During 2017, annual investment in insurtech increased 36% to $2.3 billion, compared to $1.7 billion in 2016, according to the Willis Towers Watson Q4 2017 Insurtech Report.
Last month we announced the insurtech board: an initiative designed to support this exciting sector through collaboration. As part of the Fintech Delivery Panel, our vision is that the UK will continue to be the intellectual, technological and financial capital of the world for insurtech from which will result the best financial services products and services for customers across the globe.
We’re thrilled to be able to reveal the vision and objectives that the board have set for UK insurtech over the next two years.
Key objectives of the board include developing a toolkit to encourage standardisation and fast track processes to solve onboarding challenges faced by incumbent insurance businesses and startups; creating an investor day for insurtech startups; and working with partners like the Department of International Trade (DIT) to showcase great British insurtech companies and bring more foreign insurtechs to the UK.
The Insurtech Board will work closely with insurtechs (SMEs), incumbent insurers, Government and regulators to drive specific, high-impact industry initiatives which can ensure that the UK takes advantage of our strong heritage of insurance innovation and is positioned as the global insurtech hub of choice.
The board is extremely grateful to a large number of entrepreneurs and industry participants who have already offered their assistance in tackling these challenges.
Insurtech Focus Areas for Year 1 and 2:
- To attract foreign insurtechs to launch products, form partnerships, showcasing the UK’s unique insurance sector. We will work with DIT to facilitate this.
- To improve access to finance from UK investors for early stage and scaling insurtechs, including the launch of a dedicated insurtech investor day with VCs, CVCs, crowdfunding platforms and angel networks.
- To ensure the UK insurance market remains attractive to insurtech entrepreneurs post Brexit
- To drive collaboration between insurtechs and incumbents by improving onboarding processes and exploring ways to ensure consumers benefit quicker from developments in technology [through a cross industry onboarding working group]
- To ensure that the UK’s unique and diverse pool of skills and talent, together with the strong fintech policy environment and concentration of (re)insurance markets, are leveraged to help early stage insurtechs to launch faster, more cost efficiently, and with better global market access in the UK compared to other regions [through a cross industry support working group]
- To maintain and build upon London’s status as a world leader in insurtech and promote cross regional partnerships with the UK’s tech hubs and accelerators to increase the number of insurtech startups based outside of London over the next three years
- To monitor trends and progress on issues in UK insurtech through an annual survey and insight report, first of which to be towards end of 201
- To compile and catalogue best practices from across the UK in other fintech sub-sectors or other regions around the world in order to discern what more can be done to foster, support and encourage more insurtech innovation in the UK, via recommendations to be delivered later this year
- And there may yet be more to come…
Several working groups have already made good progress on these priorities and more will be established shortly.
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: firstname.lastname@example.org
What is the insurtech group?
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.
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).