The 28th of November was a special date for Concirrus as it marked the start of Insurtech UK.
We’re delighted to be a part of this groundbreaking group, which includes a total of 31 insurtech companies that have joined forces to support the sector and promote the benefits of new technology.
As one of the 20 founding members, the meeting showed optimism and excitement for the future. Plans for the first six months were discussed as well as how the group will be structured. Members also made a committed to become a formal association in 2019 with an initial five-year mandate.
Discussions also centred on the importance of establishing an interim Council alongside three working groups for Communications, Operations and Best Practice so that we can continue to build on the strong foundations already established.
The goal of Insurtech UK is to provide support to insurtechs with their day-to-day challenges and take on the big issues facing the UK insurance industry. The combined influence of the group will help to drive forward conversations with the government, industry and regulators.
The support we have seen Insurtech UK gain so far has told us we’re on the right track. Both those in our community and in the wider insurance ecosystem have backed the group and the feedback we have received so far has been overwhelmingly positive.
There’s so much potential for the UK’s insurtech sector, but it has very specific needs and therefore requires a new representation group separate from existing groups and the complex needs that are prevalent in other areas of our industry.
But that’s not to say Insurtech UK will replace existing associations and trade bodies. It will instead be a complementary group that will help build a sector that has true potential to be world leading.
The start-ups that have joined Insurtech UK alongside Concirrus include Anorak, Azur, Bewica, Bikmo, Bought By Many, Buzzmove, Canopy, Claim Technology, 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 and Yulife.
We’re confident that collaboration and support is the right way to promote the innovative solutions that are being created to solve some of the big issues in the insurance sector. That’s why we also recently created our own Power20 community to bring together like-minded marine insurance market players to work together in order to achieve long-term success.
Read our Power20 blog to find out more.