The US-UK collaboration aims to build trade links in the insurance industry
Six UK-based businesses have been selected to join the InsurTech Corridor US-UK collaboration.
Launched last year, the initiative aims to build insurance industry trade links and drive innovation between the UK and the US insurance industry hub of Connecticut.
The program is a partnership between the UK government’s Department of Business and Trade (DBT) and the Connecticut Insurance and Financial Services trade association, the state Department of Insurance, the MetroHartford Alliance, InsurTech UK and leading development agencies in Connecticut economy, DECD. It provides support, industry connections and market insights to insurtechs free of charge.
Since its launch last year, the InsurTech Corridor has enabled more than a dozen UK insurtechs to prepare for entry into the US market, test their proofs of concept and products and make connections in the US insurance network. Last month, the program was opened to US insurtechs who want to investigate the UK insurance sector.
The latest UK participants to join the program include Slipcase, a global insurance and reinsurance media platform; Bikmo, a specialist cycle and triathlon insurance provider; and Supercede, a reinsurance platform for cedents, brokers and underwriters.
Also among the participants are Sønr, an insurtech scouting and open innovation platform; Flare, the incident detection app provider; and Evari, an integrated platform for insurers.
“With the majority of our audience currently based in the US, we have big ambitions for revenue growth in the region; being part of the InsurTech Corridor program enables us to ensure that we are taking advantage of US-based opportunities,” said Alex Hearn, founder and CEO of Slipcase. “After our first meeting in the corridor in Boston and after attending the Hartford Insurtech Symposium with the team this month, we have already learned a significant amount about the US market and have tangible introductions. We are very excited to embrace the program and build our presence in the US.
“The InsurTech Corridor is going from strength to strength and we’re excited to welcome our second group of UK startups on board,” said Susan Winkler, vice president and executive director of Connecticut Insurance. and Financial Services. “The progress made in the US by the likes of Wrisk, UK insurtechs that have partnered with the program since our 2022 launch, is a testament to the success of the initiative in creating transformative connections between the insurance industry and of pioneering enterprises whose innovation is essential to the future of the industry.
“It goes without saying that the latest group of UK-based insurtechs to join us are truly exciting businesses and the InsurTech Corridor team is looking forward to helping provide opportunities for them to meet insurers and demonstrate potential for their technology here in the US,” Winkler said.
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