Tech Nation and Insurtech UK urge insurers to support InsurTech innovation

Tech Nation's Insurtech Board and Insurtech UK have joined forces to make a statement urging that all insurance leaders remain committed to supporting innovation and InsurTech.

The notice explained that the impacts of COVID-19 on the insurance industry are "immediately pressing" and come with unclear longer-term repercussions.

"Insurers are understandably reprioritising within their businesses, but in these challenging times, there may exist the temptation to pull support from mid-term and long-term opportunities, such as innovation and InsurTech," read the statement, noting that this includes internal technology initiatives, providing funding and underwriting support.

It pointed out that many of InsurTech firms are startups and small businesses, now facing "tremendous challenges" as a result of pandemic and its impacts on the economy.

"Innovation and InsurTech pave the way for the future of the insurance sector, and at this critical juncture, the sector must now band together and collaborate as best it can."

The joint statement requested a commitment to supporting:

• the active exploration of strategic partnerships with InsurTechs;
• mutual collaboration between InsurTech firms and insurers, to develop initial concepts into products that will ultimately better serve customers;
• investment into new and existing initiatives, via both traditional and corporate venture capital;
• communication between firms to ensure that it is clear and timely, and as transparent as possible with respect to the decision-making processes around engagement, funding, and ongoing support.

"If UK insurance leaders remain committed to innovation and InsurTech, then the UK will remain a global leader in insurance and will be well-positioned to emerge from the current crisis with a more resilient, sustainable, and customer-centric insurance sector," the statement concluded.

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