As a former M&A lawyer, Eliatamby said that she understood “the complexities and time constraints that lawyers face during M&A negotiations, especially when dealing with mid-market deals”.
“In my experience advising clients on these transactions, keeping legal costs down with limited scope due diligence and fee caps was of critical importance to clients,” she said. “This firsthand experience guided the creation of Mio’s streamlined approach, where we aimed to leverage technology and automation to simplify the W&I process. I also drew on my experience in the drafting of the Mio policy and ‘Covered Risks’, which have been drafted simply, succinctly and in plain English”.
Eliatamby shared that Mio offers a standardised set of Covered Risks, which resemble synthetic warranties, that are shared with lawyers in advance “so they can know with certainty what the coverage will be under Mio and negotiate the SPA with that knowledge”. Mio’s digital workflow also incorporates a standardised digital questionnaire for underwriting.
“We share the questions in advance with lawyers, so they know what due diligence is required and what questions we will ask on every deal, at the outset of the deal. Lawyers can tailor their due diligence right from the beginning of their engagement with a client to ensure all relevant topics are covered off to get full coverage with Mio”, she explained.
According to io.insure managing partner Ian Hutchinson, an insured’s advisors can respond online to due diligence questions and deal information. This allows the algorithm to speed up an underwriter’s capabilities in risk review and quote delivery.
