InsurTech Futures: Tech gets Downing St discussion

Downing Street and Tech City UK hosted a roundtable this week to outline the challenges and opportunities for InsurTech and discuss disruption in the insurance market.

According to a Linked In Pulse blog post, by Charles Taylor chief operating officer Paolo Cuomo, the group included start-up challenger brokers Cuvva and Brolly, along with insurers Aviva and AIG. Wrisk, Digital Risk, Bought By Many, Marmalade, Guevara, Buzzmove, Everledger, Sweatcoin, The Floow, Autoemo and Analyze Re also attended along with representatives from Startupbootcamp InsurTech, Ins Tech London and Tech City UK.

Special adviser to Prime Minister David Cameron, Daniel Korski, was also at the roundtable.

Sharing
Cuomo noted that the roundtable addressed: "Topics ranging from historic legal obstacles impacting the motor market, to the role of EIS in insurance, to the opportunities from ever increasing data volumes combined with ever decreasing processing costs."

He added: "Ideas were shared, networks were grown, one or two policy/regulatory changes might result. All in all a very valuable hour-and-a-half for the insurance industry."

Regulation was also addressed with the group discussing how the Financial Conduct Authority might offer more support to early stage start-ups in the sector, comparing it to the approach taken by the MAS (Monetary Authority of Singapore).

Insurance Age is running the InsurTech Futures camapign to raise awareness of the technology in the broking community, discuss how it can be used to help start-up brokers and address potential disruption in the insurance broking sector.

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