US-UK collaboration aims to build insurance industry trade links
Launched last year, the initiative aims to enable insurance industry trade links and drive innovation between the UK and the US insurance industry hub of Connecticut.
The program 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 Department of Insurance, the MetroHartford Alliance, InsurTech UK and Connecticut’s lead economic development agency, DECD. It provides support, industry connections and market insights to insurtechs free of charge.
Since its launch last year, InsurTech Corridor has allowed more than a dozen UK insurtechs to prepare for entry into the US market, test their proofs of concept and products and make connections in the US insurance network. Last month, the program opened to US insurtechs wishing to investigate the UK insurance sector.
The latest UK participants to join the program include Slipcase, a global insurance and reinsurance media platform; Bikmo, a specialist cycle and triathlon insurance provider; and Supercede, a reinsurance platform for cedents, brokers and underwriters.
Also among the participants are Sønr, an insurtech scouting and open innovation platform; Flare, the provider of an incident detection app; and Evari, an integrated platform for insurers.
“With the majority of our audience now based in the US, we have major ambitions for revenue growth in the region; being part of the InsurTech Corridor program enables us to ensure we capitalize on US-based opportunities,” said Alex Hearn, founder and CEO of Slipcase. “Following our first meeting with the corridor in Boston and after attending the Hartford Insurtech Symposium with the team this month, we have already learnt a significant amount about the US market and had tangible introductions. We very much look forward to embracing the program and building out our US presence.”
“InsurTech Corridor is going from solid strength to super strength and we’re really excited to be welcoming our second cohort of innovative UK businesses on board,” said Susan Winkler, vice president and executive director of Connecticut Insurance and Financial Services. “The progress made in the US by the likes of Wrisk, UK insurtechs who have been with the program since our 2022 launch, is testament to the success of the initiative in forging transformative connections between the insurance industry and those pioneering businesses whose innovation is crucial to the industry’s future.
“It goes without saying that the latest group of UK-based insurtechs to join us are truly exciting businesses and the InsurTech Corridor team is looking forward to help provide the opportunities for them to meet with insurers and demonstrate the potential for their technology here in the US,” Winkler said.
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