Insurtech UK calls on industry to stay committed to funding innovation

Insurtech UK has called on the insurance industry not to cut funding for technology projects and to remain committed to investing in innovation and process development.

The trade association comprises more than 100 businesses across the insurtech market. In a public statement, it said: “The impacts of COVID-19 on the insurance industry are immediately pressing and come with unclear longer-term repercussions. Insurers are dealing with unprecedented pressures from every angle; looking after customers and partners is a clear priority, as is supporting staff through both remote-working and dramatic changes to working and personal lives. Insurers are understandably reprioritising within their businesses, but in these challenging times, there may exist the temptation to pull support from mid-term and long-term opportunities, such as innovation and insurtech (including internal technology initiatives, providing funding to start-ups, and providing underwriting support for insurtechs).”

Detailing what level of commitment it wants from the insurance market, Insurtech UK urged the industry to continue supporting the active exploration of strategic partnerships with insurtechs.

It also wants to see ongoing collaboration between insurtechs firms and insurers, continued investment into new initiatives, and clear communication between involved parties.

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