A group of 31 of British insurance technology firms have launched a representative group, dubbed Insurtech UK.

InsurTech UK

Image: Members representing Insurance technology firms at Insurtech UK inaugural event. Photo: Courtesy of Political Intelligence Ltd.

Members of the Insurtech UK stated that the core aim of the group is to support the insurtech sector and promote the benefits that the new innovative companies can bring to customers and UK plc as a whole.

The group plans to develop a formal association next year with an initial mandate for a period of five years.

It will support insurtech start-ups and act as a platform for drive forward conversations with industry, regulators and government. It will also work alongside incumbents and other trade associations to address the issues faced by the UK’s insurance industry.

The meeting, which was held recently, focused on what it needs to do in the in the first six months and how its structure will be. It plans to establish an Interim Council along with three working groups that will cover communications, operations and best practices.

The start-ups that joined Insurtech UK include Anorak, Azur, Bewica, Bikmo, Bought By Many, Buzzmove, Canopy, Claim Technology, Concirrus, CoVi Analytics, Drover, Equipseme, Floodflash, Hokodo, Honcho, Kasko, Konsileo, Laka, Marmalade, Meet Sherpa, Urban Jungle, Pluto, Polaris, PolicyCastle, Shepherd, So-sure, Tapoly, Track My Risks, Worry and Peace, Wrisk and Yulife.

20 members out of the 31 companies had attended the group’s launch.

Worry and Peace founder James York said: “This is an exciting step towards building the voice of the UK’s growing insurtech industry. We’ve had tremendous support so far from the community as well as the wider insurance ecosystem. We’re keen to get started and build on the fantastic momentum already gained.

“We look forward to collaborating with many partners and help build a sector that has true potential to be world leading.”

The organization is being supported by Political Intelligence, a public affairs consultancy. Insurtech UK is presently accepting applications for membership, associate membership and partnership.