Introducing... Insurtech UK’s Advisory Panel

Aims and objectives

Our Advisory Panel convenes senior leaders from across the insurance industry to progress strategic priorities for the future growth of UK insurtech.

Working together to address industry challenges and to amplify opportunities, the Panel defines and delivers projects in key areas that will have the greatest impact on the insurtech sector’s ongoing development

Work programme

Responding to the opportunities and challenges identified by insurtech founders in McKinsey’s sector deep dive The Nexus of Insurtech, the Panel’s strategic priorities include:

Partnerships: Promoting productive partnerships between insurtechs and insurers, including a dedicated Partnerships Day to bring both sides together for mutual learning and networking, and compiling a Directory of insurer and broker Innovation Leads

Access to Finance: encouraging increased investment into UK insurtech start-ups and scale-ups, through greater education and visibility on the investment opportunities insurtech presents, and ensuring future funding channels are accessible and appropriate for insurtechs to benefit, for example implementation of the Mansion House Compact

Access to Capacity: exploring available capacity for innovation within the UK insurance market, to understand market pressures and opportunities, to identify barriers to issuing new or expanded capacity, and connecting potential providers with new, innovative products.

Access to Talent: securing and strengthening insurtech sector skills, expertise and experience through encouraging new entrants to the sector, and increasing knowledge exchange between insurtech and insurance professionals

Scaling beyond the UK: supporting UK insurtechs to realise their international ambitions through providing informative, up-to-date briefings on priority jurisdictions and opportunities for building expert contacts in new markets

Ways of working

The Panel meets as a collective quarterly to review the landscape for insurtech in the UK and to oversee and update its programme of work. Alongside these meetings, project calls are held with relevant Panel members to progress current projects within each thematic area.

To hear more about upcoming projects, explore potential collaborations, or enquire about joining the Panel, please contact secretariat@insurtechuk.org

History of the Advisory Panel

The Advisory Panel originated in 2018 through initial funding from HM Treasury for anInsurtech Board to encourage the then-nascent sector to collaborate on the big issues facing the future of insurance innovation.

As insurtech has matured, Insurtech UK has taken up the mantle of this important initiative from Tech Nation, integrating the its ambitions into the core aims of Insurtech UK and strengthening the collective voice of the insurtech community

Previous achievements

Success of the sector

The recent publication The United Kingdom: The Nexus of Insurtech was scoped and supported by interviews with Advisory Panel members. It sets out the scale of the UK insurtech sector and its contribution to the economy, and explores what next steps are needed for future success.

Partnerships

Exploration of challenges that arise in partnership working through Breaking Down Barriers report, and encouraging leading UK insurance firms to review and refine their procurement journeys for insurtech partnerships through The Fintech Pledge: based on the principles of clarity, transparency and communication. Pledge signatories included: Admiral, Aviva, Brit, esure, Hiscox, LV=, Munich Re and Swiss Re.

Investment

Insurtech investment toolkit, with Plug and Play and Dealroom, identifying key metrics and benchmarks at different funding stages. Collaborating with UK Business Angels Association to educate investors about insurtech trends and an Insurtech Lookbook with the Department for Trade, resulting in significant overseas investor interest.

Open Finance

Industry research into the history, progress and potential of Open Insurance, considering the pros and cons and building blocks to best achieving this in the future.