Insurers need practical support and insight to unlock the value in technology and make change happen. These potentially disruptive changes are likely to affect more than just the bottom line – it's about doing the business of insurance differently by putting the customer at the heart of the service.
Insurers recognise the benefits of adopting new technology as it drives efficiencies and cuts costs. Much of the InsurTech coverage is around picking the right technology solutions to achieve this.
RPC combines its market-leading expertise in insurance and regulatory, with award-winning technology, data, commercial and corporate teams, to help businesses of all sizes in starting, developing, investing in, or acquiring their InsurTech proposition.
We have an in-depth operational understanding of the market having worked with insurers and insureds on everything from policy conception to loss and beyond. And because we have extensive corporate, commercial and regulatory experience, we can navigate the nature of risk, respond to it and advise our clients on how to adapt to the way InsurTech is transforming the landscape.
InsurTech plays to our strengths – it demands regulatory, commercial, corporate, insurance and digital expertise. We leverage our know-how to help clients navigate the obstacles they face as new technologies push against "traditional" legal, commercial and regulatory boundaries.
From structuring, funding and investing in InsurTech to acquiring and disposing of InsurTech businesses and their assets, our Corporate lawyers are well versed in every component of the corporate cycle. Or you might need help with distribution / delegated authority agreements, protecting emerging intellectual property, managing – including ownership and consents – and protecting data, technology and IT agreements, and online trading platforms. Our Commercial lawyers can also advise on outsourcing and joint venture agreements between start-ups and investors.
Facing the financial services regulators is a key component of the business of insurance. It can also be daunting, particularly, if you're a start-up and you're new to the scene. We can bridge the gap between a regulatory framework that is playing catch-up and new technologies which are seeking to transform the way business is done, while also advising you on regulatory authorisation and permissions and the regulatory perimeter – the extent to which an InsurTech solution may constitute carrying on a "regulated activity".
And when things go wrong, and they sometimes do, our Technology Disputes practice are skilled in, servicing leading technology companies and insurers alike.
Our first-hand experience of owning and operating our own InsurTech businesses, Tyche and ReSecure, and a start-up company, RPC Tyche [from 30 May 2020, RPC Consulting became RPC Tyche LLP], means we apply our own practical experiences to better advise our clients.
Running our own data breach response service – the award-winning ReSecure – we can advise you on all matters involving how to respond to cyber insurance, including coverage and claims from Technology E&O to Cyber Risk.
Leading the debate on InsurTech, our specialists are involved in several thought leadership pieces which brings clarity and a legal perspective to the conversation. Simon Laird, Head of Insurance, is the lead legal consultant for Instech, an organisation designed to bring together the technology and insurance industries.