Now, more than ever, we request that all insurance leaders remain committed to supporting innovation and insurtech.
The impacts of COVID-19 on the insurance industry are immediately pressing, and come with unclear longer-term repercussions. Insurers are dealing with unprecedented pressures from every angle; looking after customers and partners is a clear priority, as is supporting staff through both remote-working and dramatic changes to working and personal lives. Insurers are understandably reprioritising within their businesses, but in these challenging times, there may exist the temptation to pull support from mid-term and long-term opportunities, such as innovation and insurtech (including internal technology initiatives, providing funding to startups, and providing underwriting support for insurtechs).
Innovation in the UK insurance sector depends heavily on the leadership of our major insurers. They are the engine rooms that many of our best and brightest Insurtechs build their businesses upon, and they often underwrite the risks that allow our insurtechs to innovate on behalf of customers.
Many of our insurtech firms are SMEs, now facing tremendous challenges as a result of Covid-19 and its impacts on the economy. They are also beacons for the future of the insurance sector and leaders in their own right, with a responsibility to ensure that the products and services they provide add tangible value for customers, particularly in these difficult times.
Innovation and insurtech pave the way for the future of the insurance sector, and at this critical juncture, the sector must now band together and collaborate as best it can.
To all leaders in the UK insurance sector, we request that you commit to supporting:
- the active exploration of strategic partnerships with insurtechs
- mutual collaboration between insurtechs firms and insurers, to develop initial concepts into products that will ultimately better serve customers
- investment into new and existing initiatives, via both traditional and corporate Venture Capital
- communication between firms, to ensure that it is clear and timely, and as transparent as possible with respect to the decision-making processes around engagement, funding, and ongoing support
If UK insurance leaders remain committed to innovation and insurtech, then the UK will remain a global leader in insurance and will be well-positioned to emerge from the current crisis with a more resilient, sustainable, and customer-centric insurance sector.
About the Insurtech Board
The purpose of the Insurtech Board is to support the UK’s position as a global leader in insurance by developing collaborative initiatives that promote the UK Insurtech ecosystem, helping insurtechs achieve scale, and creating a competitive and innovative environment to the benefit of end-customers. The Insurtech Board achieves this by bringing together stakeholders from a variety of sectors, including insurance, insurtech, investment, and government.
About Insurtech UK
Insurtech UK is a trade association of over 100 businesses across the insurtech ecosystem. Formed in November 2018, it set out to be the voice of the growing UK insurtech sector and to champion the potential of the sector with Government, industry and internationally. Insurtech UK’s mission is for the UK to become the global leader in insurance innovation.