Tech City UK’s fintech delivery panel has created a new subgroup with a particular focus on insurtech and innovation.
The Insurtech Board includes representatives from Association of British Insurers (ABI), Lloyd’s of London, the London Market Group (LMG) and the British Insurance Brokers Association (BIBA) along with incumbent insurers and insurtech startups.
It intends to promote the UK insurtech agenda and help insurtech companies in scale up and to compete on a global stage.
Lloyd’s syndicate, The Channel Syndicate innovation leader Will Thorne said: “The Insurtech Board will establish a common vision for insurtech in the UK in order to position the UK as the best environment to start or locate an insurtech business.
"Industry support and collaboration with a thriving insurtech scene will build on the UK’s traditional strengths as one of the major global insurance markets.”
Fintech Delivery Panel Chair Eileen Burbidge stated that startups in insurtech field face significant hurdles and the priority of the board is to find ways to bring in standardisation and recommend potential fast track regulatory processes that can ensure that the entrepreneurs can concentrate on turning ideas into viable business models.
This dedicated group for insurance will use the main Fintech Delivery Panel model by bringing all the key members of the insurance and tech ecosystem together and to formulate industry-led initiatives. These initiatives can reinforce UK’s position as the world’s biggest insurance and reinsurance market.
One of the Insurtech Board’s activities is to ensure that London and the UK remain the leading destinations for insurtech in the future, as the city is claimed to the hotspot for European insurtech, with a closing rate of 30% in all European deals.
Lloyd’s innovation head Trevor Maynard said: “Partnerships with startups can assist insurers in understanding their customers in new ways, deliver new types of solutions and find new ways of working.
“I am personally thrilled to be working with the Fintech Delivery panel to help the insurtech sector continue to thrive, develop new products, strike new partnerships, source new talent, and maintain London’s pre-eminence, not only as the world’s leading insurance centre, but the world’s leading insurtech centre too.”
Image: Fintech Delivery Panel Chair Eileen Burbidge. Photo: Courtesy of Tech City UK.