The British are coming! US-UK partnership adds 6 insurtechs to Conn.
The British (Insurtechs) are coming.
A year-old unique partnership program to foster the entry of British insurtechs to the U.S. market recently signed up six new entrants to add to the already more than a dozen companies that have joined the program since 2022.
The Transatlantic InsurTech Corridor, a U.S.-U.K. collaboration, allows U.K. insurtechs to prepare for entry into the U.S. market, test their proof of concepts and products, and connect into the U.S. insurance network. Last month the program also opened to U.S. insurtechs hoping to investigate entering the U.K. insurance market.
UK, Conn. agencies, trade associations collaborate
The program is the brainchild of the U.K.’s Government’s Department of Business and Trade and several government agencies and trade associations in Connecticut, the U.S. insurance capital. These include the Connecticut Insurance and Financial Services Trade Association, the state’s Department of Insurance, the MetroHartford Alliance, and Connecticut’s lead economic development agency, DECD. They provide support, industry connections, and market insights to insurtechs at no cost.
Connecticut Insurance and Financial Services “is an economic development organization tied to advancing and strengthening the IFS industry in Connecticut,” said Susan Winkler, vice president and executive director of the organization. “We support U.S. and foreign businesses looking to establish a presence here – and those technologies that they may bring – all with goal of adding economic strength to the economy and value to insurers.”
“Insurers are seeking to serve their customers with best-in-class sustainable practices, protections and overall healthier lives – all built around the digitalization of insurance,” said Winkler. “The Corridor companies own some of these technologies, have strategically decided to expand to the U.S., and want to be close to their customer base – the Insurance Capital of the U.S. We help them get there faster and more efficiently.”
Latest UK insurtechs to join the Corridor program
The latest group of U.K. participants to join the InsurTech Corridor program include global insurance and reinsurance media technology platform Slipcase; specialist cycle and triathlon insurance provider Bikmo, and Supercede, a reinsurance platform for cedents, brokers and underwriters that is recognized for reinsurance by Lloyd’s of London.
Also included in the latest intake are Sønr, an insurtech scouting and open innovation platform used by insurance companies to facilitate innovation; Flare, whose incident detection app is used by brands such as Deliveroo and JustEat to ensure employee and customer safety; and Evari, an integrated platform for insurers.
“With the majority of our audience now based in the U.S., we have major ambitions for revenue growth in the region,” said Slipcase founder and CEO Alex Hearn “Being part of the InsurTech Corridor program enables us to ensure we capitalize on U.S.-based opportunities.”
Doug Bailey is a journalist and freelance writer who lives outside of Boston. He can be reached at doug.bailey@innfeedback.com.
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