PriyaPatel
TLDR:
- Insurtech UK has published a policy roadmap ahead of the UK general election next month on 4 July.
- The document highlights policy proposals to retain the UK’s position as a global leader for insurance innovation.
Insurtech UK has published its policy roadmap in the run up to the UK general election next month on 4 July. The document aims to highlight policy proposals that would see the UK retain its position as a global leader for insurance innovation. It sets out how the next government could pave the way for UK insurtech’s to flourish via a regulatory regime that enables more new entrants, an investment environment that facilitates funding and more actions to unlock scaling opportunities. Insurtech UK chief executive Melissa Collett said: “As we look ahead to a new government forming as soon as next week, now is the time to show the strength of our dynamic insurtech sector and what more can be done to support and scale these fantastic UK companies – especially on their journeys to international expansion.”
Key Recommendations:
- Regulatory regime to adapt to the needs and structures of insurtechs starting out or scaling.
- Clear guidance and communications for PRA authorisation and new mobilisation regime.
- Closer collaboration between FCA and insurtech sector for proper appointed representative scheme.
- Progressive approach to emerging technologies such as AI.
- An enabling funding environment to attract more investors for insurtech sector.
Insurtech UK made eleven recommendations across three areas in its roadmap document, including regulation and digital transformation, tackling barriers and driving growth and access to finance. In terms of recommendations for regulation and digital transformation, the Insurtech UK called on the Prudential Regulatory Authority (PRA) to “maintain its momentum in evolving the regulatory regime” to adapt to the needs and structures of insurtechs that are starting out or scaling. This included creating a “swifter, more transparent application process for PRA authorisation” as well as “clearer guidance and communications as the new PRA mobilisation regime is introduced and embedded”.
