Tech Nation

The Fintech Delivery Panel establishes Insurtech Board

Tech Nation news, Fintech

Greg MichelGreg Michel, February 21, 2018

This article was originally posted on the Tech City UK website.

We’re pleased to announce the Fintech Delivery Panel’s new subgroup focused specifically on insurance technology and innovation.

At the beginning of last year we launched the Fintech Delivery Panel, at the request of HM Treasury, with the mission to ensure the UK continues to be the intellectual, technological and financial capital of the world for fintech, from which startups will create the best financial services products and services for customers across the globe. One of the goals of the panel is also to promote the UK insurtech agenda and help insurtech companies to scale up and compete on a global stage, in line with the Industrial Strategy’s focus on future sectors.

  • Insurtech Board is part of the Fintech Delivery Panel and supported by Tech City UK
  • Brings together representatives from incumbent insurers, industry bodies including the Association of British Insurers, Lloyd’s of London and insurtech startups

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 Chair of our board, 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 will replicate the successful model of the main Fintech Delivery Panel by bringing all the key members of the insurance and tech ecosystem together 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, closing 30% of all European investment deals, according to Accenture. Part of the Insurtech Board’s remit is to make sure that London and the UK remain the leading locations 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, deliver new types of solutions and find new ways of working. I am personally thrilled to be working with the Fintech Delivery panel to help the insurtech sector continue to thrive, 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:

  • Will Thorne, Innovation Leader, The Channel Syndicate, Chair (FDP)
  • Philip Brown, Head of Policy, LV= (FDP)
  • Serge Taborin, Group Digital Innovation Director, Aviva (FDP)
  • Christopher Beazley, CEO, London Market Group
  • Chris Sharpe, CEO, Kinsu
  • Steven Mendel, CEO, Bought By Many
  • Daniel Pender, Co-Founder, Gryphon
  • Freddy MacNamara, CEO, Cuvva
  • Tom Powell, Regional Manager, CBL Insurance
  • Vivek Banga, Chief Digital and Offshoring Officer, Arthur J. Gallagher & Co., Chair of BIBA’s cross-industry Innovation Working Group
  • Matthew Cullen, Assistant Director, Head of Strategy, Data & Analytics, Association of British Insurers
  • Phoebe Hugh, CEO & Co-Founder, Brolly
  • Paolo Cuomo, Co-Founder InsTech London & Principal, Boston Consulting Group
  • Trevor Maynard, Head of Innovation, Commercial, Lloyds
  • Greg Michel, Senior Programme Manager, Fintech, Tech City UK
  • Daniel Poxon, Insurance and Pensions, HMT
  • Euan McCarthy, Policy Advisor, Pensions, Markets & Insurtech, HMT
  • Gordon Baker, Future Sectors, Business Growth Directorate, BEIS
  • Louis Barson, Head of Future Sectors, Business Growth Directorate, BEIS
  • Alan Stewart, Insurance and Markets Team, HMT
  • Thomas Price, Head of Fintech, Banking and Credit Team, HMT (FDP)

Want to have your voice heard? Send us your ideas!

One of the key elements of the board is that it should be led by, and for, the entire insurtech community. The intention is for the core board members to establish key collaborative, industry initiatives and to drive forward their delivery. A wider community of members will support the board’s work by proposing ideas and by participating in work streams to deliver the initiatives.

If you wish to become a member of this insurtech community and contribute your ideas and thoughts to the main board then please get in touch here. The board will only be successful with the active support, participation and collaboration of the insurtech community whom it serves – we welcome your views and input.

If you want to get involved, have any queries or require any more information please email: fintech@techcityuk.com

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- led initiatives to improve and accelerate its growth and success. It is chaired by Eileen Burbidge, chair of Tech City UK and the Government’s special envoy for fintech.

About the Industrial Strategy: Government’s Industrial Strategy recognises that our economic success depends on our ability to keep pace with new sectors and emerging businesses. New and innovative businesses drive earning power across the economy and across the sectors in which they take root – ensuring strong government engagement and support for these sectors is critical to its endurance.