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Dynamic Risk Monitoring in the London Market
The opportunity
NewCo is a corporate-backed joint venture between a global insurer and a Big Data InsurTech startup. Together they set out to build a new kind of MGA* — one powered by an online broker marketplace and dynamic risk monitoring — to compete in the $60B London Market, which still employs around 48,000 people and runs largely on traditional broker relationships.
The ambition: replace slow, manual underwriting with real-time data and AI, giving customers faster pricing, better terms and quicker turnaround than legacy insurers can match.
For the global insurer, NewCo was a blueprint for transforming its wider business. For the InsurTech startup, it was a fast track to scaling its product with an established partner.
The challenge
Joint ventures between a corporate insurer and a startup rarely move at the same speed or share the same incentives. Noremo had to help NewCo work through:
- Who owns what IP across a complex, multi-entity structure
- An investment and commercial model both partners would commit to for 5 years
- A delivery model that could flex in size and cost as the business grew
Our approach
- Architecture — designed the next-generation, data-driven MGA and omni-channel broker marketplace
- Costing — detailed technology, delivery and resourcing estimates, phased over time
- Commercials — led IP negotiations, revenue-share modelling and accountability structures
- Technical due diligence — assessed the InsurTech partner's technology in depth
- Roadmap — built a phased, 3-year delivery and market-adoption plan
Why it worked
The London broker market still depends on relationships as much as technology — so the platform had to earn trust as well as demonstrate capability. Noremo combined a clear commercial agreement (revenue model, IP ownership, growth incentives) with a genuinely