The corridor aims to provide a formal pathway for UK businesses to expand into the US

Lloyd’s Lab alumni ValueSpace has been chosen by the UK’s Department for International Trade (DIT) to be part of the first cohort of the UK-US Insurtech Corridor.

The DIT has chosen ValueSpace to represent the UK insurtech sector due to its ability to use satellite technology to inform risk and underwriting decisions.

The insurtech uses satelites in orbit to detect deformation of assets. 

The UK-US Insurtech Corridor was initially launched in March 2022 and is the first ever state-level financial services commercial trade partnership between the UK and US.

Reijo Pold, founder and chief strategy officer at ValueSpace, told Insurance Times: “It’s a real pleasure to be selected as one of the companies representing the UK insurtech landscape.”

Pold added that he was glad the UK-US partnership were interested in ”climate adaptation and protecting national critical infrastructure on a macro scale”.

Reducing barriers 

The UK-US corridor is part of the Financial Innovation Partnership – the formal economic collaborative body between the UK and US governments. The corridor is linked to the state of Connecticut as Hartford is seen as the insurance capital of the US commercial market.

The objective of the corridor is to provide a formal pathway for UK businesses to expand into the US and then reduce barriers to expansion for these businesses.

The corridor provides access to the insurance regulator in Connecticut as well as office space, a network of stakeholders to support businesses with insurance, investment, professional services and recruitment needs.