{"id":21107,"date":"2024-07-03T12:39:56","date_gmt":"2024-07-03T12:39:56","guid":{"rendered":"https:\/\/fintech.global\/insurtech100\/?p=21107"},"modified":"2024-07-03T12:39:56","modified_gmt":"2024-07-03T12:39:56","slug":"insurtech-uk-unveils-roadmap-to-strengthen-the-nations-global-insurance-status","status":"publish","type":"post","link":"https:\/\/fintech.global\/insurtech100\/insurtech-uk-unveils-roadmap-to-strengthen-the-nations-global-insurance-status\/","title":{"rendered":"Insurtech UK unveils Roadmap to strengthen the nation\u2019s global insurance status"},"content":{"rendered":"

Insurtech UK<\/a>\u00a0has published its Roadmap of recommendations for policy-makers to retain and strengthen the UK\u2019s leading global status in insurance innovation.<\/strong><\/p>\n

The plan, which was released at the end of June, outlines how the next government can create a supportive environment for UK InsurTech to flourish, according to\u00a0FF News<\/a>.<\/p>\n

Key recommendations include establishing a regulatory regime that enables more new entrants, creating an investment environment that facilitates funding, and taking action to unlock opportunities for scaling up.<\/p>\n

With the UK\u2019s InsurTech credentials firmly established on the world stage, now is the time to support these innovative firms further as they strive to internationalise.<\/p>\n

Accessing higher levels of overseas investment and entering new markets will accelerate the next stage of UK InsurTech\u2019s exciting global journey.<\/p>\n

The UK is already home to the world\u2019s second largest InsurTech cluster, with an estimated combined value of more than $20bn. This burgeoning industry supports 60,000 jobs across the country and contributes nearly \u00a35bn to the UK economy.<\/p>\n

On the finance front, the Roadmap suggests extending SEIS and EIS to all categories of InsurTech to incentivise investment and extending EMI qualifying criteria to attract experienced talent.<\/p>\n

It also calls for a re-extension of the long-stop date for Advance Subscription Agreements and an urgent review of the HMRC R&D credit scheme for clarity and confidence in scheme application and administration.<\/p>\n

To tackle barriers and drive growth, the Roadmap recommends introducing a fairer VAT\/IPT regime for InsurTechs and a three-year strategy from the Department for Business and Trade for the international promotion of UK insurtech.<\/p>\n

It also suggests new government-backed reinsurance schemes to enable coverage of new societal risks and support affordable insurance policies for greater financial inclusion.<\/p>\n

This comprehensive set of recommendations aims to pave the way for UK InsurTech to reach its full potential, ensuring the country remains a global leader in insurance innovation.<\/p>\n

Copyright \u00a9 2024 InsurTech Analyst<\/p>\n","protected":false},"excerpt":{"rendered":"

Insurtech UK\u00a0has published its Roadmap of recommendations for policy-makers to retain and strengthen the UK\u2019s leading global status in insurance innovation. The plan, which was released at the end of June, outlines how the next government can create a supportive environment for UK InsurTech to flourish, according to\u00a0FF News. 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