The 2nd phase of a significant transatlantic cooperation that has actually created insurance coverage market trade links and driven development in between the United States and the UK will launch at next month’s insurance coverage occasion, InsurTech Hartford Symposium, with insurtech companies based in the United States now able to sign up with the transatlantic accelerator.
The InsurTech Corridor effort, introduced in 2015, is a collaboration in between the UK Government’s Department of Business and Trade (DBT) and the Connecticut Insurance and Financial Services trade association, the State of Connecticut’s Department of Insurance, the CityHartford Alliance, InsurTech UK and the State of Connecticut’s lead financial advancement firm, DECD, and offers assistance, market connections and market insights to insurtechs at no cost.
Since its launch, the program has actually allowed more than a lots UK insurtechs to get ready for entry into the United States market, test their evidence of principles and items and link into the United States insurance coverage network. Now the chance is available for insurtechs based in the United States to examine entry into the UK insurance coverage market, supported by the InsurTech Corridor effort.
A group from InsurTech Corridor with both UK and United States trade and development specialists will display at InsurTech Hartford Symposium on May 2 and 3, together with numerous of the UK insurtech companies that are taking part in the very first phase of the program to satisfy United States tech companies with a concentrate on the insurance coverage market.
Susan Winkler, Vice President and Executive Director of Connecticut Insurance and Financial Services, said: “Opening the InsurTech Corridor for United States companies is actually amazing, and takes the effort to a brand-new level with peers on both sides of the pond. This is a real cooperation in between market and innovators in the UK and United States, and the InsurTech Hartford Symposium is an important occasion for creating connections in between tech companies and the insurance coverage market and it is the perfect occasion at which to start the 2nd stage of our program.
“UK insurtechs such as Matrix iQ, Flare and Evari who will be attending the symposium with us have already made significant progress in entering the UK and US markets, and representatives from those ventures will be available to talk to US insurtechs that want to find out more about their journey as participants in the InsurTech Corridor programme.”
She included: “After the strides already made by UK firms on the programme, InsurTech Corridor is now opening the door for US insurtechs with an interest in the UK insurance industry to give them the same opportunities and support. For both insurers and tech firms, this is a great initiative that exposes leading edge technology and provides opportunities for vital face-to-face meetings and for insurers to get an insight into ground-breaking new technology.”
Companies taking part in the preliminary of the InsurTech Corridor program consist of London-based Wrisk, which was chosen to participate in BMW’s business incubator program and is now the sole UK car insurance coverage company for BMW and Mini. Fellow individuals consist of FintechOS a high-productivity fintech facilities company that just recently revealed a handle Admiral to power its brand-new digital family pet insurance coverage item, along with flood insurance coverage tech experts Floodflash and Previsico, broker platform Konsileo, vehicle telematics designer Matrix IQ, monetary software company VIPR Solutions and space-based facilities tracking early caution system designer Value.Space.
