InsurTech Board established to focus on start-ups

InsurTech-Board

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 Fintech Delivery Panel is pleased to announce a new subgroup focused specifically on insurance technology and innovation.

One of the goals of the Fintech Delivery Panel, which was launched by Tech City UK at the request of HM Treasury, is to promote the UK InsurTech agenda and help InsurTech companies to scale up and compete on a global stage, in line with the Government’s 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).

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 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.”

This dedicated group replicates the successful model of the main Fintech Delivery Panel by bringing 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. London is a hotspot of European InsurTech investment with 30% of all deals in the continent taking place in the city, according to consultancy Accenture. Part of the InsurTech Board’s remit is to make sure that London remains the leading location 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, 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.”

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)