Tech Nation welcomes more insurance firms to the Fintech Pledge, taking the total number of signatories to over 20 of the UK’s largest financial institutions.
LV= General Insurance and Hiscox UK join insurance industry peers Admiral, Aviva, Brit, eSure, Lloyd’s, Munich Re Digital Partners and Swiss Re in this commitment to accelerate the growth of the UK’s fintech sector by promoting productive partnerships between established firms and tech scaleups.
Initiated by Tech Nation’s Fintech Delivery Panel, and endorsed by HM Treasury, the Fintech Pledge launched in the banking sector in 2020 before broadening out to include insurance firms and asset managers in 2021.
Becoming a signatory allows financial institutions to demonstrate their ongoing commitment to digital innovation for the benefit of their business and customers, whilst ensuring prospective fintech partners are afforded transparency and clear communication throughout the procurement process.
Keith Misson, transformation director at LV= General Insurance, commented: “We’re very pleased to support the Fintech Pledge and be part of a fintech strategy across the UK.
“The pace of transformation in the insurance industry is increasing, and it will be crucial we work together with fintechs and startups for the future health of the UK insurance market. We want to transform and evolve as an organisation and look forward to playing our part in the insurance ecosystem.”
As the appetite for larger firms to partner with, or purchase from, fintech companies increases, the importance of a strong relationship between the two parties is essential to business success for both sides.
Partnerships are driving positive change across the financial system, from underpinning new customer solutions to transforming regulatory reporting and digital infrastructure. Fintechs can bring the newest, most innovative ideas to the table, with specialised technological expertise and the ability to move at pace, while larger financial institutions have established customer relationships, scale, funding and the regulatory knowledge to put the latest developments into action.
Jodi Cartwright, distribution director at Hiscox UK said: “Fintechs and insurtechs have played an important role in the financial services industry in recent years to drive innovation and ultimately provide a better solution and service to the end customer.
“Collaboration between large organisations like Hiscox UK and fintechs and insurtechs is critical – the mixture of skill, experience and ability across our businesses should ultimately deliver better outcomes. Initiatives like this can help facilitate that innovation.”
Tech Nation’s Fintech Delivery Panel has already taken steps to facilitate exactly this kind of collaboration; from onboarding guidelines Supporting fintechs in engaging with financial institutions which provide advice to fintechs on a wide range of matters from market research to successful pitches, to the Fintech Pledge putting many of the key principles from this guidance into action publicly and consistently across UK financial institutions.
Looking to build on this priority area, the Fintech Delivery Panel invites representatives from across the fintech ecosystem to join the Fintech Partnerships Summit, co-hosted with EY in January 2022. This event provides an opportunity to celebrate and learn from successful fintech partnerships, identify ongoing barriers to productive collaborations, and discuss next steps to address these obstacles.
Delegates are welcome from fintechs, financial institutions and advisory firms, as well as trade associations or investors. To register for more details of the Fintech Partnerships Summit and express an interest in attending this event in January 2022 please enter your details here.
We also welcome further institutions who would like to commit to the Fintech Pledge’s principles. Please email the Fintech Delivery Panel team who will contact you to discuss.