Cambridge
SCIENCE AND TECHNOLOGY
As a specialist broker for science and technology insurance, La Playa understands the 24/7 borderless nature of tech-based businesses and the accompanying and ever-evolving risks. It strives to create the safety net these organisations need. La Playa looks after the insurance requirements of clients in various tech spaces, such as cleantech and nanotechnology as well as medical technology and life sciences, and offers special covers such as clinical trial and lab insurance.
“Because of the nature of specialist knowledge required in science and tech, there aren’t as many competitors in the field – and in a high-growth sector it’s an exciting trajectory to be on. Specialisation is a great differentiator and keeps us clear of the commoditisation happening elsewhere in the industry,” says director of science and technology division Hanna Beaumont.
On the challenges faced by this niche sector, she talks about the unpredictability that can mean both risk and opportunity. “Working with disruptive tech clients, there’s often no risk precedent and little data on which to base premium calculations. We have to make a significant investment of time to get under the bonnet of these clients and get a realistic picture of the risks involved.”
