Following a successful first half to 2019, Insurtech UK has expanded its alliance even further by recruiting the likes of Aviva, CII, Broker Direct PLC, Hotwire, Browne Jacobson LLP, Wells Tobias Group and PKF Littlejohn.
These companies join the 50+ strong membership of insurtech startups and the other associate members and partners of the alliance, which informally launched in November 2018. The growing size of Insurtech UK means that it is fast developing in its mission to become the leading voice of the UK insurtech community, and reveals the belief within insurtechs that there is a necessity for such a body to formally represent the sector in the UK.
The alliance is already proving itself to be significantly beneficial for its membership, with collaboration opportunities and best practice initiatives underway. The aim is to build an interactive forum that helps insurtechs gain access to best practice content and industry expertise. This is intended to help them navigate the many challenges that startups face in building successful and innovative businesses within the UK insurance market. Examples of this include a panel discussion with senior representatives from Hiscox and Munich Re about negotiating with (re)insurers and a ‘Survival Guide’ session with the alliance’s three legal partners.
Insurtech UK has also started to develop really strong links with key policy stakeholders, necessary to help build the right regulatory environment for insurtechs. This has included very positive conversations with the Department for International Trade, with plans in the pipeline to develop a more concrete working relationship. Other initiatives include building links with the Lord Mayor of London’s office and securing founding member Yulife to join its trade delegation to the USA. These conversations will continue to develop in the coming months and will foster further member opportunities.
Insurtech UK’s overarching objective is to help transform the insurance market through the use of technology and to create a far more customer-focused industry that can build on the UK’s vast insurance expertise and generate a world-leading export success story. With its current membership and impressive host of partners and associate members, it is clear that Insurtech UK is well on its way to achieving this goal.
Niall Barton, Chair of Insurtech UK commented:
“We are delighted to introduce our new partners and associate members to our ecosystem. It has been really encouraging to see so many businesses out there who share our ambition to radically improve the insurance experience for consumers and to permanently change the reputation of the insurance industry.
I am confident that with the help of these new additions to our alliance, this goal is far more achievable than it was when we started in November 2018. I can’t wait to get started on working with them all.”