Analysis

TechTalk: ‘Licensing process is a maze’ for insurtechs tied up in complex regulation

By 2023-08-17T12:59:00

Gibraltar view binoculars

For insurtechs applying for a carrier licence for example could hold options but due to complicated and lengthy approval periods it may not be suitable for all, which means Gibraltar remains popular

In November 2019, Zego became the first UK insurtech to secure an insurance licence from the Gibraltar regulator, enabling it to sell its own insurance products.

Later, in December 2020, the insurtech received approval from Dutch regulator AFM that allowed it to work with European Union-based insurance partners and customers without friction post-Brexit.

Despite this, few insurtechs in the market have made the step to acquiring a licence.

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