US-UK collaboration goals to facilitate insurance coverage trade commerce hyperlinks
Six UK-based companies have been chosen to participate within the InsurTech Hall US-UK collaboration.
Launched final 12 months, the initiative goals to allow insurance coverage trade commerce hyperlinks and drive innovation between the UK and the US insurance coverage trade hub of Connecticut.
This system is a partnership between the UK authorities’s Division of Enterprise and Commerce (DBT) and the Connecticut Insurance coverage and Monetary Companies commerce affiliation, the state Division of Insurance coverage, the MetroHartford Alliance, InsurTech UK and Connecticut’s lead financial improvement company, DECD. It gives help, trade connections and market insights to insurtechs freed from cost.
Since its launch final 12 months, InsurTech Hall has allowed greater than a dozen UK insurtechs to organize for entry into the US market, check their proofs of idea and merchandise and make connections within the US insurance coverage community. Final month, this system opened to US insurtechs wishing to analyze the UK insurance coverage sector.
The most recent UK members to affix this system embrace Slipcase, a world insurance coverage and reinsurance media platform; Bikmo, a specialist cycle and triathlon insurance coverage supplier; and Supercede, a reinsurance platform for cedents, brokers and underwriters.
Additionally among the many members are Sønr, an insurtech scouting and open innovation platform; Flare, the supplier of an incident detection app; and Evari, an built-in platform for insurers.
“With nearly all of our viewers now primarily based within the US, we’ve got main ambitions for income progress within the area; being a part of the InsurTech Hall program permits us to make sure we capitalise on US-based alternatives,” stated Alex Hearn, founder and CEO of Slipcase. “Following our first assembly with the hall in Boston and after attending the Hartford Insurtech Symposium with the workforce this month, we’ve got already learnt a major quantity in regards to the US market and had tangible introductions. We very a lot stay up for embracing this system and constructing out our US presence.”
“InsurTech Hall goes from strong energy to tremendous energy and we’re actually excited to be welcoming our second cohort of modern UK companies on board,” stated Susan Winkler, vp and government director of Connecticut Insurance coverage and Monetary Companies. “The progress made within the US by the likes of Wrisk, UK insurtechs who’ve been with this system since our 2022 launch, is testomony to the success of the initiative in forging transformative connections between the insurance coverage trade and people pioneering companies whose innovation is essential to the trade’s future.
“It goes with out saying that the most recent group of UK-based insurtechs to affix us are really thrilling companies and the InsurTech Hall workforce is trying ahead to assist present the alternatives for them to fulfill with insurers and exhibit the potential for his or her expertise right here within the US,” Winkler stated.
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