Insurance carries weight of history

The insurance industry is steeped in history going back hundreds of years. Long standing servants will tell you fondly about how members at Lloyds insured the Titanic. While the industry has thrived over a long period it also carries the weight of this history and, in the face of technology, is standing at the precipice of massive change.

Insurance is often purchased out of necessity and sometimes with reluctance. Despite insurers’ best efforts, extensive terms and conditions can sometimes be difficult to understand. Then when a claim is to be made people and businesses find they are uncertain of the outcome. We think insurance can and must do better to thrive in the future.

Tectonic Plates are Shifting

The tectonic plates are shifting. While the old ways are still prevalent they are on a collision course with a wall of technology. Fashionable business jargon includes words like ‘Entrepreneurial’, ‘Artificial Intelligence’, ‘Big Data’ and ‘Web 3’. When it comes to insurance policies, while technology will change the industry, clients ultimately value clear and simple insurance policies that they trust.

 

Tectonic plates are shifting

Peculiar insurance products

We have worked our whole careers in Mergers and Acquisitions, cutting our teeth as private practice lawyers in leading firms before transferring to insurance. We have all been part of the recent boom in Transactional Risk insurance products. We have loved being part of the journey as W&I and Contingent Risk insurance have grown from their infancy as peculiar insurance products that no one knew or understood, to well-used, coherent products critical to the DNA of the M&A lifecycle.

Zigged and Zagged

But the development of these products has not been straight forward. The development of the cover has zigged and zagged. The policies of even five years ago and the accompanying process have gone through massive change.

Zigged and zagged

Best and brightest minds

We are lucky to work with some of the best and brightest minds: owners of businesses, senior business leaders, lawyers, corporate finance advisers, accountants and insurers. All these parties have pushed and probed these Transactional Risk policies over the years to get them to where we are today. Their focus has been driven by understanding insurance solutions relative to the business as a whole at a critical point in its life cycle.

At Wiispa our core strength is our expertise in Transactional Risk products. The W&I discussions with clients and the analysis with lawyers and insurers is what we relish most. But outside the Transactional Risk world there is a universe of General Insurance products that needs to be assessed, understood and applied using the same critical focus we all apply on deals.

On a Journey

We believe the next stage of the development of Transactional Risk and General Insurance is that they are more closely knitted together. Wiispa provides the platform to combine expertise in M&A and the intellectual curiosity to push the world of General Insurance. The Wiispa Risk Wrapper takes your business and applies the world of insurance. It aims to simplify the picture and let insurers take more risk. We hope that working with you we will be able to iterate and improve our model to be a powerful tool to help everyone obtain more clarity about the potential of insurance. We believe the future is exciting for everyone.

On a journey