Department of International Trade Head of Insurance Alexander Milne said he has a good feeling about the worldwide demand of insurance from the UK market despite UK’s withdrawal in the European Union, or what is called Brexit.
The senior government official said the statement in a panel discussion of UK’s insurtech start-ups. He believes that because of the continuous innovation of the insurtech firms in the United Kingdom, the country’s reputation overseas can be enhanced.
“We’re really glad Insurtech UK has come together because we want the community to help the government understand what it can do to support the growth of the sector, whether that means helping overseas or attracting investment into the UK,” said Milne.
The discussion also highlighted Europe’s slow market contribution down to only 15%. Market Minds Managing Director Sebastian de Zulueta said that there might be emerging markets in other parts of the UK, where insurtech companies can target.
Tap worldwide market
According to Compelo, the goal of the panel discussion is for Insurtech companies to raise concerns that the government can help with. In terms of tapping the overseas market, Milne said that the government is ‘ready to support’ insurtech companies in their businesses abroad. He also claims that the UK can soar high in the international market because of its ‘good reputation.’
Milne also emphasized the UK’s advancement in the Insurtech sector, saying that it plays an advanced role in the digital economy which sends a good message overseas.
“A lot of people are actually looking for the kinds of solutions our insurtech offer, so the more we understand about individual specialisms and the areas companies are looking to sell into, the more we can help them to get funding or partnerships from overseas,” he added.
In 2018, the insurtech sector in the UK received more than $1 billion or £765 million.