A new Insurtech Board has been set up as part of the Tech City UK and UK government backed Fintech Delivery Panel, to provide a focus on making the UK a key hub for insurance technology start-ups, investing and developments.
The Fintech Delivery Panel, which was established at the request of HM Treasury, is tasked with promoting the UK insurtech agenda and helping insurtech startups scale up and compete on a global stage.
This Insurtech Board is a subgroup of the Delivery Panel and includes representatives from leading insurtech startups, traditional insurers and 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).
Will Thorne, Innovation Leader at The Channel Syndicate, at Lloyd’s, outlined the priorities, saying, “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 Tech City UK, 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.”
The aim of the initiative is to bring, “key members of the insurance and tech ecosystem together in order to devise industry-led initiatives that reinforce the UK’s position as the world’s biggest insurance and reinsurance market.”
Trevor Maynard, Head of Innovation at Lloyd’s, also commented, “Partnerships with startups can assist insurers in understanding their customers in new ways, delivering new types of solutions and finding new ways of working. I am personally thrilled to be working with the Fintech Delivery panel to help the insurtech sector continue to thrive, to 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.”