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
Latest Articles
PRA Business Plan: An Agenda For (International) Growth?
The PRA published its business plan earlier in April and as with the FCA, there is unsurprisingly quite a significant focus on how it will deliver its new growth objectives now these are formally in place. Kenneth Underhill and Claire King look at what’s in the 2024 plan.
Webinar Recording: The FCA Business Plan & Strategy 2024/5 – A Look At The Key Points
Watch the webinar recording from 17th April as Kenneth Underhill & Claire King explore the FCA 2024-5 Business Plan in detail, helping firms understand how they need to adapt their approach to regulatory compliance to align with the latest FCA expectations and areas of focus.
Owen Greenwood joins ICSR as Senior Operations Consultant
ICSR is delighted to welcome Owen Greenwood to the team as Senior Operations Consultant. Owen is a transformation and operations expert with extensive experience helping insurance sector clients achieve their strategic and operational goals.
Latest Case Studies
Read our latest case studies below, take a look at all of our testimonials, or see who we have already helped.
Meet The Senior Team
Meet our senior below team or search our full team and talent pool to find specific people, or people with specific skills.
Kenneth Underhill
Director
Iain Bremner
Non-Executive Director
Claire King
Risk & Compliance Director
Benoit Steulet
Operations Director