UK-based insurance start-ups are set for an uncertain and potentially expensive period following Brexit, according to John Warburton the co-founder of technology-focused commercial insurance broking company, Konsileo.
Warburton said that unless start-ups are prepared to register themselves in an EU country they will struggle to get investors on board.
Speaking of his own experience at Konsileo, he said: “We have a long-term plan to go to other EU countries, so in addition to getting ourselves registered in the UK – which takes five months and costs a fair amount – we'll have to do it in Ireland as well, just so our investors can see a path to us being in the EU as an organisation.”
“There will either be much less investment in start-ups while the uncertainty is going on, or start-ups will have to do what we are [doing] and spend another £5-10k to get regulated in another entity,” he continued.
Warburton also identified a reduction in the talent available to the UK as one of the main downsides, alongside the uncertainty surrounding investors.
“The UK is brilliant for start-ups, it’s a magnet for talent from all over the world, and particularly from Europe. It’s highly fluid and highly energizing, so [with Brexit] that is now a bit at threat.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
