Tech City Launches Insurtech Advisory Board With 21 Members

Insurtech is very much an industry buzzword right now, and millions are being invested every week by insurers, brokers and supplier companies, as the sector seeks to transform its offering for the digital age. The Fintech Delivery Panel is pleased to announce a new subgroup focused specifically on insurance technology and innovation.

One of the goals of the Fintech Delivery Panel, which was launched by Tech City UK at the request of HM Treasury, is to promote the UK insurtech agenda and help insurtech companies to scale up and compete on a global stage, in line with the Government’s Industrial Strategy’s focus on future sectors. Tech City received a £21 million funding boost in Chancellor Hammond’s November Budget in 2017.

The new insurtech subgroup includes representatives from leading insurtech startups, incumbent insurers and key market bodies including the Association of British Insurers (ABI), Lloyd’s of London, the London Market Group (LMG) and the British Insurance Brokers Association (BIBA).

Outlining the initial priorities for the group, Will Thorne, Innovation Leader at The Channel Syndicate, a Lloyd’s syndicate, 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.”

Eileen Burbidge, Chair of the Fintech Delivery Panel and Tech City UK, added: “Startups in this field face considerable hurdles, and a priority for the Insurtech Board will be to find ways to encourage standardisation and recommend potential fast track regulatory processes, so that entrepreneurs can concentrate on turning great ideas into viable businesses.”

This dedicated group replicates the successful model of the main Fintech Delivery Panel by bringing key members of the insurance and tech ecosystem together in order to devise industry-led initiatives that reinforce the UK’s position as the world’s biggest insurance and reinsurance market. London is a hotspot of European insurtech investment with 30% of all deals in the continent taking place in the city, according to consultancy Accenture. Part of the Insurtech Board’s remit is to make sure that London remains the leading location for insurtech in the future.

Trevor Maynard, Head of Innovation at Lloyd’s, said: “Partnerships with startups can assist insurers in understanding their customers in new ways, delivering new types of solutions and finding new ways of working. I am personally thrilled to be working with the Fintech Delivery panel to help the insurtech sector continue to thrive, to 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.”

The insurtech industry experts that will participate in the subgroup are:

  1. Will Thorne, Innovation Leader, The Channel Syndicate, Chair (FDP)

  2. Philip Brown, Head of Policy, LV= (FDP)

  3. Serge Taborin, Group Digital Innovation Director, Aviva (FDP)

  4. Christopher Beazley, CEO, London Market Group

  5. Chris Sharpe, CEO, Kinsu

  6. Steven Mendel, CEO, Bought By Many

  7. Daniel Pender, Co-Founder, Gryphon

  8. Freddy MacNamara, CEO, Cuvva

  9. Tom Powell, Regional Manager, CBL Insurance

  10. Vivek Banga, Chief Digital and Offshoring Officer, Arthur J. Gallagher & Co., Chair of BIBA’s cross-industry Innovation Working Group

  11. Matthew Cullen, Assistant Director, Head of Strategy, Data & Analytics, Association of British Insurers

  12. Phoebe Hugh, CEO & Co-Founder, Brolly

  13. Paolo Cuomo, Co-Founder InsTech London & Principal, Boston Consulting Group

  14. Trevor Maynard, Head of Innovation, Commercial, Lloyds

  15. Greg Michel, Senior Programme Manager, Fintech, Tech City UK

  16. Daniel Poxon, Insurance and Pensions, HMT

  17. Euan McCarthy, Policy Advisor, Pensions, Markets & Insurtech, HMT

  18. Gordon Baker, Future Sectors, Business Growth Directorate, BEIS

  19. Louis Barson, Head of Future Sectors, Business Growth Directorate, BEIS

  20. Alan Stewart, Insurance and Markets Team, HMT

  21. Thomas Price, Head of Fintech, Banking and Credit Team, HMT (FDP)

About Fintech Delivery Panel: The Fintech Delivery Panel was set up by Tech City UK, at the request of HM Treasury, to identify areas where the Fintech sector can work on industry initiatives to improve and accelerate the growth and success of the industry. It is chaired by Eileen Burbidge, chair of Tech City UK and the Government’s envoy for fintech.

About Tech City UK: Tech City UK’s mission is to accelerate the growth of the UK’s digital economy. The independent organisation was founded in 2011 to raise the profile of the UK’s digital and tech sector and provide everything it needs to keep growing at a rapid rate. Tech City UK does this through its programmes and policy work: focusing on skills, smart capital, investment and infrastructure. The organisation has offices in London and Manchester from which it works with digital businesses at all stage of their development. In 2018 it will become known as Tech Nation, taking on a UK-wide role to accelerate the tech sector in 10 UK regions, as well as London.

 

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