Connecticut, UK to Create an ‘InsurTech Corridor’
The partnership’s goal is to knock down regulatory barriers and determine market access.
- Timothy Darragh
- May 2022
The United Kingdom and the state of Connecticut have announced the formation of an “InsurTech Corridor” designed to eliminate roadblocks to entering and expanding in each other's market.
The goal is to increase companies' knowledge of the respective markets, access resources and make valuable connections to accelerate their business growth.
It also will connect with business development and investment opportunities and streamline market entry in each jurisdiction by leveraging the local insurance ecosystems, according to a statement by Insurtech UK.
As an example, John Warburton of Insurtech UK said in a statement U.K.-based insurtech startups may want to explore the U.S. markets, but may experience barriers to determining market access, regulation and known counterparts. The partnership can knock down those barriers by providing access to talent and decision makers and “unlocking relationships that lead to serendipity,” according to the MetroHartford Alliance, a member agency of the corridor.
“This is a significant milestone, strengthening the partnership between Connecticut and the U.K. to accelerate innovation through insurtech and benefit consumers.”
Andrew N. Mais
State of Connecticut Insurance Department
“This is a significant milestone, strengthening the partnership between Connecticut and the U.K. to accelerate innovation through insurtech and benefit consumers,” said Connecticut Insurance Commissioner Andrew N. Mais in a statement. “Appropriate innovation can help support improved customer engagement and better service while enabling greater efficiencies and new business models to drive growth in the insurance sector and bring jobs to Connecticut.”
The InsurTech Corridor will revolutionize the way U.K. companies view entering the U.S. market, said Emma Wade-Smith, Her Majesty's Trade commissioner to North America, in a statement.
“As home to one of the oldest and largest insurance industries in the U.S., Connecticut is the perfect fit for the U.K.,” Wade-Smith said. “This corridor will reduce bureaucracy, enabling the industry to better pursue growth and business opportunities, to be benefit of consumers and our economies in both locations.”
The online platform for the corridor, which is part of a broader US-UK Financial Innovation Partnership, will launch later this year, Insurtech UK said.
A panel of regulators and rating experts said insurtechs could look to an existing model for successful innovation—Amazon's.