The board – an initiative assisted by Tech Nation as part of the Fintech Delivery Panel (FDP) convened by HM Treasury – says the documents can be downloaded at no cost from the Tech Nation website.
It’s all about putting your mind at ease when it comes to legalese.
Tech Nation chair Eileen Burbidge, who is also HM Treasury Envoy for Fintech and chairs the FDP, says. “We’ve been encouraged by ever-growing willingness and interest from insurance companies to work with innovative start-ups as a means of driving innovation, but it’s clear that standard legal issues can stand in the way of collaboration.”
She adds: “The insurance sector has its own contractual norms and practices and without legal support, early stage businesses are disadvantaged in drawing up and negotiating documents that meet the expectations of potential partners. This new toolkit addresses that problem.”
The toolkit was produced in partnership with law firms Dentons and Simmons & Simmons.
It covers various contractual and commercial relationship issues that arise in the course of negotiations with potential partners.
These include a non-disclosure agreement, a terms of business agreement, and amendments for a managing general agent agreement.
Tech Nation also cites Dealroom data which shows UK insurtech companies attracted $1.7 billion in investment (including M&A) in 2018, “illustrating the enormous interest in a sector that is revolutionising financial services”.