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Insurtech industry board set up with UK government support

21st February 2018 - Author: Steve Evans

A new Insurtech Board has been set up as part of the Tech City UK and UK government backed Fintech Delivery Panel, to provide a focus on making the UK a key hub for insurance technology start-ups, investing and developments.

tech-city-uk-logoThe Fintech Delivery Panel, which was established at the request of HM Treasury, is tasked with promoting the UK insurtech agenda and helping insurtech startups scale up and compete on a global stage.

This Insurtech Board is a subgroup of the Delivery Panel and includes representatives from leading insurtech startups, traditional insurers and market bodies including the Association of British Insurers (ABI), Lloyd’s of London, the London Market Group (LMG) and the British Insurance Brokers Association (BIBA).

Will Thorne, Innovation Leader at The Channel Syndicate, at Lloyd’s, outlined the priorities, saying, “The Insurtech Board will establish a common vision for insurtech in the UK in order to position the UK as the best environment to start or locate an insurtech business. Industry support and collaboration with a thriving insurtech scene will build on the UK’s traditional strengths as one of the major global insurance markets.”

Eileen Burbidge, Chair of the Fintech Delivery Panel and Tech City UK, added, “Startups in this field face considerable hurdles, and a priority for the Insurtech Board will be to find ways to encourage standardisation and recommend potential fast track regulatory processes, so that entrepreneurs can concentrate on turning great ideas into viable businesses.”

The aim of the initiative is to bring, “key members of the insurance and tech ecosystem together in order to devise industry-led initiatives that reinforce the UK’s position as the world’s biggest insurance and reinsurance market.”

Trevor Maynard, Head of Innovation at Lloyd’s, also commented, “Partnerships with startups can assist insurers in understanding their customers in new ways, delivering new types of solutions and finding new ways of working. I am personally thrilled to be working with the Fintech Delivery panel to help the insurtech sector continue to thrive, to develop new products, strike new partnerships, source new talent, and maintain London’s pre-eminence, not only as the world’s leading insurance centre, but the world’s leading insurtech centre too.”

Lloyd’s has recently established its own Innovation Lab, to increase its efforts in insurtech.

The insurtech industry board features the following people:

  • Will Thorne, Innovation Leader, The Channel Syndicate, Chair (FDP)
  • Philip Brown, Head of Policy, LV= (FDP)
  • Serge Taborin, Group Digital Innovation Director, Aviva (FDP)
  • Christopher Beazley, CEO, London Market Group
  • Chris Sharpe, CEO, Kinsu
  • Steven Mendel, CEO, Bought By Many
  • Daniel Pender, Co-Founder, Gryphon
  • Freddy MacNamara, CEO, Cuvva
  • Tom Powell, Regional Manager, CBL Insurance
  • Vivek Banga, Chief Digital and Offshoring Officer, Arthur J. Gallagher & Co., Chair of BIBA’s cross-industry Innovation Working Group
  • Matthew Cullen, Assistant Director, Head of Strategy, Data & Analytics, Association of British Insurers
  • Phoebe Hugh, CEO & Co-Founder, Brolly
  • Paolo Cuomo, Co-Founder InsTech London & Principal, Boston Consulting Group
  • Trevor Maynard, Head of Innovation, Commercial, Lloyds
  • Greg Michel, Senior Programme Manager, Fintech, Tech City UK
  • Daniel Poxon, Insurance and Pensions, HMT
  • Euan McCarthy, Policy Advisor, Pensions, Markets & Insurtech, HMT
  • Gordon Baker, Future Sectors, Business Growth Directorate, BEIS
  • Louis Barson, Head of Future Sectors, Business Growth Directorate, BEIS
  • Alan Stewart, Insurance and Markets Team, HMT
  • Thomas Price, Head of Fintech, Banking and Credit Team, HMT (FDP)
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