Insurtech UK needs government backing to thrive in the sector

TLDR:

Insurtech UK has released a policy manifesto outlining recommendations for the UK Government to support the insurtech sector. Key suggestions include a new regulatory regime, investment environment that encourages funding, and unlocking opportunities at scale.

The 11 recommendations for the UK Government include:

• PRA to evolve regulatory regime for insurtechs
• FCA to ensure Appointed Representative scheme availability
• Progressive approach to emerging technologies

Full Article:

Insurtech UK has released its UK policy manifesto, A Roadmap for UK Insurtech Growth, which outlines recommendations for the government in supporting the insurtech sector. Suggestions for the UK Government regarding insurtech include a new regulatory regime, a investment environment that encourages funding, and more action to unlock opportunities at scale.

The report provides 11 recommendations for the UK Government:

1. The PRA to maintain momentum in evolving the regulatory regime
2. The FCA to work closely with the insurtech industry
3. Regulators to deploy a progressive, enabling approach to emerging technologies

Other recommendations include extending SEIS and EIS to all categories of insurtech, extending qualifying criteria for EMI, and a fairer VAT/IPT regime to enable insurtechs to scale quicker. Moreover, a strategy for international promotion of UK insurtech and new government-backed reinsurance schemes were also suggested in the manifesto.

Overall, the manifesto highlights the need for government support to drive growth and innovation in the insurtech sector in the UK.