When is the time right for a business to rebrand itself? The prospect of doing so, particularly during a global pandemic, can be incredibly daunting. From evaluating the market and what it is looking for, to ensuring that the rebrand is in line with the original mission and values of the business, to carefully managing the rebrand and its launch into the public eye, every step must be carefully calculated.
However, with this, as with every instrumental step taken by successful business owners, sometimes the time is just right and all that is needed is a leap of faith. For Cameron Shearer (pictured above right), CEO of Superscript, formerly known as Digital Risks, the story of this rebranding runs along a similar line to the initial evolution of the business.
“I personally experienced challenges with getting adequate insurance cover back in my advertising days, this was a big frustration for all parties,” Shearer said. “Myself and my co-founder, Ben Rose (pictured above left), created Digital Risks in 2015 with the aim of empowering entrepreneurs and modern businesses to thrive by providing better, fairer and more personalised insurance. We wanted this protection to be innovative and customisable and accessed on a flexible, monthly subscription basis.”
Digital Risks – as it was – quickly found its niche in the underserved but fast-growing segment of early-stage, high-growth digital businesses where were able to insure their ‘digital risks’, he said. However, as the business started to scale it was discovered that its proposition was also meeting the needs of other types of business.
“We’ve since expanded our proposition to serve over 1,000 different business lines and are seeing rapid growth,” he said. “So, quite simply, we’ve outgrown Digital Risks.”
Shearer noted that as the business grew, so did its ambition. Expanding from a team of two to a team of over 40 people in the space of five years boosted the wealth of skills within the organisation and allowed Superscript to build on its initial goals. As ‘Digital Risks’ simply wasn’t communicating the full breadth of the enhanced proposition of the company, Shearer and Rose started a process of discovery with their team and the branding agency, Siegel+Gale.
“We wanted something unexpected that broke category norms and could raise people’s expectations of business insurance,” Shearer said. “Superscript reflects this in its very meaning. By definition, a superscript is a small character that’s set above the line. It’s about distinguishing something by elevating it, which is what we’re all about: setting higher standards for business insurance. Whatever a business’s size and ambitions, we give them the freedom to channel their energy into what they do best.”
This new branding is the next evolution for Superscript in its goal of becoming a global insurance provider for small businesses, he said. Digital Risks delivered on great products and great customer experience but it is time to take this to the next level by differentiating against traditional brands and offering a fresh approach to business insurance. Superscript is more just a name change. The business has gone through a thorough process of understanding who it is and the role it plays in its customers’ lives.
“This has been entrenched in our new brand values and manifesto,” Shearer said. “We don’t want to be just any insurance provider. It’s important that our brand adds value to our customers, that Superscript is associated with elevating businesses - raising the bar for the entire industry.
“We’re excited to see the market’s response to our new look. That includes our underwriting partners, commercial partners and, of course, our customers. With Superscript as our springboard, we’re gearing up to aim higher than ever before and share our ever-evolving customer-led offering with a broader range of businesses. Ultimately, to become a global leader in business insurance.”