Transatlantic InsurTech Corridor Initiative to Launch Second Wave of Participants

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Six innovative UK-based businesses are the latest round of insurtechs to have been selected to take part in the InsurTech Corridor US-UK collaboration. Launched last year, the initiative is designed to enable insurance industry trade links and drive innovation between the UK and the US insurance industry hub of Connecticut.

The InsurTech Corridor 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 of Connecticut’s Department of Insurance, the MetroHartford Alliance, InsurTech UK and the State of Connecticut’s lead economic development agency, the Department of Economic and Community Development (DECD). It provides support, industry connections and market insights to insurtechs at no cost.

So far, the initiative has enabled more than a dozen UK insurtechs to prepare for entry into the US market, test their proof of concepts and products and connect into the US insurance network.

Last month the program also opened to US insurtechs considering entering the UK insurance market. A team from InsurTech Corridor with both UK and US trade and innovation experts participated in the InsurTech Hartford Symposium on May 2 and 3, along with several of the UK insurtech firms participating in the first stage of the program.

Susan Winkler, Vice President and Executive Director of Connecticut Insurance and Financial Services, said: “InsurTech Corridor is going from solid strength to super strength and we’re really excited to welcome our second cohort of innovative UK businesses on board.”

The latest cohort of UK participants to join the InsurTech Corridor program include:

  • global insurance and reinsurance media technology platform Slipcase;

  • specialist cycle and triathlon insurance provider Bikmo; and

  • Supercede, a reinsurance platform for cedents, brokers and underwriters that is recognised for open market reinsurance by Lloyd’s of London.

Also included in the latest intake are:

  • Sønr, an insurtech scouting and open innovation platform used by insurance companies to facilitate innovation;

  • Flare, whose incident detection app is used by brands such as Deliveroo and JustEat to ensure employee and customer safety; and

  • Evari, an integrated platform for insurers.

“With the majority of our audience now based in the US, we have major ambitions for revenue growth in the region; being part of the InsurTech Corridor program enables us to ensure we capitalize on US-based opportunities,” said Slipcase founder and CEO Alex Hearn.

“Following our first meeting with the corridor in Boston and after attending the Hartford Insurtech Symposium with the team this month, we have already learnt a significant amount about the US market and had tangible introductions. We very much look forward to embracing the program and building out our US presence.”

As the Insurtech Corridor website points out, “Connecticut possesses one of the oldest and largest insurance industries in the U.S. Regularly nicknamed, “The Insurance Capital,” over 100 different insurance organizations call Connecticut home. The state upholds the highest percentage of insurance employment per capita, and ranks in the top three in all net premiums written.” London is the fourth largest worldwide insurance market, and the UK comprises almost one-third (189 as of March ‘21) of all insurtech start-ups and scale-ups in Europe, according to the website.

“The progress made in the US by the likes of FloodFlash and Wrisk, UK insurtechs who have been with the program since our 2022 launch, is testament to the success of the initiative in forging transformative connections between the insurance industry and those pioneering businesses whose innovation is crucial to the industry’s future,” Winkler added.

“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 help provide the opportunities for them to meet with insurers and demonstrate the potential for their technology here in the U.S.”