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Industry reacts as Insurtech UK becomes official, partners with DIT

Industry reacts as Insurtech UK becomes official, partners with DIT | Insurance Business

Industry reacts as Insurtech UK becomes official, partners with DIT

Things have become official for new representative body Insurtech UK, and one of its first achievements as an association is teaming up with the Department for International Trade (DIT).

At Insurtech UK’s summer reception yesterday as part of London Tech Week, Minister for Investment Graham Stuart announced the collaboration which is aimed at promoting the interests of the UK insurtech community not only in Britain but also overseas.

The alliance, which recently welcomed associate members Aviva and the Chartered Insurance Institute, said its partnership with the DIT involves several “exciting” workstreams.

Commenting on the development, Policy Expert co-founder and chief operating officer Adam Powell asserted: “The time has come for insurtechs to stand up and be counted.”

Powell believes there has never been greater appetite to see insurtech plans succeed, given the growth in investment and government support.

“Having built a highly portable and scalable platform which can extend to multiple product lines and geographies, we are excited to work with Insurtech UK as a founding member and have a seat at the table for talks with the DIT,” he said.

“We look forward to showcasing the best that UK insurtech can offer to an international audience.”

Meanwhile another big name from the world of insurtech is filled with pride amid the partnership.

“Ranks as one of, perhaps the, proudest moments of my career,” declared James York – whose brainchild Worry+Peace is also an Insurtech UK founding member – when he tweeted a photo from yesterday’s momentous event.

“Our association became an official legal entity today (June 11). This is the Minister of Investment signing a Joint Statement of Intent for DIT with @Insurtech_UK! Seismic moment for us all. Well done all. Brimming.”

In the UK, the number of insurtech deals in the first quarter grew 50% compared to the figure in the fourth quarter of 2018, according to data from Willis Towers Watson.