Insurtech UK teams up with Department for International Trade to lead tech revolution

Insurtech UK, an alliance of 52 insurtech startups joined by associate members of the insurance industry and service partners, has entered into a partnership with the UK's Department for International Trade (DIT).

The Minister for Investment Graham Stuart MP has signed a statement of intent with the newly-formed association to work together on several initiatives to benefit the UK insurtech community.

Insurtech UK and the Department for International Trade will work collaboratively on a number of workstreams which both parties believe can contribute towards the objective of "making the UK the best place in the world for insurance".

The statement of intent includes agreements such as developing a wider, more inclusive process for insurtechs to access and influence future Government-led trade missions; gathering information about the UK insurtech community to improve DIT’s ability to attract international interest into the UK insurance market and to create opportunities overseas for UK insurtech startups; coordinating webinars with foreign consulates to share intelligence about the regulatory landscape and commercial opportunities of international export markets; creating cross-industry working group to focus on issues that affect the UK-wide insurance sector; and exploring the possibility of creating a UK Insurtech Week in 2020.

“The UK’s burgeoning insurtech sector is one of the most exciting strands of our financial services industry. There is huge demand for British expertise overseas and UK insurtech businesses have a real opportunity to make their mark on the global stage, to ensure the UK becomes a world-leader in this area," said Minister for Investment Graham Stuart MP.

Insurtech UK chair Niall Barton added: “We are thrilled that in such a short time, Insurtech UK has already developed strong relationships with the UK Government and has secured a clear commitment to work collaboratively with the Department for International Trade for the benefit of the UK insurtech community.

“The initiatives outlined in the signed Statement of Intent will go a long way in increasing the opportunities afforded to UK insurtechs, and it will allow the Government to work much closely together with our sector to create a huge win for the UK economy.

“We are confident that the Department for International Trade shares our belief that the UK insurtech sector is one of the strongest in the world, and that going forward the UK needs to establish itself as a global hub for insurance and innovation. We look forward to working together to make this ambition a reality.”