Insurathon 2017

Insurathon

November 3-5, 2017

Norton Rose Fulbright’s London office is hosting Insurathon 2017 between 3 and 5 November 2017. The event will focus on innovative technology in the insurance sector and rethinking insurance related processes.

What is happening?

One of the main events of Insurathon 2017 will be a pitch event aimed at novel business concepts in the insurance market, where InsurTech businesses will compete for a prize fund of up to £25,000 of UK legal and regulatory advice from Norton Rose Fulbright. We will also be hosting a 2-day hackathon with an insurance legal services theme.

The Insurathon 2017 is led by our tier 1 directory ranked London corporate and regulatory insurance team, part of our global insurance practice. The event is part of our commitment to maintain our position as a leading law firm in the insurance sector and encourage and assist those innovating in the market.

Pitch event

Friday 3 November will be a start-up and innovative business focused pitch event.

  • In the morning session, Norton Rose Fulbright will run a series of 45 minute pro-bono legal and regulatory advice clinics for up to 9 selected businesses. Clinics will be run by legal specialists resourced according to the nature of the advice sought (for example, corporate, regulatory, intellectual property and data protection).
  • The afternoon will feature the main pitch event, where InsurTech start-ups will compete for a prize fund of up to £25,000 of UK legal and regulatory advice from Norton Rose Fulbright. A panel of judges comprising industry experts will determine how the prizes are awarded. The judges will have discretion as to how the prize fund is allocated to one or more winner(s).
  • The pitch event will be public and there will be a limited number of observer spaces available for investors and other interested individuals from within the insurance industry. Those pitching will be expected to pitch to the panel of judges and observers in public with no confidentiality restrictions.
  • Pitch event participants, judges and observers will be invited to join us for networking drinks and the announcement of the winner(s).

Hackathon

Saturday 4 November and Sunday 5 November will be an insurance legal services themed hackathon event.

  • The aim of the hackathon will be to develop proof-of-concepts in the insurance space, with a focus on using technology to improve insurance related legal and regulatory services, such as regulatory guidance or reporting or transactional processes.
  • Teams comprising Norton Rose Fulbright lawyers, invited insurance professionals and coders from King’s College London will work together on the Saturday to innovate new products and services and put together a business case.
  • The proof-of-concepts will be presented to a panel of judges on the Sunday morning and the winners will be announced in the early afternoon.

Provisional event timetable

Friday 3 November - Pitch Event

9:00 – 12:30

Pro-bono legal clinics

Pitch event participants

12:30 – 13:30

Lunch break and registration for pitch event observers

 

13:30 - 17:00

Pitch event

Pitch time is expected to be between 5-15 minutes per firm with 5 minutes for Q&A from the judges

Pitch event participants; Judges; Observers

17:00 – 19:00

Networking drinks and announcement

(Winners expected to be announced at 6pm)

Pitch event participants; Judges; Observers

Saturday 4 November - Hackathon

9:00 – 9:15

Breakfast and registration

Hackathon participants

9:15 – 10:00

Welcome and introduction to hackathon code of conduct

Hackathon participants; Mentors

10:00 – 22:30

Hackathon

Hackathon participants; Mentors

Sunday 5 November - Hackathon

9:30 – 10:00

Breakfast and registration

Hackathon participants

10:00 – 13:00

Hackathon team presentations to judging panel (to last 15 minutes each, including 5 minutes for questions)

Hackathon participants; Judges

13:00 – 14:00

Winner(s) announced

Hackathon participants; Judges

Who should apply and what are the entry criteria for the Friday pitch event?

The Friday event

The Friday event is open to participants and observers.

  • If you are interested in attending the Friday event as a participant, please register your interest via the link above. You will then be sent an application form to complete.
  • Those wishing to attend the pitch event as an observer, or the networking drinks only, can also register to attend via the link above.

Successful pitch event applicants will be selected by Norton Rose Fulbright and notified of the outcome during the course of October. Applicants will be asked to agree to Norton Rose Fulbright’s terms and conditions in advance.

What are we looking for?

On the Friday event, we want to assist those developing new insurance models and processes.

  • Participating businesses must have a focus on providing insurance related products or services. These can relate to any area of the insurance value chain, be it product, distribution, administration, underwriting, broking, insurance or reinsurance.
  • We would encourage start-ups that are new to the market or in the process of being formed to participate in the Friday event.
  • Businesses that are being invested in or incubated by institutional insurance incumbents are also encouraged to apply. The event is also open to any industry consultants who may want to apply.
  • The event is not limited to UK based start-ups. International entrants and observers are welcome, although any advice will be limited to English law advice only.

The type of start-ups and businesses we would be interested to see proposals from include those developing:

  • novel insurance solutions, such as pay as you go coverage, P2P platforms running off blockchain or similar technology and secondary trading platforms or information sharing platforms for reinsurance;
  • platform based insurance services offerings which seek to digitise some or all parts of a particular insurance value chain or transactions;
  • product designs using IoT and/or smart contract technology, whether aimed at established or developing markets; and
  • insurance related ICO (initial coin offering) plans and businesses.

Entry criteria for participants on the Friday

When considering applications for the Friday event, we will put an emphasis on the following:

  • Genuine insurance-related innovation. There must be a genuine innovation that the judging panel feels will generate interest in the insurance market.
  • Prospects for requirement for interesting and challenging legal or regulatory advice. The business idea will include a new or complex legal or regulatory issue or challenge which needs to be overcome before the idea can be implemented.
  • Maturity of concept. Business concepts should be sufficiently mature and have (or at least be in the process of putting in place) the necessary arrangements for them to be viable businesses, such as software agreements. Initial funding should ideally have been secured. We expect that start-ups will have taken steps to ensure they own the IP rights in respect of their business concept, unless this forms part of what Norton Rose Fulbright would be advising on as a result of the complex and innovative nature of the concept. 

If I don’t work for Norton Rose Fulbright, can I join the hackathon on Saturday and Sunday?

On the Saturday and Sunday, Norton Rose Fulbright teams will be joined by coders from King’s College London for the hackathon. We would be delighted for external parties to join the event but they will need to agree to Norton Rose Fulbright’s terms and conditions in advance.  If you are interested in taking part (either as a team member or team adviser), please email insurtech@nortonrosefulbright.com to register your interest.

We expect that there will be approximately six to eight teams, which will be pre-selected before the event. The event will be open to all Norton Rose Fulbright staff, not just those in the insurance group, as we want to ensure that new perspectives are provided to existing problems. Each team will be allocated two coders from King’s College London.

External parties will be asked to sign Norton Rose Fulbright’s terms and conditions beforehand which will cover the terms of their participation in the event and code of conduct.

We want this event to act as a trial for what alternative products and services can be developed by our Norton Rose Fulbright employees (in tandem with any willing clients) if they are given the coding and technological expertise to be able to execute novel and forward looking ideas.

All IP developed will be for the purpose of Norton Rose Fulbright product and service development ideas. All IP developed during the hackathon will be owned by Norton Rose Fulbright post-event.

For more information in relation to the above, please email insurtech@nortonrosefulbright.com.

Contacts