Upcover targets SMEs/sole traders with pay-by-the-month product
Upcover targets SMEs/sole traders with pay-by-the-month product
12 September 2022
Sydney-based insurtech Upcover has launched a pay-by-the-month insurance option which it says offers instant affordable cover with no need for finance approvals, lengthy forms and redirections between parties.
Founded in 2019, Upcover offers coverage for small businesses and sole traders underwritten by ProRisk under an authority to bind cover on behalf of Swiss Re. In July, Upcover raised $4.7 million in seed funding and debt in a round backed by QBE LMI GM Patricia Priest and former Zurich Insurance Global Life CEO for APAC Colin Morgan.
COO Anish Sinha says the team has been working hard over the last eight months to build the tech required to implement monthly payment options in-house.
Customers access the monthly payments with a simple two-question quote process at the Upcover website. Payments can be cancelled at any time and don’t attract interest or missed and late payment fees.
“Alongside offering quick, jargon-free insurance, our top priorities at Upcover are affordability and accessibility,” Mr Sinha said.
“Times are tough for all business owners right now and the last thing we want is someone not protecting themselves or their business because they can’t afford the annual insurance premiums upfront.”
Upcover’s platform offers, or plans to offer, live professional indemnity, public and products liability, cyber privacy liability, covid bounce-back insurance and commercial motor – including rideshare and delivery – tools of trade, glass, personal accident and management liability.
