Tide is set to expand its offerings by incorporating embedded insurance services for small and medium-sized enterprises (SMEs) in the UK. This move aligns with Tide’s existing suite of business management tools, including banking, invoicing, and payroll features.
The initiative involves a partnership with Admiral Business to provide initial policies such as Employers’ Liability, Public Liability, and Professional Indemnity directly through Tide’s mobile app. Tide claims support for over 14% of UK SMEs, providing a substantial user base for this new service.
Solving Underinsurance Issues in Smaller Businesses
According to Tide, many smaller firms in the UK face insufficient insurance coverage. This initiative aims to simplify the application process by leveraging business details already stored within members’ profiles—such as revenue information, sector classification, and staff count—to minimize manual data entry.
Tide representatives highlighted that reducing the time businesses spend on securing insurance is a key goal. They believe embedding these options into their app will make obtaining cover more accessible for users, potentially encouraging timely purchases or eliminating delays.
Admiral Business officials expressed optimism about integrating insurance with everyday financial management for SMEs. Combining Admiral’s underwriting expertise with Tide’s digital infrastructure could streamline how companies acquire and manage their essential policies.
