American multinational conglomerate Amazon has reportedly joined forces with insurance broker Superscript to offer business insurance to small businesses in the UK.

The partnership will allow the members of Amazon’s Business Prime programme to buy coverage such as contents insurance, cyber insurance and professional indemnity insurance from Superscript, Reuters reported.

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“The (insurance) industry needs to bridge the divide between insurers and customers by providing a quick, smooth buying process that is customer-centric,” Superscript co-founder and CEO Cameron Shearer was quoted by the publication as saying.

These coverages would be underwritten by a “major UK insurer” and Business Prime members will also be eligible for a 20% discount, a Superscript spokesperson said.

Amazon Business UK & Ireland country manager Molly Dobson added: “As businesses come out of the pandemic and gradually resume normalcy, we want customers to have the best-in-class tools to run their business.”

Notably, a large share of the SME insurance market is still held by incumbent players, which makes entry into this space difficult.

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GlobalData’s 2020 UK SME Insurance Survey found that 49.3% of SMEs automatically renewed their employers’ liability policy (the most popular SME insurance policy).

Furthermore, only 7.5% switched insurers at renewal. This highlights how difficult it can be for new players to crack this market.

Earlier, Amazon joined forces with Next Insurance to offer customised small business insurance to eligible members in the US.

Later, Next Insurance received $250m in additional funding, which took its valuation to $4bn.

The small business-focused insurtech has raised $881m till now.