We do not believe in insurance proposal forms. You simply cannot fit a square peg in a round hole! Instead of this lazy approach, we invest time in properly understanding the systems and processes that make up the new technology, determine where the actual risks lie and seek to work with our clients to mitigate these in advance of presenting them to the insurance market.

With new technology, it is likely that the first thing an insurer will do is to try and “benchmark’ the risks presented against something with which they are already familiar. These assumptions may well be accurate but equally they may not. It is therefore essential to consider an underwriter’s cognitive bias and provide supporting evidence as to why these exposures are not as extensive as they may ordinarily think or if they do exist, how they can be managed to avoid a significant loss.

Insurers work within industry driven silos which have historically reflected their appetite for risk. However, with Green Tech, a different process may deliver the same outcome as an industry previously considered extremely high risk. An excellent example of this is the recycling industry where certain Green Tech can remove virtually all of the employer’s liability risk by replacing manual processes with automation. It is therefore extremely important to engage with a broad spectrum of insurers who are willing to consider new processes on their merits and not who simply price a risk based on the classification of the outcome of the goods or services which the customer provides.