- Newslink Global Insurance Trends-The Week
- The majority of executives(87%) around the world cite untrained staff as the greatest cyber risk to their business according to a new report from “The Cybersecurity Imperative”
- PRA publishes four final Policy Statements on Solvency II
- PRA publishes Policy Statement-"Strengthening accountability: Implementing the extension of the SM&CR to insurers"
- FCA and The Pensions Regulator(TPR) launch a joint regulatory strategy
- Prudential Financial SIFI designation dropped by FSOC
- Applied Systems announces investment from CapitalG bringing access to Google expertise across artificial intelligence, machine learning, and digital marketing expired
- Greenlight Re Innovations makes third investment-in South Africa-based digital insurance platform Click2Sure expired
- RMS estimates insured losses from Hurricane Michael at $6.8bn to $10bn expired
- Insurance Australia Group(IAG) licenses the RMS High Definition New Zealand Earthquake Model expired
- AXA XL receives authorisation in principle to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland expired
- Hannover Re completes fifth catastrophe bond transaction for clients this year- raising the total issuance volume to $1.5bn in 2018 expired
23rd September 2018
Over twenty insurance sector start-ups set to unveil their intention to form an alliance known as Insurtech UK.
Over twenty insurance sector start-ups are set to unveil their intention to form an alliance known as Insurtech UK.
Insurtech UK’s immediate aim is to generate and gauge interest from prospective sponsors to allow the concept to graduate into a fully fledged association with detailed plans and a five-year mandate. Founders have already seen and subscribed to a raft of strategic goals on the agenda, ranging from government and stakeholder engagement to increased collective media exposure-the list being non-exhaustive and subject to even more input from the new alliance’s members.
"A bunch of founders got in a room and discussed what we could say and do better with a collective voice. There’s so much potential for the UK’s InsurTech sector-it needs someone looking out for its very specific needs unencumbered perhaps by the complex needs of an existing membership.” Said James York (Worry+Peace).
The working group, which includes Niall Barton(Wrisk), John Warburton(Konsileo), Dylan Bourguignon(SO-SURE) and James York, came together to act as early stage architect and caretaker. Following its work and a successful invitation to the community, over twenty founders have voiced support-triggering the next phase of work.
“From the minute we began exploring this idea with the various members of this nascent community, we had great feedback to the proposal that we should work together on areas of mutual interest. It's a very positive and inclusive group” said Barton.
Created to address the diverse, yet specific needs of startups that have begun changing the way insurance is conceived and delivered, the working have been conscious to convey it is not designed to replace or be anything other than complimentary to existing associations and trade bodies.
“We’re now inviting interested sponsors, prospective suppliers and others in the ecosystem from venture to services to engage with this new alliance. We have realistic, albeit ambitious and immediate plans.” Said John Warburton.
Partner Associations, Associate Members and Official Partners are encouraged to contact the working group to explore involvement and further information.
Secretariat services to Insurtech UK are to be initially provided by Political Intelligence, a public affairs consultancy who have over twenty years of experience in supporting trade associations and industry groupings.
“We’ve hit critical mass very quickly, which is great news. I’m confident that everyone in InsurTech will benefit-we can’t wait to start the journey.” Said Dylan Bourguignon.
"With thousands of customers, innovative products and approaches-not to mention, in some cases, tens of millions of pounds of funding behind the startups already signed up; the biggest names in InsurTech are rallying behind the concept. An official unveiling of the founder members, partners, goals and identity will take place later this year"