United Kingdom and Connecticut Sign Agreement to Launch New InsurTech Corridor
Corridor will remove industry barriers facilitating traction and growth (HARTFORD, CONNECTICUT) – The UK Government today announced a formal agreement with Connecticut Insurance & Financial Services (CT IFS), the MetroHartford Alliance, the Connecticut Department of Economic & Community Development, the Connecticut Insurance Department and Insurtech UK to launch a new InsurTech Corridor.
As part of the broader US-UK Financial Innovation Partnership (FIP), the Corridor unites two global insurance capitals by removing barriers faced by insurtech companies, both in the UK and Connecticut, as they enter and expand in each respective market. Through close collaboration, the Corridor will help participating US and UK companies:
Increase their knowledge of each respective market
Access resources and make valuable connections to accelerate their business growth
Connect with business development and investment opportunities
Streamline US and UK market entry by leveraging the local insurance ecosystems
The Corridor will enhance trans-Atlantic cooperation and drive insurance innovation as it works to develop the insurtech sector through commercial resources and encourage greater business between the two jurisdictions. This agreement is the first step in developing an online platform of free resources for interested companies.
The online platform will later launch this year. “As world leaders for innovative, cutting-edge practices in the insurance sector, it was natural to pursue this partnership between the UK and Connecticut.
The InsurTech Corridor will revolutionise how we approach trans-Atlantic market entrances. As home to one of the oldest and largest insurance industries in the U.S., Connecticut is the perfect fit for the UK,” said Her Majesty’s Trade Commissioner to North America Emma Wade-Smith. “This Corridor will reduce bureaucracy, enabling the industry to better pursue growth and business opportunities, to be benefit of consumers and our economies in both locations.”
“The size and competitiveness of the UK insurance market has led to the creation of a world-leading UK insurtech landscape. Most UK insurtechs see the US as the most attractive international destination for expansion,” said Insurtech UK Council member and Chair of the Government & External Affairs Working Group John Warburton. “This Corridor is therefore a fantastic opportunity to remove the barriers facing UK businesses in making that first step into the US market. Connecticut has a strong reputation for attracting inward investment and supporting insurance innovation so is the perfect home for a UK-US InsurTech Corridor. Insurtech UK is delighted to launch this Corridor as it presents immediate and substantive value for our members and for the broader UK and US insurance sectors.”
The UK insurance sector has developed a world-leading reputation for best practice and innovation. Benefitting from a digitally advanced home market, a first-class regulatory regime, an abundance of talent, and access to the 4th largest global insurance market in the city of London, the UK houses Europe’s biggest and most dynamic ecosystem for insurtech start-ups and scale-ups.
“The creation of the InsurTech Corridor is the latest example of how Connecticut is focused on strengthening its innovation ecosystems and workforce pipelines through public-private partnerships,” said Connecticut Department of Economic and Community Development Commissioner David Lehman. “This collaboration with the U.K. will create overseas business development and investment opportunities for Connecticut companies as well as attract new firms and jobs to our state.”
“This is a significant milestone, strengthening the partnership between Connecticut and the U.K. to accelerate innovation through insurtech and benefit consumers,” said Connecticut Insurance Commissioner Andrew N. Mais. “Appropriate innovation can help support improved customer engagement and better service while enabling greater efficiencies and new business models to drive growth in the insurance sector and bring jobs to Connecticut.”
The State of Connecticut has one of the oldest and largest insurance industries in the US. Often nicknamed, “The Insurance Capital,” more than 100 different insurance companies call Connecticut home. The State maintains the highest percentage of insurance jobs per capita, and ranks among the top three in net premiums written. Its capital city of Hartford is a historic international centre of the insurance industry, home to companies like Aetna, Conning, The Hartford, Prudential, Travelers, AXA, and Nassau Re.
As a result, Connecticut has also developed a thriving insurtech ecosystem and rates as the top destination for US market entry. “Our talent base of human ingenuity includes thousands of employees in the Insurance Capital with years of experience that can’t be matched anywhere in the world,” said Executive Director for Connecticut Insurance and Financial Services Susan Winkler. This workforce of risk managers, actuaries, claim handlers, and underwriters enables an unyielding commitment to innovation and quality for any company looking to establish a foothold in the U.S.
The agreement was signed in Hartford, Connecticut on Thursday, 10 March with industry stakeholders and UK and regional officials present for the occasion. The signing was broadcasted via video streaming to Lloyd’s Lab, an award winning space dedicated to accelerating and fostering innovation for insurance in London, for its members to view the historic occasion. From more information on the InsurTech Corridor, including the application process for companies interested in overseas expansion, please visit https://www.events.great.gov.uk/ehome/200236746.