Getting insurance as a small innovative business can be challenging, as traditional insurance providers often don’t understand specific startup needs and their mentality. As a result, early-stage businesses often end up with inadequate cover or inflated premiums. At Digital Risks, we specialise in providing solutions for modern, digital businesses. With a passion and expertise in emerging technologies, we have helped thousands of innovative companies to find the right protection to support their growth.
We had a chat with Oliver Mitchell, founder of Moneycado, about why he chose Digital Risks and what makes us different from other insurance providers.
Moneycado is a startup that makes saving and budgeting for travel outrageously simple. Intertwining travel and fintech sectors, the app aims to create an incredible savings experience for travel, where the financial product serves as an accomplice. You can budget for your trips, connect your bank account to save your money, and find activities and deals along the way to spend your money on.
Why did you choose Digital Risks?
I’ve been aware that you were the insurance broker for startups; so as soon as I realised that we needed insurance, Digital Risks was the first on my mind for the job.
"As soon as I realised that we needed insurance, Digital Risks was the first on my mind for the job."
The fact that Digital Risks was presented as a startup was the reason I decided to go with your service. However, knowing that you had specific experience with early-stage fintech companies was really comforting.
How did Digital Risks compare to other insurance providers?
I liked the way Digital Risks took the time to understand our business model. You made the effort to come in for a full hour of conversation to talk me through everything and demonstrated that you really got our sector.
When you presented the options, it was really clean and simple with no extraneous information. There was no jargon, no difficulty in understanding what the options were - the way it was presented was remarkably thoughtful.
What helped you make the decision?
The advisory factor for us was really important - it was unclear at the start what was the level of insurance we required for our current operations. And then, what we’d need, say, in six months, and 12 months, because these things change very quickly. And because the guys had taken the time to understand the business, where we were, and what our roadmap was, it meant the recommendations they gave us were accurate and useful.
In a startup environment, things change very quickly, so it helps to have flexible product pricing and the ability to pay monthly. The nature and the complexity of our product will change, so having an insurance partner that understands it is really helpful.
What was the main challenge solved by our service?
I’d heard some horror stories about the process of getting insurance for startups before - they were either asking for information which was really difficult to provide, or the policies didn’t fit. Naturally, I was cautious about that, and it’s part of the reason I didn’t go to a traditional insurance broker from the start. To be honest, with Digital Risks I found the process simple, as you understood the stage of the business we were at and didn’t require a huge amount of documentation in order to proceed.
What products have you bought through Digital Risks?
At the moment, we are covered for cyber and PI. We had a look at some more specific fintech covers, but were advised to leave that until we absolutely required it to avoid the cash burn.
I think, the main benefit with Digital Risks is that you get startups and you get our mentality. I’ve worked with a bunch of vendors with different product areas who are traditional corporates - it’s pretty slow and quite painful for startups, where speed and agility are incredibly important. So, having a partner like Digital Risks to work with us has really helped our growth.
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- 11 December 20191 minute read
Having someone to guide you through the tough times always helps. Engaging in a mentorship programme can benefit you personally as well as your business, giving you access to latest trends, know-hows and opportunities to develop.