UK gov't lends support to help local InsurTech startups
2019-08-07 14:14 Wednesday
Britain's Minister for Investment Graham Stuart MP recently signed a statement of intent with newly-formed membership body Insurtech UK to work together on several initiatives to encourage the domestic and international InsurTech community.
As part of the agreement, the government outlined a series of platforms to promote firms that are operating in the UK InsurTech space, especially startups and companies that are driving innovation with products such as health insurance, life insurance and auto insurance.
The move is seen as an important indicator of official support for the specialist sector, which many hope will lead the next wave of transformation of the insurance services and fintech industry through Big Data, Blockchain, mobile internet insurance and other game-changing advancements.
Stuart delivered his keynote speech at the Insurtech UK Summer Reception. On the agreement he said: “The UK's burgeoning insurance technology sector is one of the most exciting strands of our financial services industry.
“There is huge demand for British expertise overseas and UK InsurTech businesses have a real opportunity to make their mark on the global stage, to ensure the country becomes a world leader in this area.”
Niall Barton, the Insurtech UK chair, added: “The initiatives outlined in the signed Statement of Intent will go a long way in increasing the opportunities afforded to UK InsurTechs, and it will allow the Government to work much closely together with our sector to create a huge win for the UK economy.”
“We are thrilled that in such a short time, Insurtech UK has already developed strong relationships with the UK Government and has secured a clear commitment to work collaboratively with the Dept. for International Trade for the benefit of the UK insurance technology community.
“We're confident that the Department shares our belief that the UK InsurTech sector is one of the strongest in the world, and that going forward the UK needs to establish itself as a global hub for insurance and innovation. We look forward to working together to make this ambition a reality.”
The establishment of Insurtech UK was announced at the end of last year. The body aims to represent the UK's burgeoning InsurTech community.
When the organization was unveiled it declared that it seeks to develop discussions with the government and regulators and work with trade organizations to address issues faced by the UK insurance industry at home and abroad.
Its membership already included Aviva, Broker Direct and the Chartered Insurance Institute (CII) from the launch. Since then, Hiscox and Lloyd's have joined the organization, too.
At the time, Barton said: “We are delighted to introduce our new partners and associate members to our ecosystem. It has been really encouraging to see so many businesses out there who share our ambition to radically improve the insurance experience for consumers and to permanently change the reputation of the industry.