Insurance Product Design and Innovation
Thistle has extensive experience supporting firms with insurance product design and innovation. We work with both start-ups and established businesses, looking at their operations in the round to ensure their propositions begin life on a firm regulatory footing.
Expert support from the outset
Drawing on our wide-ranging knowledge of general insurance products and regulation, our insurance product design and innovation team will get involved right from the start – helping you identify opportunities and overcome obstacles.
We’ll help you understand where and how regulation impacts your activities – and what implications this has for your business model.
Our insurance product development team will provide guidance on a wide range of issues, including:
- How products are categorised for regulatory purposes (e.g. insurance contracts v regulated bonds)
- What permissions you need
- How your business should be organised to ensure your senior management meet regulatory requirements
- How covers should be structured
- What issues to be aware of when compiling policy wordings.
Our insurance product design and innovation team will give you all the guidance, advice and training you need to thrive in today’s highly regulated market. We’re well versed in working with the FCA and with firms using its regulatory sandbox and can take advantage of this experience to help you trial new product design and innovation concepts.
As well as supporting you with compliance and insurance product design and innovation, we offer many other practical resources for both mature and start-up businesses.
For example, we can provide locum staff to bolster the knowledge and experience of your in-house team.
We can provide non-executive directors to strengthen your board – particularly helpful if you’re a new enterprise about to apply for authorisation.
Drawing on our industry knowledge and wide circle of contacts, we can source potential capital providers and make the necessary introductions – as well as facilitating distribution routes for your products.
At Thistle, we believe in supporting innovative insurance product development with robust compliance infrastructures. Our involvement allows you to remain fully compliant whilst maximising the benefits emerging technologies and disruptive distribution strategies can generate for your business and customers.
If you’d like to know more about what our product development team can do for you, please contact us today. You can fill out the contact form on the right, email firstname.lastname@example.org, or call us on 0207 436 0630.