Our roadmap for UK insurtech
Insurtech is a dynamic UK growth sector, using technology to improve insurance products, processes and customer outcomes.
The UK is a global leader in insurance innovation and home to more than 350 insurtech firms, an increase of 7% year on year. Together, these firms have an estimated combined value of around £15 million.
The UK ranks second globally for insurtech investment, with funding increasing by 8% year on year. The sector supports approximately 60,000 jobs across the UK and contributes around £5 billion a year to UK GDP.
About the roadmap
Our Roadmap was first published in June 2024 and refreshed in September 2025. Our Autumn 2026 “Next Mile” update reflects progress secured with Government and regulators and sets out the outstanding changes needed to help ambitious founders start and scale the insurtech businesses of the future.
It sets out how the Government can pave the way for UK insurtech to flourish, through:
- a regulatory regime that enables more new entrants
- an investment environment that facilitates funding
- more action to unlock opportunities to scale
Why act now?
The industry is working together, through its trade association Insurtech UK, to cultivate a proactive ecosystem that inspires and strengthens UK start ups and scale ups.
But to achieve the UK’s full potential this energy and expertise must be complemented and supported by a positive, enabling policy environment.
With the UK’s insurtech credentials firmly established on the world’s financial stage, now is the time to support these innovative firms further in their drive to internationalise.
Accessing higher levels of overseas investment and entering new markets will accelerate the next stage of UK insurtech’s exciting global journey.
Key recommendations
Recommendation 1: The PRA to maintain momentum in evolving the regulatory regime to the needs and structures of insurtechs as they start and scale, including:
a: a swifter, more transparent application process for PRA authorisation
b: clear guidance and communications as the new PRA mobilisation regime is introduced and embedded, meeting the commitment to be in place by end 2024
Recommendation 2: The FCA to work closely with the insurtech industry to ensure the ongoing availability of, and confidence in, a proper Appointed Representative scheme which allows market access for start-ups and enables future innovations in embedded insurance
Recommendation 3: Regulators to deploy a progressive, enabling approach to emerging technologies such as AI, blockchain and Open Finance, taking into account how these may best be applied within an insurance context to maximise consumer benefit and confidence
Recommendation 4: HM Treasury should extend SEIS and EIS to all categories of insurtech to incentivise more investment into this high-potential sector, and to prevent a cliff-edge where Managing General Agents may transition to being a regulated insurance firm
Recommendation 5: HM Treasury should significantly extend qualifying criteria for EMI from its current limit of £30 million gross assets to attract more experienced talent as insurtechs scale
Recommendation 6: HM Treasury should re-extend the long-stop date for Advance Subscription Agreements back to 12 months, removing the additional pressures on concluding accelerated funding rounds that reducing this to 6 months has created
Recommendation 7: An urgent review of the HMRC R&D credit scheme should be conducted to provide clarity, consistency and confidence in both the application of scheme criteria and scheme administration
Recommendation 8: The value and positive impact of Innovate UK’s Professional and Financial Services programme supporting research and development in insurance should be recognised and expanded by HM Treasury in future spending rounds
Recommendation 9: HM Treasury should introduce a fairer VAT/IPT regime, enabling insurtechs to scale quicker and on a level playing field with other tech sectors
Recommendation 10: A three year strategy from the Department for Business and Trade for international promotion of UK insurtech - to facilitate access to key overseas jurisdictions and encourage inward investment, drawing on evidence of priority countries and positive past experiences with insurtech corridors and fintech bridges
Recommendation 11: New government-backed reinsurance schemes (Innovation Re) should be scoped by HM Treasury to enable cover of new societal risks or act as a back-stop for new accessible and affordable insurance policies providing greater financial inclusion in insurance
