It isn’t easy starting out with an insurtech idea and one of the biggest hurdles can be the legal side of thngs. Protecting intellectual property, trademarks, setting up confidentiality agreements as an integral element of strategic partnerships – the list goes on. So any innovative company working in insurance right now will be interested in this competition.
Global law firm Norton Rose Fulbright has launched Insurathon 2020, its annual competition which supports innovation and technological advancements in the insurance sector. The firm has now provided in excess of £100,000 of pro bono advice and investment support to start-ups through the events over the three successive years they have been held.
The firm awarded the full Insurathon 2019 prize fund of £50,000 to Riskbook – a hyper-connected reinsurance marketplace – and recently completed the £25,000 equity investment aspect of the prize as part of Riskbook’s series seed funding round. Riskbook also received £25,000 of pro bono UK legal and regulatory advice on its business model and contractual arrangements.
The Insurathon event aims to bring together the finest start-up and scale-up technology businesses looking to develop a business concept in the insurance space.
In the 2020 event, businesses with a focus on providing insurance-related products or services can compete for a prize of:
· £25,000 of pro bono UK legal and regulatory advice from specialist lawyers within Norton Rose Fulbright’s market-leading corporate and regulatory insurance practice
· A potential investment of £25,000 by way of an equity investment (at the firm’s absolute option and discretion, subject to contract, diligence and Norton Rose Fulbright Investment Committee’s approval)
All Insurathon 2020 applicants will also have access to one-to-one 45-minute pro bono clinics. Provided by industry professionals, these clinics will cover legal and regulatory issues across areas such as corporate, restructuring, commercial arrangements, intellectual property, data privacy, employment and labour and financial services regulatory.
Applications for entry for the 2020 event must be submitted by Monday 26 October, 2020, with finalists invited to a virtual pitch event on Thursday 5 November, 2020. Full details of criteria and how to apply are available at www.insurathon.co.uk.
Nicholas Berry, a corporate and regulatory insurance partner at Norton Rose Fulbright, who leads the Insurathon events, commented:
“Despite the ongoing impact of COVID-19 globally, London continues to be a centre for supporting businesses driving innovation in the insurance sector. As part of the firm’s commitment to recognising excellence in innovation, we were keen to proceed with the 2019 original prize award and complete the investment aspect of the prize for Riskbook as part of their latest funding round. We have enjoyed helping the team with its initial legal framework and look forward to working with the team as it continues to grow. We look forward to seeing what applicants we have for the 2020 event”.
Jerad Leigh, CEO and co-founder of Riskbook, commented:
“We are very excited to welcome Norton Rose Fulbright as an investor in Riskbook. With their immensely valuable support, we are enabling clients to embrace innovation with confidence and look forward to a sustained relationship as we build a global brand.”
Previous Insurathon prize recipients also include Flock Cover and Nexus Mutual (2017) and Pluto Travel and Mackenzie Intelligence Services (2018).
The Norton Rose Fulbright corporate insurance team is a tier 1 directory ranked practice and provides clients with transactional and regulatory advice to clients operating and investing in the insurance sector.