Start Up Insurance Firms
Market expertise to help your new insurance venture launch successfully.
We support start-ups seeking to enter the insurance market, whether that be as an insurtech, broker, MGA or insurer. We support them in their objectives with advice and resourcing, helping with product development, building the frameworks and controls necessary to create appropriate distribution strategies and generally ensuring products are launched expeditiously. Our teams are comprised of individuals who have themselves been involved in starting and growing a wide range of insurance firms, including those entering the UK markets as branches or subsidiaries of international firms.
Areas we can help include:
- Strategic advice on how to start your insurance business and the regulatory requirements in the UK and the EU, including consideration of alternative jurisdictions and whether to seek Appointed Representative status.
- Assistance with authorisation applications if required, and preparation of all of the necessary work to achieve the required authorisation including business plans and target operating model.
- Principal selection. For businesses that choose the Appointed Representative route to authorisation, we can assist with selecting the right principal for your business model and negotiating terms with them to ensure you achieve the flexibility you may require.
- The regulators require firms to be ready in order to obtain authorisation. We can assist in the development of your business model with planning and implementing an appropriate target operating model.
- Product development is a highly regulated function. Let our teams of experts, including specialists in compliance, product development and policy wordings, help you understand the rules and develop appropriate products and processes for management of the product lifecycle.
- Everything from vendor selection, implementation and outsourcing management through to the implementation of cloud-based solutions to support a simpler and more current infrastructure
- Navigating the Lloyd’s market. We can provide assistance with becoming a Lloyd’s Broker or coverholder, considering whether to establish a Syndicate at Lloyd’s and if so, whether the Syndicate in a Box process is appropriate, or a full turnkey arrangement is required. For more on Lloyd’s see our route to Lloyd’s webpage.
ICSR offers a broad range of services suitable for businesses seeking to start operating within the UK regulated insurance market, or seeking to start a new type of regulated business alongside an existing operation.
Find out more about the range of services we can offer, or get in touch to discuss your specific objectives and requirements.
SERVICES FOR START UP INSURANCE FIRMS
ICSR is delighted to announce that Claire King is expanding her role to assume responsibility for the Compliance Services that ICSR provides to clients, alongside her existing responsibility for Risk.
ICSR is delighted to announce the appointment of Andrew Martin as Talent Acquisition Lead with effect from 1st November. Andrew has over 15 years’ experience recruiting talent across the financial services sector, with a specific focus on senior management roles.
Kenneth Underhill looks back on another year of exponential growth for ICSR and reflects on some of his personal highlights, including a growing international reputation, a significantly expanded team and some complex but interesting client engagements.