It follows Aviva and the CII joining Insurtech UK last month
Insurtech UK has partnered with the Department of International Trade (DIT) to improve access to overseas funding and to raise the profile of insurtechs.
It hopes to tap the domestic insurance market by attracting overseas insurtechs to operate in the UK.
Insurtech UK chair Niall Barton said: “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 Department for International Trade for the benefit of the UK insurtech community.”
It follows Aviva and the CII joining Insurtech UK last month. Earlier in April, Insurtech UK said in a breakfast breifing that they were keen to work with the insurance industry, the second panel raised the point that most investment opportunities lay overseas.
Statement of Intent
A joint statement of intent was signed by MP and minister for investment Graham Stuart as he spoke today at the Insurtech UK summer reception.
It represents the commitment between the DIT and Insurtech UK to work collaboratively several initiatives with the objective of making “the UK the best place in the world for insurance”.
- Developing a wider, more inclusive process for insurtechs to access and influence future Government-led trade missions
- Gathering information about the UK insurtech community to improve DIT’s ability to attract international interest into the UK insurance market and to create opportunities overseas for UK insurtech startups
- Coordinating webinars with foreign consulates to share intelligence about the regulatory landscape and commercial opportunities of international export markets
- Looking at the creation of a cross-industry working group to focus on issues that affect the UK-wide insurance sector
- Exploring the possibility of creating a UK Insurtech Week in 2020
Barton 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 confident that the Department for International Trade 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.”
Insurtech UK formed last November, it s an alliance of 52 insurtech startups who are joined by associate members from the traditional insurance industry and a number of service partners from external businesses.
Stuart said: “The UK’s burgeoning insurtech 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 UK becomes a world-leader in this area.
“DIT is committed to supporting the sector to ensure it firmly establishes itself on the global stage and continues to grow at a fast pace, so I am very pleased to be announcing our commitment to work with Insurtech UK today.”
Throws down the gauntlet
Adam Powell, co-founder and chief operating officer at Policy Expert, said thatby promising open up new opportunities for UK insurtechs that today’s announcement ”throws down the gauntlet for businesses” to forge change on a big scale.
“With growing investment and government support, there has never been greater appetite to see insurtech plans succeed. The UK has a rich heritage of insurance innovation, but we can’t rely on centuries of experience to stay relevant when technology is changing at a rapid pace.
“The time has come for insurtechs to stand up and be counted. Having built a highly portable and scalable platform which can extend to multiple product lines and geographies, we are excited to work with Insurtech UK as a founding member and have a seat at the table for talks with the DIT. We look forward to showcasing the best that UK insurtech can offer to an international audience,” he added.
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