Insurtech UK Gains Support from Leading UK Firms

In a hugely positive endorsement for Insurtech UK, the first wave of forward-thinking insurers and businesses, including Lloyds of London, Hiscox and Polaris, have officially signed up as associate members and partners for 2019.

These companies add to the 40+ insurtech startups who have joined since the Alliance informally launched in November 2018. Insurtech UK plans to become a formal trade association in the coming months, and is confident it will become the definitive voice of the insurtech community.

Insurtech UK’s overarching objectives are to help transform the insurance market through the use of technology and to create a far more customer-focused industry that can build on the UK’s vast insurance expertise and generate a world-leading export success story. Insurtech provides a huge opportunity for UK PLC and can help radically improve the reputation of the insurance sector.

The organisations who have joined so far as associate members and partners include:

• Associate Members: Lloyd’s of London, Hiscox, Holloway Friendly and Bascule
• Technology partner: Polaris
• Consultancy partners: Altus Consulting and Synechron
• Corporate Finance partner: IMAS
• Legal partners: Capital Law and Locke Lord (UK) LLP
• R&D partner: GovGrant
• Recruitment partner: BMC Recruitment

Insurtech UK founding member and Chair of Operations, Matt Hodges-Long (Founder, TrackMyRisks), commented:

“From a standing start, we are really pleased with the uptake so far in 2019. This shows just how much confidence there is in the potential of Insurtech UK’s members to help innovate the insurance industry and build the market for the future. We were very keen to ensure that the associate members and partners who joined us had the credibility and experience in the sector to effectively contribute to our work and we are delighted in the calibre of the first wave. We look forward to working together collaboratively on various initiatives to help the Insurtech sector reach its true potential.”

The initial focus for Q1 2019 has been twofold: Firstly, for Insurtech UK to build its membership, associate membership and partnership base to ensure financial stability, and with more conversations ongoing, the second wave is likely to follow hot on the heels of the first. Secondly, members have been meeting to discuss the strategy of Insurtech UK and plans for future activity. This includes reaching out to Government and regulators on policy; engaging with media and industry stakeholders; developing content ideas on specific issues to share best practice; contributing to various industry events and conferences; and helping members to further build their networks and develop business opportunities.

Founding member and one of Insurtech UK’s spokespeople James York (Founder, Worry + Peace) added:

“The enthusiasm to collaborate amongst founders has been hugely positive and there are lot of issues to cover both from a lobbying, communications and best practice perspective. Our working groups have brainstormed some really good initiatives that will help the sector flourish. Changing perceptions of our industry and tackling policy challenges to ensure a level playing field are key. We are encouraged about the optimism shown and really excited to build out the work plan of Insurtech UK over the coming months. Now the real work can begin!”