In the recent years, the rise of InsurTech has enabled those operating in the insurance industry to enhance customer experiences, create innovative products, reduce costs, and improve underwriting and actuarial processes.
What we do
Our InsurTech team has seen how technological innovation continues to drive the insurance industry. The team truly understand InsurTech and technology, they drive legal solutions, and they provide clear and pragmatic legal advice - always focussed on enabling you to meet your business objectives.
We regularly act for financial services sector leaders on the introduction of new technologies and services, as well as challengers looking to break into or disrupt the market. Our work with start-ups, scale-ups, InsurTechs, insurers, brokers, and some of the most heavyweight, innovative, and active technology players enables us to cover the full InsurTech ecosystems. We have extensive experience of partnership and collaboration arrangements between financial services business and InsurTechs.
How we do it
The team advises on the legal and contractual aspects of buying, selling, using, and exploiting all types of technology – software, hardware, data, and related services – e.g. software licensing, data licensing, SaaS, Cloud, and hosting arrangements, development projects, implementation projects, and outsourcing deals.
Our InsurTech expertise sits within our FinTech team (one of the largest national presences for a national firm, and also recognised in Legal 500 and Chambers). The team comprises specialist technology, data protection, financial services regulatory, and commercial insurance lawyers who have a deep understanding of InsurTech, technology, and the financial services sector.
Our team has advised on many insurance-related technology and outsourcing arrangements, including advising:
- a leading insurer on the procurement of its new administration platform for insurers and customers across many industry sectors. The platform is used by front-line underwriters globally
- a leading insurer on buying business critical policy administration systems both on an ‘on-prem’ basis and SaaS basis
- a leading insurer on buying a major hosted business process automation platform
- a leading insurer on buying a strategic AI powered risk-pricing platform
- a leading insurer on buying business critical data centre arrangements
- a leading insurer on various telematics arrangements with various telematics providers
- a UK financial services regulator on its procurement of a new relationship management system involving the implementation and configuration of MS Dynamics and the development and integration of bespoke elements using Agile methodology
- a multinational insurer on the outsourcing of its data and call handling business. The deal involved a significant amount of off-shoring and transformation in order to generate required savings for the client
- a ‘disruptor’ InsurTech in respect of its IT development services programme with one of the ‘big four’ to support its aggressive growth strategy