Downing Street recently hosted a roundtable event with Tech City UK in order to discuss the future of the insurance technology industry in the UK.
The aim of the meeting was to discuss both the opportunities and challenges that technology is bringing to the insurance industry and the disruption that is already taking place.
In a blog posted by attendee Paolo Cuomo, chief operating officer at Charles Taylor, he said the event was an ‘excellent initiative by Downing Street and Tech City UK’. He added: “The conversation could of course only scratch the surface of the changes that are occurring, but (the host) did an excellent job of covering topics ranging from historic legal obstacles impacting the motor market, to the role of EIS in insurance, to the opportunities from ever increasing data volumes combined ever decreasing processing costs.”
“The group discussed how the FCA might offer more support to early stage start-ups in the sector,” he added.
The 90 minute group meeting at Downing Street included start-up brokers Cuvva and Hey Brolly, as well as insurers Aviva and AIG. Representatives from Startupbootcamp InsurTech, Ins Tech London and Tech City UK were also in attendance.
Special adviser to Prime Minister David Cameron, Daniel Korski, also took part in the roundtable.