Cameron caught up with The Work Crowd to talk about the drivers behind the business and the risks that businesses and freelancers need to watch out for. Here's a snippet from the interview.
Where did you get the inspiration to start Digital Risks?
I was working for a technical advertising company in Australia when I realised there was a need for a new type of insurance company. I was trying to organise the professional and cyber policies that our big clients were demanding, but couldn't find a provider that understood our business, could explain what we needed and advise us on the best options. It was at this point that I met my co-founder Ben, who worked for the company we eventually bought cover from, and we came up with idea of starting an insurance brand.
We wanted to make buying insurance easy and accessible for smaller businesses in the tech and media space, with features such as a monthly subscription model to better align to how they operate. We both knew that the opportunity was in London so we decided to move here. Soon after, Digital Risks was born!
The insurance industry is famous for being behind the times – are things changing?
Insurance definitely has a reputation of being stuck in the dark ages! When people think of insurance, they usually think of complexity, confusion, jargon and poor customer service. In a world where customers have become accustomed to getting what they we want at the touch of a button, it seems unnecessarily clunky and convoluted.
Insurance has been particularly out of touch when it comes to serving businesses, failing to provide products that meet their digital needs or cover the risks they face today. With so many businesses based online, issues such as cyber-attacks and data breaches have replaced fires, thefts and floods as the biggest concerns. Meanwhile, co-working and the gig economy have brought other new risks. Yet insurers have been slow to respond to these threats, or do so in a way that suits fast-growing businesses.
Thankfully, things are changing and a new generation of InsurTech start-ups has come on to the scene, challenging the status quo. At Digital Risks, we're on a mission to make insurance simple and straightforward for start-ups and SMEs. Our digital first offering removes the complexity of buying insurance, while our policies have been designed to protect against new risks coming to the fore.
Our products are also designed to be as flexible as possible, with a monthly subscription model that allows customers to change or cancel at any time. So, you have more accurate cover and only pay for what you need. We also provide ongoing advice and support so start-ups and SMES can reduce their exposure and the chances that they'll need to claim.
For the full interview and to find out what freelancers should be aware of and what insurance policies should be a priority, click here!
We made buying insurance simple. Get started.
- 07 April 20201 minute read
The coronavirus outbreak has had an impact on all of us and we wanted to let you know how we are responding to this situation as a business and supporting our customers during this challenging time.
- 26 February 20201 minute read
The $10.4M investment round was led by BHL Holdings, a well-respected and highly regarded international group with a strong reputation for insurance innovation. Nire Capital also participated in the round alongside existing investors Concentric, Beazley and Seedcamp.