Altus Consulting, a leading financial services consultancy, has officially become a partner of Insurtech UK, joining the first wave of associate members and partnership sign-ups of 2019. With the aim of becoming the definitive voice of the InsurTech community in the UK, the alliance has welcomed over 40 InsurTech start-ups since its launch in November 2018. The Insurtech UK initiative was set up to promote InsurTech companies with a strong lobbying voice within the wider insurance industry. By providing best practice advice, it will help its members to develop their proposition more efficiently, giving them a better chance of success.
Altus Consulting will assist with the communications strategy for InsurTech members, using its knowledge of the UK market and its comprehensive insurance frameworks to help model the capabilities of new technologies. With potentially hundreds of new InsurTechs on offer for insurers, it can be a daunting exercise when looking for solutions to solve a particular problem. Altus Consulting has experience in working with insurers to adopt these new technologies into their business – an important step often overlooked.
Commenting on the announcement, Mark Andrews, Domain Director for General Insurance at Altus Consulting, says:
“The calibre of the founding partners and the Insurtech UK members already signed up made us realise that we had to get involved. We are passionate about the insurance industry and can offer a lot of value to the initiative.
Having a recognised InsurTech association in the UK to educate both start-ups and insurers will improve the quality and standard of services offered and therefore increase the chance of success for all parties involved. Insurtech UK members will be able to solve the right industry problems and ultimately engage more effectively with insurers. It’s a tough ask, but we expect that customers will be better educated, insurance products will be more transparent and that insurance will no longer be a grudge purchase,” concludes Andrews.
Other organisations that have joined in this first wave of sign ups include:
· Associate Members: Lloyd’s of London, Hiscox, Bascule and Holloway Friendly
· Technology partner: Polaris
· Corporate Finance partner: IMAS
· Legal partners: Capital Law and Locke Lord
· R&D partner: GovGrant
· Recruitment partner: BMC Recruitment
It is expected that the second wave of sign-ups will quickly follow now that the alliance has secured financial stability with a substantial membership and partnership base. The group is in discussions about its strategy and activity moving forward, including reaching out to Government, media and industry stakeholders to develop ideas for sharing best practice and raising awareness of Insurtech UK.
Insurance Edge Comment;
As investment pours into the insurtech sector it is right that companies both large and small form associations to lobby for regulatory common sense, better rewards for risk takers who put their money into new projects, and keep pace with global trends and developments.
There is much more than the mess of Brexit to consider in the long term, if the UK government wants the UK insurance industry to be a world leader within insurtech.