Focus on innovation: ABI and Insurtech UK sign MoU
To support and promote continued innovation across the UK insurance sector, the Association of British Insurers (ABI) and Insurtech UK have signed a Memorandum of Understanding (MoU).
Acknowledging the two trade associations’ shared interest in making sure the UK insurance industry remains at the forefront of technology and innovation, the agreement recognises their continued commitment to promote co-operation, exchange views and share information on matters of common interest.
As the voice of the UK’s insurance and long-term savings sector, the ABI represents more than 300 member companies including most household names and specialist providers.
Representing over 100 insurtech businesses and partners, InsurtechUK is the largest formal insurtech alliance in the world. It aims to transform the insurance industry through the use of technology and make the UK a global leader for insurance innovation.
From AI to Open Finance, and data ethics to operational resilience, there are many issues where the two trade organisations’ interests intersect. By signing this MoU they have agreed to bring together their shared understanding and experience on such topics, co-ordinate views and liaise on event opportunities.
Hannah Gurga, ABI Director General, said: “Innovation and harnessing the best of technology is crucial to maintaining our sector’s competitive edge. This MoU will bolster our working partnership with Insurtech UK so that we can continue to drive growth in the UK insurance industry to the benefit of our members and their customers.”
Melissa Collett, Insurtech UK CEO, said: “We are delighted to have signed this MoU with the Association of British Insurers, continuing our ongoing working relationship together. Technology is clearly at the heart of all insurtech start-ups. Equally, the desire for greater innovation and collaboration between insurtechs and insurers is a core focus for Insurtech UK; which will help drive up the consumer experience and choice available in the market. We look forward to working closely with ABI to leverage our collective resources, to create opportunities for our members and to help deliver innovation to our ecosystems.”
Sarvesh Ramachandran, UK Country Manager at Lemonade, member of ABI and Insurtech UK said: "I am pleased to see this initiative between the ABI and Insurtech UK. As an insurtech and authorised insurer, we believe it's important to create a pathway for players to become fully licensed carriers. There's still much to do to accelerate the growth of an innovative insurance sector, and the cooperation between the ABI and Insurtech UK is a key part of this."