Lloyd’s has created a guide to help insurtechs bring innovative solutions to life, examining each phase of scaling up.

The guide includes sections on getting off the ground, how Lloyd’s Lab works with start-ups, modern insurtech forms, scaling up, avoiding pitfalls, branding, recruitment and navigating legal, insurance, tax and capital challenges.

“If there’s a common success factor across all insurtechs, it’s the degree of sector knowledge founders hold starting out on their innovation journey,” said Sønr head of research Emily Peters, who features in the guide.

“There are pros and cons to every insurtech model, and no single path to success, but being aware of the opportunities and restrictions for each model before you start out will help your business scale and succeed.”

Lloyd’s Lab senior manager Rosie Denee says the guide aims to empower founders and set them up for sustainable success.

“Our goal is to offer support beyond product development and implementation, to the topics that really matter for start-ups: how to prioritise the customer experience; how to raise funds and supporters; how to build a strong brand; how to assemble the best team of leaders,” she said.

Download the guide here.