Insurtech in the USA 2023
In March 2023, an Innovate UK Global Expert Mission (GEM) visited New York City to gain insight into the insurance sector in the United States and explore bilateral collaboration opportunities between the US and the UK. As part of the five-day mission, the UK team, which included leadership from Innovate UK, private companies, professional organisations, and academia, met with US insurance industry stakeholders.
Abstract from outcome report:
The US and the UK are among the largest insurance markets; today, there are close to 3,000 global insurance firms — more than 1,000 are based in the US, and close to 300 are based in the UK. This report is a product of the March 2023 mission and presents an overview of the market in both countries, including a deep dive into the insurtech innovation landscape, its players, regulatory similarities and differences, initiatives, and collaborative opportunities and barriers. According to a member of the Innovate UK leadership team, “What Innovate UK is trying to achieve on this mission is to understand what the opportunities are and what’s the best path into and across the US.” This would not only help understand the most effective approach for entry and expansion but also help develop a pathway towards a strategic roadmap that drives innovation, collaboration, and achievement in the US insurtech ecosystem.
About Global Expert Missions
The Global Expert Missions (GEM) programme is funded by Innovate UK and designed to build international collaborations with governments, societies, enterprises, institutions, and people from every corner of the globe. With global challenges requiring international perspectives, the programme aims to support the UK government’s ambition to be the international partner of choice and a global hub for innovation by 2035.