InsurX has been announced as the winner of global law firm Norton Rose Fulbright’s sixth annual Insurathon, a competition to identify and support the most innovative tech start-ups and scale-ups within the insurance sector.
InsurX is a digital exchange for the London insurance market, which enables brokers and carriers to trade risk instantly. The start-up has launched InsurX Exchange, a digital marketplace for the London Market that enables brokers to leverage poorly understood and underused data to secure instant follow capacity (i.e. the capital to back broker risks) from insurers.
The marketplace is designed to help brokers and insurers trade capacity through its data infrastructure, matching of risks and contractual binding services, with each new customer on the InsurX Exchange having an accretive effect on the benefits of the Exchange.
For its winning best pitch, InsurX was awarded a £25,000 investment from Norton Rose Fulbright and a further £25,000 of pro bono UK legal and regulatory advice from specialist lawyers within the firm’s market-leading corporate, regulatory insurance, intellectual property, employment and labour and data privacy practices.
The seven entrants selected as finalists were:
· InsurX (winners)
· Brokit (runners up)
· Superscript
· Breez
· Stubben Edge Group
· Yokahu
· Innovatrix Capital Limited
The judging process was conducted by a panel from Norton Rose Fulbright’s London office, consisting of:
· Rod Harrington, chief operating officer and chair of the firm’s investment committee
· Sophie O’Connor, private equity partner
· Raj Karia, partner and head of corporate, M&A and securities, Europe, Middle East and Asia
· Madeline Bailey, co-head of technology consulting, Europe, Middle East and Asia
Gilbert Harap, CEO of InsurX, said:
“We’re delighted to have won the prestigious Insurathon and hope to emulate the success of previous winners, who count among the most exciting insurtechs out there. Norton Rose Fulbright is the global leader in insurance law, and we’re excited to work together to lay the foundations of algorithmic underwriting and shape the future of the London Market.”
Nicholas Berry, head of Norton Rose Fulbright’s InsurTech practice and founder of the Insurathon, said:
“Since its inception in 2017, the Insurathon has given us the opportunity to meet some incredible talents, with innovative business concepts that have the potential to truly transform the sector. This year is definitely no exception, with a number of very impressive entries. I warmly congratulate our winners, InsurX, on their success and we very much look forward to supporting Gilbert and the team as they continue their excellent work to advance the UK InsurTech market.”
Since launching in 2017, Norton Rose Fulbright has provided £250,000 in prize funds. Previous winners of the firm’s Insurathon include ARMD, Anansi, Riskbook (now Supercede), Concirrus, Pluto Travel, Mackenzie Intelligence Services, Flock Cover and Nexus Mutual.
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