning point for SMEs
  • MPs bring Google training to regions outside London
  • Nearly Half of London Start-Ups Unfamiliar with Tax Obligations, New Analysis Reveals
  • AI isn’t just for the big players: How SMEs can effectively leverage AI
X (Twitter) LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • Twitter
  • LinkedIn
  • YouTube
  • RSS
You are at:Home»News»The importance of designing insurance for the 99%
Paul Williams, the CEO of fintech insurance provider Ripe

The importance of designing insurance for the 99%

0
Posted By sme-admin on February 21, 2024 News

SMEs are core to our communities and our economy, making up 99% of businesses in the UK.

Despite their importance, however, many essential financial services products – such as insurance – are designed without the varied needs of this market in mind. Serving a diverse range of customers is often seen as costly and complex, so this group of businesses can be neglected as a result. According to data from Sedgwick, this has contributed to a shocking 80% of SMEs being underinsured.

For example, the cover requirements of a hair salon differ significantly from those of a roofing firm. Yet many traditional insurance providers offer a ‘one size fits all’ approach that doesn’t take the individual risk factors of each business into account. Salon owners may be asked if they need cover for “working at height” during their quote process – an irrelevant question that would provoke confusion at best. Unnecessary cover options may also be priced into the package, meaning the policyholder is paying for cover they don’t need.

How do we fix this issue? By bridging the support gap and providing the right products, we can help ensure the success of SMEs and unlock their full potential.

Founded on technology

Small businesses are experts in what they do but the world of insurance can look unclear and complex to those who are not familiar with it. Of course, price is a critical aspect and competitive rates will remain important. But we know that a transparent, user-friendly purchase journey is also key.

As such, one of the Ripe central design considerations was to make our process simple to understand, without any unnecessary jargon. We allow customers to tailor their product based on their needs and ensure their coverage is appropriate to their individual business.

This not only provides clarity about the policy but helps to alleviate time pressures – business owners can build a quick quote in seconds and buy a policy online in minutes. Stripping out unnecessary cover options also means that the policyholder gets the most competitive price for their business.

Our custom-built proprietary platform, Juice, allows us to create these highly customised insurance journeys and make the buying process easier for users. We believe that to better serve this market, innovative technology must be the foundation for everything.

Adding extra value

SMEs are likely to face tighter budgets this year as higher interest rates, VAT thresholds and increased energy and labour costs persist. According to the latest report from the British Chambers of Commerce, almost half (47%) of its members expect to raise their prices this quarter.

Insurance providers are therefore under greater pressure to deliver added value beyond the day-to-day. This could be offering resources and advice for small business owners, developing technology solutions that serve SMEs better, or redesigning products to make them more effective and efficient for this market. Ultimately becoming a trusted partner rather than a faceless service provider.

The future of SME insurance

Insurance has been failing SMEs for too long. An overly uniform approach has left the sector underserved – but with new technological advances that allow us to treat customers as individuals, we can improve. Those who don’t, rightfully, will be left behind. It is incumbent upon all of us working in the sector to rethink how we are proactively supporting our SME customers. By bridging the technological gap and fostering a supportive ecosystem, we can unlock the full potential of SMEs as catalysts for future growth and prosperity.

Article by Paul Williams, CEO of Ripe

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

MPs bring Google training to regions outside London

UK Businesses Are Suffering From The Tariff Turmoil

Dementia Advocate Shares Tips For Supporting People With Dementia When Flying

Comments are closed.

Follow SME Today on Linkedin and share all the topics you find interesting
ISO/IEC 27001 roadmap: A practical guide for UK SMEs
ISO/IEC 27001 roadmap: A practical guide for UK SMEs
Are you a Company Director?
Are you a Company Director - Verify your identity
Personal Pension offer
Events Calendar
    • Marketing
    September 9, 2025

    SEO 101 for SMBs: Reaching Customers with the Right Visuals

    August 29, 2025

    OneMetric forms strategic partnership with RevOps expert to drive UK growth

    • Finance
    September 17, 2025

    Take Control of Your Business Finances: “Know Your Numbers” Workshop

    September 16, 2025

    Why the crackdown on late payments could be a turning point for SMEs

    • People
    September 11, 2025

    New Chief Revenue Officer joins CBS to drive strategic growth

    August 14, 2025

    A Life Worth Saving – A Tribute to Dame Stephanie Shirley CH, 1933–2025

    • Health & Safety
    September 2, 2025

    1 in 3 employees anxious about lack of first aiders at work

    July 1, 2025

    Temperatures Soaring: Is Your Workplace Becoming Unsafe?

    • Events
    September 9, 2025

    Nominations for the 2026 Bold Woman Award by Veuve Clicquot open

    July 22, 2025

    South West Expo Delivers Outstanding Event at Swindon’s STEAM Museum

    • Community
    July 11, 2025

    Building community, one cause at a time

    June 23, 2025

    Celebrating One Year In Fairford Supporting The Community

    • Food & Drink
    August 22, 2025

    How to get stocked by major retailers as an SME

    July 18, 2025

    Warning to Small Businesses Over New Food Waste Regulations

    • Books
    September 3, 2025

    New book on conquering fear of public speaking

    August 7, 2025

    Learning to Leave a Legacy in Business

    The Newsletter

    Join our mailing list for the best SME stories, handpicked and delivered direct to your inbox every two weeks!

    Sign Up
    About

    SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

    Join Our Mailing List

    Receive the latest news and updates from SMEToday.
    Read our Latest Newsletter:


    Sign Up
    X (Twitter) YouTube LinkedIn
    Categories
    • Books
    • Community & Charity
    • Education and Training
    • Environment
    • Events
    • Features
    • Finance
    • Food and Drink
    • Health & Safety
    • HR & Recruitment
    • In Profile
    • Legal
    • Marketing
    • News
    • People
    • Property & Development
    • Sponsored Content
    • Technology
    • Transport & Tourism
    • Wellbeing & Mental Health
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact
    Copyright © 2025 SME Today.
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact

    Type above and press Enter to search. Press Esc to cancel.