upcover launches pay-by-the-month insurance options for SMEs and sole traders

Insurtech startup upcover announces its new pay-by-the-month insurance payment option, giving SMEs and sole traders financial flexibility at a time when they need it most. Off the back of upcover’s recent $4.7 million seed round, the team are thrilled to be able to offer customers instant access to affordable cover, without the burden of annual payments.

upcover’s customer-centric approach to insurance led it to launch the in-house embedded financing offering, simplifying how customers access insurance products. Offering monthly payments in-house, as opposed to utilising a third-party financial provider, will allow upcover to deliver an effortlessly streamlined service to customers; no finance approvals needed, no lengthy forms to fill out, and no redirections required.

Anish Sinha, upcover’s Co-Founder & Chief Operating Officer said, “We’ve been working hard over the last eight months to build the tech required to implement monthly payment options in-house because we know this is important to our customers. Alongside offering quick, jargon-free insurance, our top priorities at upcover are affordability and accessibility. We’re now enabling more SMEs and sole traders to access the insurance they need without being left out of pocket.”

“We know that times are tough for all business owners right now, 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 recent seed round, which comprised $2m in debt financing through ethical lending financial services organisation Etika, has enabled the team to launch its pay-by-the-month capabilities.

Raf Uy, Global CFO, Etika said, “We’re proud to be backing upcover and enabling the team to launch their monthly payment capabilities. upcover’s approach to business insurance has always been customer focused and this latest launch highlights their commitment to ensuring SMEs and sole traders have a quick, easy, and streamlined business insurance experience.”

To access monthly payments, customers simply complete the two-question quote process via www.upcover.com and elect the monthly payment option. upcover’s monthly payments can be cancelled at any time and won’t attract interest or missed/late payment fees.