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.