’This is a true collaboration between industry and innovators in the UK and US,’ says vice president 

The second stage of an insurtech programme aimed at creating transatlantic insurance industry trade links is set to get underway.

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This stage involves recruitment, and US insurtech firms are invited to express interest in the programme via the Insurtech Corridor website.

The Insurtech Corridor Initiative (ICI) intends to forge trade links between the UK and US insurance industry hub of Connecticut.

As part of the programme, UK-based insurtechs were recruited to take part in a cohort in January 2023.

And today (24 April 2023), the ICI said in a statement that it will be launching recruitment for its first US cohort.

It means insurtech firms based in the US will be able to join the transatlantic accelerator during the Insurtech Hartford Symposium event in May 2023.

Susan Winkler, vice president and executive director of Connecticut Insurance and Financial Services, said: “Opening the Insurtech Corridor for US firms is really exciting and takes the initiative to a new level with peers on both sides of the pond.

”This is a true collaboration between industry and innovators in the UK and US and the Insurtech Hartford Symposium is a crucial event for forging connections between tech firms and the insurance industry.”

’Opening the door’

The ICI is made up of a partnership between multiple organisations, including the UK government’s Department of Business and Trade and the Connecticut Insurance and Financial Services trade association -the State of Connecticut’s Department of Insurance, the MetroHartford Alliance, Insurtech UK and the State of Connecticut’s lead economic development agency, DECD.

Since its launch, the programme has enabled more than a dozen UK insurtechs to prepare for entry into the US market.

Winkler said: “After the strides already made by UK firms on the programme, Insurtech Corridor is now opening the door for US insurtechs with an interest in the UK insurance industry to give them the same opportunities and support.”

Companies participating in the first round of the Insurtech Corridor programme include Wrisk, FintechOS, Floodflash, Previsico, Konsileo, Matrix IQ, VIPR Solutions and ValueSpace.