The industry faces key challenges that need to be addressed to ensure continued success, including protecting and enhancing the UK’s innovation ecosystem, especially access to talent and capital. This report aims to provide context, new survey and research findings, and practical, actionable insights for all stakeholders. These recommendations can serve as a road map to drive success for insurtech firms, insurance industry incumbents and investors – with a focus on addressing the industry’s biggest challenges: access to capital and talent, scaling and the current macroeconomic climate.
Undoubtedly, insurtechs have the potential to ignite transformative change within the industry. One CEO we surveyed described insurtech as the ‘grit in the oyster’: just as irritants provoke oysters to produce pearls, insurtech firms have the power to disrupt the status quo, stimulating traditional insurers to embrace innovation, foster product development, and extend coverage to previously underserved population segments….
