SCOR partners with SME insurtech startup Hokodo

Insurtech start-up Hokodo has partnered with SCOR Global P&C’s Channel Syndicate to provide an invoice protection product to small and medium sized businesses using its innovative distribution technology.

Hokodo is said to be the first dedicated provider of commercial “Insurance-as-a-Service” to protect the trading exposures of small and medium sized businesses.

The companies will together develop a range of insurance products which will be underwritten and distributed using Hokodo’s technology.

“We expect that accounting packages, and other technology platforms used by small and medium size business owners will grow to become a critical distribution channel for commercial insurance," said Will Thorne, innovation leader at the Channel Syndicate. "In Hokodo we have found a team with unparalleled expertise to execute on this exciting opportunity.”

Richard Thornton, one of Hokodo’s founders, commented: “Late payment of invoices is one of the leading causes of small business failure across Europe. In the UK, for example, the Federation for Small Business estimates that 50,000 small businesses fail every year because they are owed payment on their invoices. Although the insurance industry has developed commercial products to address this problem, the products are rarely readily or economically available to small and medium sized businesses. This is a major problem Hokodo aims to fix.”

Louis Carbonnier, co-founder at Hokodo, added: “Whenever two businesses trade with each other, they are exposed to risks. We believe that we can help mitigate all those risks through our Insurance-as-a-Service solutions — be they goods in transit risks; professional liability risks; or performance risks. Working closely with the risk transfer experts at SCOR Global P&C and the Channel Syndicate, we will be developing a range of covers to address these broader exposures and to help small and medium businesses trade safely.”

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