Following ongoing discussions in the summer, the founders of Insurtech UK met on Wednesday 28th November for its inaugural meeting. The core aim of the group is to support the burgeoning insurtech sector and promote the benefits that these new innovative companies can bring to customers and UK plc as a whole.
20 members were in attendance for the launch, with 31 companies committed. The group’s intention is to develop into a formal association in 2019, with an initial five-year mandate. As well as supporting insurtechs with some of their day-to-day challenges, Insurtech UK will seek to drive forward conversations with government, industry and regulators, as well as working alongside incumbents and established trade associations to address many of the issues facing the UK’s insurance industry.
The meeting focussed on what the organisation intends to do in the first 6 months and how it would be structured. Establishing an interim Council, along with three working groups covering Communications, Operations and Best Practice were announced and discussed.
Gavin Sewell, honcho CEO, said:
“The insurtech industry in the UK, as per the wider fintech industry, is very London-centric. We are one of the very few founder members of Insurtech UK outside of London and we are very keen to demonstrate that it is not a requirement for innovative businesses such as ours to be based in London to succeed. We are convinced that there are strong benefits to being in the North East of England with respect to innovation capability, lifestyle and cost of doing business.
“We are very excited to be a founding member of this organisation and have high hopes for its impact on the Insurance industry in the UK and beyond.”
James York, Founder of Worry and Peace said:
“This is an exciting step towards building the voice of the UK’s growing insurtech industry. We’ve had tremendous support so far from the community as well as the wider insurance ecosystem.
“We’re keen to get started and build on the fantastic momentum already gained. We look forward to collaborating with many partners and help build a sector that has true potential to be world leading.”
Companies who have joined or have begun the process to join InsurtechUK include: Anorak, Azur, Bewica, Bikmo, Bought By Many, Buzzmove, Canopy, Claim Technology, Concirrus, CoVi Analytics, Drover, Equipseme, Floodflash, Hokodo, honcho, Kasko, Konsileo, Laka, Marmalade, Meet Sherpa, Urban Jungle, Pluto, Polaris, PolicyCastle, Shepherd, So-sure, Tapoly, Track My Risks, Worry and Peace, Wrisk, Yulife
The organisation will be supported by the public affairs consultancy Political Intelligence, who have experience providing secretariat functions to trade associations and industry alliances.