UK-Connecticut InsurTech Corridor
The UK-Connecticut InsurTech Corridor is a commercial collaboration to develop InsurTech trade opportunities as part of the broader US-UK Financial Innovation Partnership (FIP).
The primary objective of the InsurTech Corridor is to remove barriers US and UK InsurTechs face when entering and expanding in each respective market in order to facilitate traction and growth.
Through close collaboration between the UK Department for International Trade, CT IFS (Connecticut Insurance and Financial Services trade association) and InsurTech UK, the InsurTech 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 creation of an insurtech corridor was formalised on March 10th, 2022 following the signing of an agreement between DIT and Connecticut to develop an online platform of resources for launch later that same year.
Uniting Two Global Insurance Capitals
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 State of Connecticut by comparison 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 center 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.
For questions related to the InsurTech Corridor, please contact:InsurtechCorridor@mobile.trade.gov.uk
Non-insurance firms including professional service providers, investors, media, as well as organizations or individuals interested in becoming a strategic partner or mentor for the program, or to simply learn more about the program itself, are also encouraged to contact: InsurtechCorridor@mobile.trade.gov.uk.watch the short promotional video here Find more information and register here