In order to make the best case for the sector to our political stakeholders, we have refreshed our Roadmap for UK Insurtech Growth, setting out the next steps Government and regulators can take to help innovative insurance businesses start, scale and succeed.
Our autumn update, The Next Mile, has provided the basis for engagement during party conference season and subsequent discussions with political and policy teams.
The update focuses on three areas: access to finance, addressing barriers to growth and improving the regulatory framework. Its recommendations include improving investment incentives, addressing the VAT treatment of technology expenditure, preserving a proportionate Appointed Representatives regime and supporting responsible AI adoption. It also calls for implementation of the new UK captive insurance regime by 2027.
Bringing members’ priorities onto the political circuit
At Labour Party Conference in Liverpool, our CEO Melissa Collett met with City Minister Lucy Rigby MP on AI, private investment and helping growing businesses access finance and remain in the UK. We have followed up with her office to engage with member founders about the practical barriers to raising investment and scaling. Melissa also heard AI Minister Kanishka Narayan MP speak about AI adoption at the conference and we are seeking to share members’ practical experience of AI in insurance, discuss responsible adoption and hear his priorities.
At Conservative Party Conference in Birmingham, Melissa was impressed by the pro-business rhetoric of Shadow City Minister Mark Garnier MP. We will be seeking to update him on the sector’s progress, discuss investment and regulatory barriers, and understand his priorities for insurance and financial services.
Our conference engagement also included Reform UK, where Melissa and Jim Clark briefly spoke with Shadow Chancellor Robert Jenrick and Shadow Business Secretary Richard Tice about 'The Next Mile'. We have followed up with their policy team, to focus on two practical proposals: faster, more predictable authorisations and a proportionate Appointed Representatives regime.
How you can support our engagement
Our approach across the political spectrum is consistent: make the case for a policy environment that enables competition, investment and innovation while maintaining appropriate consumer protections that insurance customers need.
Our Roadmap provides specific recommendations against which we can focus discussions and follow-up activity, but Insurtech UK members’ evidence is essential to this work to bring it to life with practical, real-world examples. We would welcome examples of how investment rules, tax treatment or regulatory processes affect your ability to grow, alongside practical proposals for improvement. Please contact Jim to contribute.