’Being able to share insights and information, will be beneficial for our UK ecosystem,’ says chief executive 

Trade association Insurtech UK a members are “keen to explore the US market” following the launch of a new pan-US trade body named Insurtech Coalition.

That was according to Melissa Collett, chief executive of Insurtech UK.

She told Insurance Times: “Many of our members are keen to explore the US market and so having a similar body in the States to work and collaborate with around trade opportunities is very welcome.”

Historically ties between the two regions have been tricky, which is why Insurtech UK set up its insurtech corridor back in March 2022 between the UK and Connecticut, USA.

Insurtech UK continues to forge links between the UK and US on behalf of its members.

Collett added: “Equally being able to share insights and information as well as collaborate on events and future projects – be that around access to funding, or training, or even fostering recruitment and skills opportunities across both sides of the Atlantic – will be beneficial for our UK ecosystem.”

It follows the launch of the Insurtech Coalition by founding members Lemonade, Boost, Clearcover, Branch and Root Insurance on 29 November 2023.

Lemonade and Root are also Insurtech UK members. 

No time for complacency

The Insurtech Coalition aims to represent the interest of insurance firms by reinforcing its members ideas and commitment.

In an open letter to the industry, the founding members said: “Big changes bring tremendous opportunities, technology-focused insurance  companies are at the forefront of this forefront of this powerful shift in the insurance landscape.

”Our coalition aims to foster responsible innovation while furthering the collective efforts to provide the best possible insurance experience for our customers.

“This is not a time for complacency. Our agility and ability to serve the ever-changing needs of today’s customers through cutting-edge technology position this group as the voice for the future of the industry.

“We will drive the industry forward in a way that aligns with our shared values of transparency, fairness, and consumer empowerment.”