Backchat: Insurtech startup environment shifts with evolving technology dynamics!

February 4, 2024
1 min read

TLDR

Global law firm Norton Rose Fulbright has launched its seventh annual Insurathon competition for insurtech startups. The winning firms will receive €50,000 ($55,000) in prize money, comprising of €25,000 of free legal advice from Norton Rose Fulbright lawyers plus potential equity investment of the same amount. The competition’s first event was held in 2017.

The Insurathon competition aims to identify technological innovation in the insurance sector and has seen a growth in business models as start-ups adapt to wider changes in the market, according to Nicholas Berry a partner at the law firm. Berry says the competition has enabled the law firm to support businesses such as previous winners Supercede, Anansi and ARMD.

Key points

  • Global law firm Norton Rose Fulbright has initiated its annual hunt for insurtech start-ups to take part in its Insurathon competition. Former winners include Supercede, Anansi and ARMD.
  • Applicants selected as finalists will be eligible to compete for a prize of £50,000 ($65,000) that’s comprised of £25,000 of free UK legal and regulatory support offered by Norton Rose Fulbright.
  • The winning start-ups may also receive £25,000 of equity investment. Finalists will be named on March 8, 2024, and can potentially secure a place in the final round on March 15.
  • Nicholas Berry, a partner at Norton Rose Fulbright, stated in a report that themes at the firm “don’t change”; nevertheless, the competition has witnessed shifts in the start-up environment and their business models as innovation adapts to a wider formal economy.

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