Over twenty insurtech start-ups have today pledged their support for a new alliance which aims to evolve into a fully fledged specialist association.
Called Insurtech UK, its immediate aim is to generate and gauge interest from prospective sponsors to see how much buy-in there is in the concept to graduate into a trade body with detailed plans and a five-year mandate.
A working group, which includes Niall Barton (Wrisk CEO and co-founder), John Warburton (Konsileo CEO and co-founder), Dylan Bourguignon (So Sure CEO) and James York (Worry and Peace founder), came together to act as early stage architects of the project.
Following its initial work and a successful invitation to the community, over twenty founders have voiced support - triggering the next phase of its development.
The founders claim to have already drawn up a raft of strategic goals, ranging from government and stakeholder engagement to increased collective media exposure - the list being non-exhaustive and subject to even more input from the new alliance’s members.
York said: “A bunch of founders got in a room and discussed what we could say and do better with a collective voice. There’s so much potential for the UK’s insurtech sector - it needs someone looking out for its very specific needs, unencumbered perhaps by the complex needs of an existing membership.”
Barton added: “From the minute we began exploring this idea with the various members of this nascent community, we had great feedback to the proposal that we should work together on areas of mutual interest. It’s a very positive and inclusive group.”
Bourguignon continued: “We’ve hit critical mass very quickly, which is great news. I’m confident that everyone in insurtech will benefit - we can’t wait to start the journey.”
Created to address the “diverse, yet specific needs of insurtech start-ups”, the working group say they have been conscious to stress Insurtech UK will not replace, but be complementary to existing associations and trade bodies. For instance, York was one of the founders of the British Insurance Brokers’ Association innovation committee.
“We’re now inviting interested sponsors, prospective suppliers and others in the ecosystem from venture to services to engage with this new alliance. We have realistic, albeit ambitious and immediate plans.” concluded Warburton.
Partner associations, associate members and official partners are encouraged to contact the working group to explore involvement and further information.
Secretariat services to Insurtech UK are to be initially provided by Political Intelligence, a public affairs consultancy.
In a statement Insurtech UK concluded: “With thousands of customers, innovative products and approaches - not to mention, in some cases, tens of millions of pounds of funding behind the start-ups already signed up; the biggest names in insurtech are rallying behind the concept.
“An official unveiling of the founder members, partners, goals and identity will take place later this year. “
The managing general agent sector successfully launched a new trade body in 2011 and now have over a 100 members. Attempts by the aggregator sector to do something similar in 2009 was less successful, when the fledgling Comparison Consortium was snubbed by a number of major players.
- Guy Carpenter suspends senior boss following harassment claims
- Three directors out as Policy Expert buys loss-making Sure Thing
- GRP broker acquires Thomas Cook
- Insurers respond to flood claims from Lincolnshire
- Insurtech Trov to close its UK app
- Ex-Quindell boss Rob Terry to sue Watchstone for £14.7m
- Elite shoots for solvent scheme to avoid liquidation