The trade body Insurtech UK has partnered with investment platform Seedrs to connect emerging InsurTechs with investors and investors in an effort to encourage adoption of new technology.
The partnership will see insurance professionals and peers receive exclusive early access to these new raises with Seedrs promoting the sector through capital introductions to its investor network and supporting additional marketing opportunities.
“Our combined networks bring a powerful community together that is focussed on transforming insurance,” said James York, deputy chair of Insurtech UK. “It will allow our members greater access to finance opportunities, whilst enabling industry angels to have a more comprehensive overview of the investment opportunities currently available in the UK market.
“Despite Covid-19, we have been delighted to see a number of recent member raises from Bought By Many, Envelop Risk, Bikmo, Canopy, Honcho, Qlaims and Urban Jungle. This partnership will be sure to fuel more!”
CEO of Seedrs, Jeff Kelisky added, “We see the InsurTech market altering the terrain of the insurance market in the same way neobanks have changed retail banking for the better. We are delighted to be selected by InsurTech UK to help expand our longstanding support of the sector, building on foundations we’ve created with many Insurtech UK members.”
The news comes at the time when InsurTech startups have started to make waves in the UK, having contributing an estimated £29.1bn to the economy in 2019.
InsurTech ventures have recently made quite a splash on the international market too, with Lemonade’s initial public offering seeing the price of its stock soar over 138% in its first day of trading.
Like any sector, InsurTech is dealing with the fallout of Covid-19. However, some expect that the industry could benefit from the pandemic as the health crisis has demonstrated the limitations of insurers’ legacy systems.
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