PriyaPatel
TLDR:
- Insurtech UK has released a Roadmap with recommendations for policy-makers to enhance the UK’s global insurance status.
- The plan includes creating a supportive regulatory regime, facilitating funding, and unlocking opportunities for scaling up.
Insurtech UK has published its Roadmap of recommendations for policy-makers to retain and strengthen the UK’s leading global status in insurance innovation. The plan, released at the end of June, outlines how the next government can create a supportive environment for UK InsurTech to flourish. Key recommendations include establishing a regulatory regime that enables more new entrants, creating an investment environment that facilitates funding, and taking action to unlock opportunities for scaling up.
The UK is currently home to the world’s second-largest InsurTech cluster, with an estimated combined value of over $20 billion. This industry supports 60,000 jobs and contributes nearly £5 billion to the UK economy. The Roadmap suggests extending tax incentives to all categories of InsurTech, attracting experienced talent, and reviewing existing schemes for clarity and efficiency. It also calls for a fairer VAT/IPT regime for InsurTechs, a strategy for international promotion, and government-backed reinsurance schemes to cover new societal risks.
This set of recommendations aims to pave the way for UK InsurTech to reach its full potential and remain a global leader in insurance innovation.
