Digital exchange for the London insurance market, InsurX, has been announced as the winner of global law firm Norton Rose Fulbright’s sixth annual ‘Insurathon’.
Norton Rose Fulbright’s competition aims to identify and support the most innovative tech start-ups and scale-ups in the insurance sector.
InsurX enables brokers and carriers to trade risk instantly. The insurance firm has already launched InsurX Exchange, a digital marketplace for the London Market. The marketplace enables brokers to leverage underused data to secure instant follow capacity from insurers.
InsurX’s winning pitch saw the firm awarded a £25,000 investment from Norton Rose Fulbright. The law firm also awarded a further £25,000 worth of pro bono UK legal and regulatory advice from specialist lawyers. The legal and regulatory advice covered the firm’s corporate, regulatory insurance, intellectual property, employment and labour and data privacy practices.
Since the law firm’s launch in 2017, Norton Rose Fulbright has provided a total of £250,000 in prize funds. Previous winners of the firm’s Insurathon include ARMD, Anansi, Riskbook (now Supercede), Concirrus, Pluto Travel, Mackenzie Intelligence Services, Flock Cover, as well as Nexus Mutual.
The InsurX Exchange marketplace is designed to help brokers and insurers trade capacity through its data infrastructure. It also offers matching of risks and contractual binding services; with every new customer on the InsurX Exchange having an accretive effect on the benefits of the exchange.
And the winner is…
Gilbert Harap, CEO of InsurX, commented on the award. Harap said: “We’re delighted to have won the prestigious Insurathon and hope to emulate the success of previous winners. Many of the winners count among the most exciting insurtechs out there.
“Norton Rose Fulbright is the global leader in insurance law, and we’re excited to work together to lay the foundations of algorithmic underwriting and shape the future of the London market.”
Nicholas Berry, head of Norton Rose Fulbright’s insurtech practice and founder of the Insurathon, said: “Since its inception in 2017, the Insurathon has given us the opportunity to meet some incredible talents, with innovative business concepts that have the potential to truly transform the sector.
“This year is definitely no exception, with a number of very impressive entries. I warmly congratulate our winners, InsurX, on their success and we also very much look forward to supporting Gilbert and the team as they continue their excellent work to advance the UK insurtech market.”
InsurX Exchange is now open to all London market brokerages and insurers. It also enables algorithmic portfolio underwriting for Lloyd’s insurers and provides rich data insights to market participants.