US-UK collaboration goals to construct 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 Providers commerce affiliation, the state Division of Insurance coverage, the MetroHartford Alliance, InsurTech UK and Connecticut’s lead financial improvement company, DECD. It offers help, trade connections and market insights to insurtechs freed from cost.
Since its launch last year, InsurTech Hall has allowed greater than a dozen UK insurtechs to organize for entry into the US market, take a look at 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 research the UK insurance coverage sector.
The most recent UK contributors to hitch this system embody 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 contributors 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 the vast majority of our viewers now primarily based within the US, we have now main ambitions for income development within the area; being a part of the InsurTech Hall program allows us to make sure we capitalize on US-based alternatives,” mentioned 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 staff this month, we have now already learnt a major quantity in regards to the US market and had tangible introductions. We very a lot look ahead to 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 revolutionary UK companies on board,” mentioned Susan Winkler, vp and govt director of Connecticut Insurance coverage and Monetary Providers. “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 hitch us are actually thrilling companies and the InsurTech Hall staff is trying ahead to assist present the alternatives for them to satisfy with insurers and reveal the potential for his or her know-how right here within the US,” Winkler mentioned.
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