“Insurance has a more complex value chain than most tech businesses, in that you need to focus on both your acquisition strategy as well as the going performance of the policies that you’re selling. While fast-growth in customer numbers is typically seen as a good thing, if the underwriting is not right then claims — in other words, losses — will start to compound overtime. If you carry long-term liabilities, then you might not experience the business’s ‘true’ results for a number of years.”

https://techcrunch.com/2023/01/09/superscript-a-bespoke-insurance-provider-for-smes-raises-54-million/