The second stage of a major transatlantic collaboration that has forged insurance industry trade links and driven innovation between the US and the UK will launch at next month’s insurance event, InsurTech Hartford Symposium, with insurtech firms based in the US now able to join the transatlantic accelerator.
The InsurTech Corridor initiative, launched last year, is a partnership 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 MetroHartford Alliance, InsurTech UK and the State of Connecticut’s lead economic development agency, DECD, and provides support, industry connections and market insights to insurtechs at no cost.
Since its launch, the program has enabled more than a dozen UK insurtechs to prepare for entry into the US market, test their proof of concepts and products and connect into the US insurance network. Now the opportunity is available for insurtechs based in the US to investigate entry into the UK insurance market, supported by the InsurTech Corridor initiative.
A team from InsurTech Corridor with both US and UK trade and innovation experts will exhibit at InsurTech Hartford Symposium on May 2 and 3, along with several of the UK insurtech firms that are participating in the first stage of the program, to meet US tech firms with a focus on the insurance industry.
Susan Winkler, Vice President and Executive Director of Connecticut Insurance and Financial Services, said: “Opening the InsurTech Corridor for US firms is really exciting, and takes the initiative to a new level with peers on both sides of the pond. This is a true collaboration between industry and innovators in the UK and US, and the InsurTech Hartford Symposium is a crucial event for forging connections between tech firms and the insurance industry, and it is the ideal event at which to kick off the second phase 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 program.”
She added: “After the strides already made by UK firms on the program, 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 participating in the first round of the InsurTech Corridor program include London-based Wrisk, which was selected to take part in BMW’s business incubator programme and is now the sole UK car insurance provider for BMW and Mini. Fellow participants include FintechOS a high-productivity fintech infrastructure provider that recently announced a deal with Admiral to power its new digital pet insurance product, as well as flood insurance tech specialists Floodflash and Previsico, broker platform Konsileo, vehicle telematics developer Matrix IQ, financial software provider VIPR Solutions and space-based infrastructure monitoring early warning system developer Value.Space.
US insurtech firms are invited to express an interest in participation in the program via the InsurTech Corridor website InsurTechCorridor.com.