Insurtech UK Publishes Roadmap To The Future

Insurtech has been one of the success stories of the UK economy in the last decade, so it’s worth taking the time to think about a future growth strategy, regardless of which poliitcal party of coalition of parties is in power after July 5th 2024.

Insurtech UK today publishes its Roadmap of recommendations for policy-makers to retain and strengthen the UK’s leading global status in insurance innovation.

Insurtech is a dynamic growth sector with infinite potential in the UK and beyond, using the latest technology to improve traditional insurance products and processes. The UK is already home to the world’s second largest insurtech cluster with an estimated combined value of more than $20 billion. More widely it supports 60,000 jobs across  the country, contributing almost £5 billion to the UK economy (GDP).

The industry is working together, through its trade association Insurtech UK, to cultivate a proactive ecosystem that inspires and strengthens UK start ups and scale ups, but to achieve the UK’s full potential this energy and expertise must be complemented and supported by a positive, enabling policy environment.

The Roadmap sets out how the next government can pave the way for UK insurtech to flourish, through:

• a regulatory regime that enables more new entrants

• an investment environment that facilitates funding

• more action to unlock opportunities to scale

With the UK’s insurtech credentials firmly established on the world’s financial stage, now is the time to support these innovative firms further in their drive to internationalise. Accessing higher levels of overseas investment and entering new markets will accelerate the next stage of UK insurtech’s exciting global journey.

There’s a Link to full doc here. 

Melissa Collett, CEO Insurtech UK said:

“As we look ahead to a new government forming as soon as next week, now is the time to show the strength of our dynamic insurtech sector and what more can be done to support and scale these fantastic UK companies, especially on their journeys to international expansion.”

“I look forward to working with policymakers and regulators throughout the course of the next parliament to achieve our mutual ambitions of the UK being the best place to start and scale new tech companies, in our case drawing on the long tradition and experience of this country as a leading global centre in insurance for over 400 years.”

Louise Birritteri, Board member and Chair of Government Affairs Committee Insurtech UK and CEO Pikl said:

“As CEO of an ambitious UK insurtech based in the East of England, I can vouch first-hand for the expertise and energy that drives the sector forward on a day-to-day basis. There is so much more potential in insurtech – for innovation, for consumer benefit, and for expansion.”

“We need a better funding environment that enables more investors – both in the UK and from overseas – to get behind good teams with great ideas and the sector will soar even higher.”