InsurTech Software Development UK — Specialist Builds for UK InsurTech Businesses

UK InsurTech is one of the world's most sophisticated insurance technology markets — anchored by Lloyd's of London (the world's specialist insurance market), a strong broker ecosystem, and rapidly growing digital insurers. The UK insurance market is heavily FCA-regulated — software enabling insurance distribution requires FCA authorisation, Consumer Duty compliance, and specific technical architectures for policy management, claims handling, and actuarial data.

FCA Authorisation for Insurance Distribution

Insurance distribution activities (advising, arranging, or intermediating insurance contracts) require FCA authorisation as an insurance intermediary. Software platforms that enable distribution must support: product information requirements, demands and needs documentation, fair value assessments, and the FCA's Consumer Duty outcome monitoring.

FCA Consumer Duty for Insurance Products

The Consumer Duty (July 2023) has significant implications for insurance software: pricing must demonstrably provide fair value, claims journeys must not create sludge or barriers, renewal communications must highlight price increases clearly, and vulnerable customers must receive appropriate support. The FCA has specifically scrutinised insurance pricing practices.

Lloyd's Market Technology Requirements

Software interoperating with Lloyd's of London must connect to Lloyd's Core Infrastructure — including PPL (Placing Platform Limited) for electronic placing, claims systems, and bureau market data. Lloyd's Blueprint Two programme is driving significant technology change across the market. ClickMasters has experience with Lloyd's market technology requirements.

Telematics and IoT Insurance

Usage-based insurance (UBI) and telematics products process significant volumes of location and behavioural data. UK GDPR implications: location data is personal data, telematics data processed for underwriting purposes must have a clear lawful basis (contract performance is the most robust), and data retention must be proportionate to the underwriting purpose. ICO guidance on connected vehicle data is relevant.

Claims Management Software

Claims management companies (CMCs) are FCA-regulated. Claims management software must support: initial assessment workflows, evidence gathering and management, settlement calculations, and FCA reporting requirements for CMC performance data. POCA 2002 implications for fraud detection.

UK InsurTech Compliance checklist: FCA, Consumer Duty, Solvency II (UK), Lloyd's, UK GDPR, Cyber Essentials