Insurtech: The next global success story for the UK?
Digital innovation is changing the way we view numerous business models and industry practices. We have all seen how much coverage fintech has gained in recent years, and how its emergence has helped make strides in changing perceptions of the wider financial sector as far more consumer focussed and dynamic than in the past. It is fair to say that insurance has some steps to take before it reaches this point. Nevertheless, the rise of Insurtech companies over the past few years demonstrates that we are on the cusp of major change.
Insurtech UK are hosting a breakfast briefing on 10th April, in collaboration with Market Minds, to tackle major questions that are central to the evolution and complexion of the insurance industry:
- How will insurtech change perceptions and behaviour of the insurance industry?
- Where does it fit into the UK's post-Brexit economic vision, and what will it take to create global players from the UK?
The event will bring together traditional insurers, Government representatives, business leaders and insurtech startups to outline what we need to do to take advantage of this opportunity and ensure that insurtech becomes a global success story for the UK.
If you are interested in attending, please email firstname.lastname@example.org
6th March 2019
Insurtech UK Gains Support from Leading UK Firms including Lloyd’s of London and Hiscox for a Strong start to 2019
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!”
28th November 2018
Following ongoing discussions in the summer, the founders of Insurtech UK met on Wednesday 28th November for its inaugural meeting. The core aim of the group is to support the burgeoning insurtech sector and promote the benefits that these new innovative companies can bring to customers and UK plc as a whole.20 members were in attendance for the launch, with 31 companies committed. The group’s intention is to develop into a formal association in 2019, with an initial five-year mandate. As well as supporting insurtechs with some of their day-to-day challenges, Insurtech UK will seek to drive forward conversations with government, industry and regulators, as well as working alongside incumbents and established trade associations to address many of the issues facing the UK’s insurance industry.
The meeting focused on what the organisation intends to do in the first 6 months and how it would be structured. Establishing an interim Council, along with three working groups covering Communications, Operations and Best Practice were announced and discussed.
James York, Founder of Worry+Peace said: “This is an exciting step towards building the voice of the UK’s growing insurtech industry. We’ve had tremendous support so far from the community as well as the wider insurance ecosystem. We’re keen to get started and build on the fantastic momentum already gained. We look forward to collaborating with many partners and help build a sector that has true potential to be world leading.”
Companies who have joined or have begun the process to join InsurtechUK include:
- Bought By Many
- Claim Technology
- CoVi Analytics
- Track My Risks
- Urban Jungle
The organisation will be supported by the public affairs consultancy Political Intelligence, who have experience providing secretariat functions to trade associations and industry alliances.
Insurtech UK is currently accepting applications for membership, as well as for associate membership and partnership opportunities. Further details of the benefits of joining or partnering with Insurtech UK can be supplied upon request from the Secretariat: Political Intelligence.