The UK Insurtech Board has released a toolkit of legal documents to help insurtech start-ups entering the market.
It is designed to help insurtechs and start-ups develop partnerships with corporate partners.
The board is an initiative by Tech Nation and is part of the Fintech Delivery Panel (FDP) convened by the HM Treasury. It can be downloaded for free online.
Produced in collaboration with law firms Dentons and Simmons & Simmons, the advice includes non-disclosure and terms of business.
A government-backed initiative, the Insurtech Board’s membership is made up of representatives from leading insurtech start-ups, incumbents and representatives from HM Treasury, the Department for International Trade (DIT) and the Department for Business Energy and Industrial Strategy (BEIS).
Will Thorne, Chair of the Insurtech Board and Innovation Lead at the Channel Syndicate, said: “I am proud to chair this industry group and am delighted we have now launched the toolkit. Insurtechs operating in the UK will benefit directly from the output of this collaboration between startups and incumbents. The Board will continue to seek solutions to the most pressing problems in the UK insurance sector, always striving to keep insurtechs at the heart of our mission.”
Phoebe Hugh, CEO of insurtech Brolly said: “We established these standards to support and encourage the development of insurance startups in the UK, by developing practical guides and documentation to navigate the regulatory and incumbent landscape. I’m delighted to be supporting this industry-led initiative.”
Insurtech investment and in the UK
Insurtech investment in 2018 totalled $5.7bn, compared to $10.3bn in the previous year.
While this is a massive drop in value, the number of insurtech deals stayed relatively stable, dropping from 258 to 242.
According to KPMG’s The Pulse of Fintech 2018 report, there were 13 insurtech deals valued over $100m during 2018. In addition, there was $375m raised by Oscar Health Insurance in the US and $200m raised by Policy Bazaar in India.
In 2018, 31 insurtech start-ups joined forces to launch a representative group, which will be known as Insurtech UK.
The industry representative body will become a formal association in 2019. It will aim to support the growing insurtech sector in the country.
Additionally, Insurtech UK will engage with regulators and also work with incumbents to address the issues being faced by the insurtech sector.