Leading Welsh law firm, Capital Law, has been selected as the preferred external legal provider for the world’s first authorised accelerator for InsurTechs, InsurTech Gateway, which has been launched to support start-up businesses across the sector.
InsurTech is the term applied to technology designed to maximise savings and efficiency from the existing insurance model. Similar to FinTech, which is a hybrid of the tech and financial sectors, InsurTech is an amalgamation of tech and insurance, both of which are industries rife with start-up businesses looking to disrupt the market with challenging innovation.
Under this new agreement, Capital Law will provide legal services to the Gateway’s portfolio of InsurTech clients, helping them to overcome their growth hurdles with unique insurance expertise and legal advice. InsurTech Gateway was launched on the back of industry growth and is a new space for entrepreneurs to develop and test new insurance products.
The Gateway currently has three early stage InsurTech start-ups in its repertoire, with plans to take on five more this year.
The news is the latest accomplishment for the award-winning law firm which is celebrating a milestone year. Capital Law is about to reach record staff numbers as it prepares to hit 150 employees and client numbers have surpassed 1000 in one year.
Nick Pester, Head of InsurTech at Capital Law, commented on the appointment:
“The InsurTech Gateway is a thriving, dynamic and novel accelerator, providing participants with immediate access to capital and insurance capacity. We’re very pleased to work with InsurTech Gateway – other firms were pitching for the legal provider role, so it’s a real achievement for us. We look forward to developing long-term relationships with some of the most cutting edge early stage InsurTech businesses.”