In a significant development for the insurance technology (insurtech) sector, a pioneering program fostering the entry of British insurtechs into the U.S. market has recently expanded. This unique initiative, the Transatlantic InsurTech Corridor, is a collaborative effort between the U.S. and U.K., designed to smooth the entry of U.K. based insurtechs into the lucrative U.S. insurance market. Since its inception in 2022, the program has welcomed over a dozen companies, and recently, six new British insurtechs have joined the ranks.
The Transatlantic InsurTech Corridor provides a structured pathway for U.K. insurtechs to test and refine their concepts and products, easing their integration into the U.S. insurance industry. In an exciting turn of events, the program has also opened its doors to U.S. insurtechs looking to explore the U.K. insurance market.
Several Connecticut agencies and trade associations, including the Connecticut Insurance and Financial Services Trade Association, the Department of Insurance, the MetroHartford Alliance, and Connecticut’s main economic development agency, DECD, have been instrumental in developing this program. Their collective efforts offer vital support, industry connections, and market insights to participating insurtechs, all at no cost.
Susan Winkler, vice president and executive director of the Connecticut Insurance and Financial Services, highlights the program’s role in bolstering the regional economy and adding value to the insurance industry. The initiative aligns with insurers’ aspirations to adopt sustainable practices and digital solutions, ultimately leading to healthier and better-protected lives for customers.
Among the latest U.K. entrants are several notable names: Slipcase, a global insurance and reinsurance media technology platform; Bikmo, specializing in cycle and triathlon insurance; and Supercede, a Lloyd’s of London-recognized reinsurance platform. The intake also includes Sønr, an insurtech scouting and innovation platform; Flare, known for its incident detection app used by companies like Deliveroo and JustEat; and Evari, offering an integrated platform for insurers.
Alex Hearn, founder and CEO of Slipcase, expressed enthusiasm about the potential for growth in the U.S. market, facilitated by the program.
Our Perspective
The Transatlantic InsurTech Corridor represents a groundbreaking and consumer-focused solution in the rapidly evolving digital landscape. This initiative not only bridges geographical gaps but also merges traditional insurance practices with innovative digital technologies. By fostering such international partnerships, the program accelerates the adoption of cutting-edge solutions, benefiting both businesses and consumers. It exemplifies how digital collaboration can drive industry evolution, ultimately leading to more efficient, accessible, and user-friendly insurance services.
Pinnacle Digital Advisors