For ambitious insurtechs looking to scale and grow, having access to strong new markets where insurance innovation is encouraged and celebrated is vital. 

This includes those overseas, which can often build on experiences and expertise developed on home shores. 

That’s why supporting and encouraging UK insurtechs to realise their international ambitions by scaling beyond the UK is one of five areas identified by our Advisory Panel as key to driving the growth of the sector.

And so, we are delighted to be partnering alongside Insurtech Australia as the UK Department for Business and Trade (DBT) launches a new pathway that aims to strengthen relations between the UK and Australia, and to support our insurtech communities to leverage the opportunities afforded by facilitating access to these markets.

Insurtech in the UK

Insurtech in the UK is one of our fastest-growing sectors, contributing around £5 billion per year and counting to UK GDP. We have the highest number of insurtech companies per capita of any major world economy (Source: The United Kingdom – The Nexus of Insurtech, 2023).

The UK also invests the second highest amount of funding into insurtech worldwide after the USA, making it an attractive proposition for overseas insurtechs seeking to expand beyond their home shores (Source: Insurtech Down Under: Trends, Tech and Triumphs, March 2025).

Insurtech in Australia

Australia’s insurtech sector is vibrant, maturing, and growing in prominence on a global level, fuelled by technology, collaboration and changing consumer needs – and backed by the rapid advancement of the country’s start-up ecosystem over the past decade.

No longer limited by small capital markets and population size, Australia is now in the top 7 nations worldwide for global venture-backed funding.

Its smaller, less competitive insurtech market benefits from strong connectivity, a highly regulated financial system, and established expertise in key areas like agriculture and climate risk. As such, it offers startups a strong testing ground in which to refine their products before competing internationally. Indeed, its geographic position encourages a focus on global scalability from inception, with international expansion seen by Australian insurtechs as crucial for long-term success (Source: Insurtech Down Under: Trends, Tech and Triumphs, March 2025). 

The UK-Australia Insurtech Pathway

The UK and Australia are both recognised as hubs for insurtech innovation, with strong regulatory frameworks, mature insurance markets, and thriving technology ecosystems.

What’s more, following the establishment of the UK-Australia Free Trade Agreement in 2023, it is now easier than ever for the two nations to do business with one another.

And so, the UK-Australia Insurtech Pathway has been set up to provide a structured pathway for UK and Australian insurtechs to scale internationally in these respective markets.

Launched in Australia last month, and here in the UK this week (kindly hosted by QBE given its strategic interest in both markets), the pathway will provide practical support to a select cohort of UK insurtech companies seeking to enter the Australian insurance market, and to Australian insurtech companies looking to establish themselves in the UK.

This includes:

• Market entry support – guidance on regulation, compliance, and business setup
• Networking and partnership opportunities – connections with mentors, industry leaders, insurers, investors, and government partners
• Trade missions and events – delegations and showcases in both markets

A more connected insurance sector

The UK-Australia Insurtech Pathway is yet another strategic step towards a more connected, innovative and resilient insurance sector – one that embraces innovation in pursuit of new products and services, flies the flag for inclusivity and customer-centricity in business, and is agile enough to adapt in the context of a rapidly changing world.

To find out more about the pathway, companies can join our Australia Market Access webinar with the Department for Business and Trade and Insurtech Australia on April 1, or apply to join the pathway via this link.