UK Government Announces Support for Insurtech Companies

Minister for Investment Graham Stuart MP has signed a Statement of Intent with the newly formed association to work together on several initiatives to benefit the UK insurtech community.

A series of workstreams designed to promote the interests of the UK insurtech community both domestically and internationally were announced today as the Minister for Investment Graham Stuart MP spoke at the Insurtech UK Summer Reception and signed a Joint Statement of Intent with the alliance.

Insurtech UK is an alliance of 52 insurtech startups, who are joined by associate members from the traditional insurance industry and a number of service partners from external businesses. Its aim is to transform the perceptions and reputation of the insurance industry in the UK and to revolutionise the consumer experience of insurance through the use of technology.

The UK insurtech market is one of the world-leaders in innovation and is already reshaping the current insurance industry. With London being an unparalleled global hub for finance, insurance and tech startups, there is a unique opportunity for the UK insurtech sector to help position the UK as the global insurtech hub and the number one destination in the world for insurance.

But there is still a lot of work to do to get there. To achieve this goal, the UK insurtech community needs greater access to funding to accelerate growth and a significant boost to its international profile to better attract foreign interest and investment.

Insurtech UK’s new partnership with the Department for International Trade will play a key role in helping to achieve this, by facilitating international opportunities, heightening the profile of the UK insurtech sector and providing vital intelligence that can help startups to access new markets, offer a wider pool of customers and improve their services. As well as unlocking overseas opportunities, this would also stimulate the domestic insurance market by attracting foreign insurtechs to operate in the UK.

This signed Statement of Intent is a commitment from Insurtech UK and the Department for International Trade to work collaboratively on a number of workstreams which both parties believe can contribute towards the objective of making the UK the best place in the world for insurance.

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The Statement of Intent includes agreements to collaborate on:

–        Developing a wider, more inclusive process for insurtechs to access and influence future Government-led trade missions

–        Gathering information about the UK insurtech community to improve DIT’s ability to attract international interest into the UK insurance market and to create opportunities overseas for UK insurtech startups

–        Coordinating webinars with foreign consulates to share intelligence about the regulatory landscape and commercial opportunities of international export markets

–        Looking at the creation of a cross-industry working group to focus on issues that affect the UK-wide insurance sector

–        Exploring the possibility of creating a UK Insurtech Week in 2020

Minister for Investment Graham Stuart MP said:

“The UK’s burgeoning insurtech sector is one of the most exciting strands of our financial services industry. There is huge demand for British expertise overseas and UK insurtech businesses have a real opportunity to make their mark on the global stage, to ensure the UK becomes a world-leader in this area.

“DIT is committed to supporting the sector to ensure it firmly establishes itself on the global stage and continues to grow at a fast pace, so I am very pleased to be announcing our commitment to work with Insurtech UK today.”

Insurtech UK Chair Niall Barton added:

“We are thrilled that in such a short time, Insurtech UK has already developed strong relationships with the UK Government and has secured a clear commitment to work collaboratively with the Department for International Trade for the benefit of the UK insurtech community.

“The initiatives outlined in the signed Statement of Intent will go a long way in increasing the opportunities afforded to UK insurtechs, and it will allow the Government to work much closely together with our sector to create a huge win for the UK economy.

“We are confident that the Department for International Trade shares our belief that the UK insurtech sector is one of the strongest in the world, and that going forward the UK needs to establish itself as a global hub for insurance and innovation. We look forward to working together to make this ambition a reality.”

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