One of the main complaints we hear from insurtech start-ups is that the process of establishing an MGA or distribution/brokerage partnership with incumbent insurers is frustratingly long, with reviews required by business, legal/compliance and IT departments.
An Insurtech trade body in the UK has stepped in to help ease the pain felt by start-ups doing business in the UK. Tech Nation has launched free legal documents produced by leading UK law firms to support start-ups looking to contract with insurers as an MGA or distributor/broker.
The remedy is a suite of startup-friendly legal documents which can be downloaded at no cost from the website of Tech Nation, which is behind the Insurtech Board. Produced in partnership with leading law firms, Dentons and Simmons & Simmons, the documents aim to remove some of the legal and compliance-related obstacles that often hinder the ability of startups to do business with large, well established insurance companies.