Insurtech heavyweights will debate the current climate facing insurtech brokers as well as the opportunities that lie ahead

BrokerFest 2023: Is there ever a good time to launch an insurtech broker?

A group of expert panellists - including former Lloyd’s Lab head of innovation and current chief executive of Innovative Risk Labs Ed Gaze, Percayso Inform managing director Richard Tomlinson, Peter Clarke, managing director of Insurercore, and Jana Kejvalova, director at Suited - will debate the challenges that insurtech brokers face at BrokerFest 2023 on Thursday 23 February 2023.

The current economic landscape - which is still blighted by the continuing fallout from the Covid-19 pandemic, the ongoing Russia-Ukraine war, recession in the UK, high inflation and Brexit - poses a bunch of challenges for insurtech brokers.

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Read: TechTalk - Investor confidence dips as insurtech sector hit by cost of living crisis

Read: Briefing - Insurtech’s ‘stick or pivot’ culture could return for a post-pandemic sequel

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During a 25-minute session within BrokerFest’s insurtech stream - entitled Challenges and opportunities for new insurtech brokers - the aforementioned panellists will debate how this backdrop is impacting insurtech brokers and what these firms can do to navigate this environment.

Starting at 12.35pm, the session will be chaired by Insurance Times’ technology editor, Clare Ruel.

BrokerFest 2023 is a one-day conference hosted by Insurance Times. This year’s event - due to be attended by brokers, insurers, MGAs, insurtechs and other sector suppliers - will be held at Etc.venues St Paul’s from 9am.

Regulation not built for insurtechs

A key point this session will address is the impact of the macroeconomic environment on insurtech funding.

Gaze, Kejvalova and Tomlinson will discuss the funding landscape post-Covid, highlighting the regulatory issues faced by insurtech brokers. Clarke, meanwhile, will flag issues around capacity.

For example, Gaze acknowledged that insurtech brokers have to “comply with a set of rules like everybody else” - but often, these rules were not built for insurtechs that want to excel in a single product line. This can subsequently create overheads that slow things down.

Kejvalova added that some regulation is “only fitting for the big guys” and not small insurtech brokers or startups. 

The session will finish on a positive note, looking at the opportunities that the insurtech broking landscape holds.

Brokers can attend BrokerFest 2023 for free. Register your place today by clicking here or read more conference content here.

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