Since its inception in 2017, the Insurathon has provided over £275,000 in pro bono legal advice and investment support to emerging companies.
The competition offers a substantial prize package for the finalists, which includes £25,000 worth of pro bono UK legal and regulatory advice from Norton Rose Fulbright’s market-leading corporate and regulatory insurance team. Additionally, a potential equity investment of £25,000 will also be available. All applicants will have access to a one-on-one 45-minute pro bono clinic with the firm’s lawyers, covering key legal and regulatory topics such as corporate structuring, commercial agreements, intellectual property, data privacy, employment law, and financial services regulation. Finalists will receive three additional 45-minute pro bono legal clinics during the competition day, offering an invaluable opportunity to refine their business strategies.
Norton Rose Fulbright is particularly interested in applications from businesses working on technological innovations that digitise the insurance value chain. These could include solutions using artificial intelligence, Internet of Things (IoT), chatbots, analytics, or smart contract technology. The firm is also keen to see advancements in the commercial (re)insurance market, such as augmented underwriting, machine learning, claims processes, dynamic pricing, active risk management, and data analytics. Other areas of focus include novel insurance platforms that leverage blockchain or other innovative technologies, such as secondary trading or information-sharing platforms, as well as solutions that challenge traditional (re)insurance models and business practices.
The deadline for applications is Thursday, February 6, 2025. Interested businesses can find further details and application instructions on the Norton Rose Fulbright website. Finalists will be announced on Friday, February 7, 2025, with the competition set to take place on Thursday, February 13, 2025.
Past winners of the competition include innovative companies such as JustParent, InsurX, ARMD, Anansi, Riskbook (now Supercede), Concirrus, Pluto Travel, Mackenzie Intelligence Services, Flock Cover, and Nexus Mutual. Gilbert Harrap, CEO of InsurX, reflected on the impact of winning the competition: “The advice and support we’ve received from Norton Rose Fulbright after winning their Insurathon competition has tangibly helped us turbocharge our growth as the independent digital exchange for the corporate and specialty insurance market. Norton Rose Fulbright’s expertise in supporting multinational insurance corporations as well as ambitious start-ups like us is unrivalled.”
With its continued focus on supporting technological advancements and innovation in the insurance sector, the Insurathon remains a beacon of opportunity for ambitious entrepreneurs and businesses striving to make a transformative impact in the industry.
