Tech City UK’s fintech delivery panel has created a new subgroup focused specifically on insurtech and innovation.
One of the goals of the fintech delivery panel, which was launched by Tech City UK at the request of the Treasury, is to promote the UK insurance technology agenda and help providers to scale up and compete on a global stage.
The new insurtech subgroup includes representatives from leading insurtech startups, incumbent insurers and key market bodies, including the Association of British Insurers (ABI), Lloyd’s of London, the London Market Group (LMG) and the British Insurance Brokers’ Association (BIBA).
Outlining the initial priorities for the group, Will Thorne, innovation leader at The Channel Syndicate of Lloyd’s, said: “The insurtech board will establish a common vision for insurtech in the UK in order to position the UK as the best environment to start or locate an insurtech business.”
“Industry support and collaboration with a thriving insurtech scene will build on the UK’s traditional strengths as one of the major global insurance markets.”
Eileen Burbidge, chair of the fintech delivery panel and Tech City UK, added: “Startups in this field face considerable hurdles, and a priority for the insurtech board will be to find ways to encourage standardisation and recommend potential fast track regulatory processes, so that entrepreneurs can concentrate on turning great ideas into viable businesses.”
This dedicated group will replicate the model of the main fintech delivery panel by bringing key members of the insurance and tech ecosystem together in order to devise industry-led initiatives that reinforce the UK’s position as the world’s biggest insurance and reinsurance market.
London is a hotspot of European insurtech investment with 30% of all deals in the continent taking place in the city, according to consultancy Accenture. Part of the insurtech board’s remit is to make sure that London remains the leading location for insurtech in the future.
Trevor Maynard, head of innovation at Lloyd’s, said: “Partnerships with startups can assist insurers in understanding their customers in new ways, delivering new types of solutions and finding new ways of working.”
“I am personally thrilled to be working with the fintech delivery panel to help the insurtech sector continue to thrive, to develop new products, strike new partnerships, source new talent, and maintain London’s pre-eminence, not only as the world’s leading insurance centre, but the world’s leading insurtech centre too.”
The insurtech industry experts that will participate in the subgroup are:
- Will Thorne, innovation leader at The Channel Syndicate
- Philip Brown, head of policy at LV=
- Serge Taborin, group digital innovation director at Aviva
- Christopher Beazley, CEO of the LMG
- Chris Sharpe, CEO of Kinsu
- Steven Mendel, CEO of Bought By Many
- Daniel Pender, co-founder of Gryphon
- Freddy MacNamara, CEO of Cuvva
- Tom Powell, regional manager at CBL Insurance
- Vivek Banga, chief digital and offshoring officer at Arthur J. Gallagher & Co, and chair of BIBA’s cross-industry innovation working group
- Matthew Cullen, assistant director and head of strategy, data and analytics at the ABI
- Phoebe Hugh, CEO and co-founder of Brolly
- Paolo Cuomo, co-founder of InsTech London and principal at Boston Consulting Group
- Trevor Maynard, head of innovation for commercial at Lloyd’s
- Greg Michel, senior programme manager for fintech at Tech City UK
- Daniel Poxon, member of the insurance and pensions team at the Treasury
- Euan McCarthy, policy adviser for pensions, markets and insurtech at the Treasury
- Gordon Baker, member of future sectors in the business growth directorate at the Department for Business, Energy & Industrial Strategy
- Louis Barson, head of future sectors in the business growth directorate at the Department for Business, Energy & Industrial Strategy
- Alan Stewart, member of insurance and markets team at the Treasury
- Thomas Price, head of fintech in the banking and credit team the Treasury