each other’s territories. The MetroHartford Alliance, Connecticut Insurance & Financial Services, state insurance and economic development ministries, and the British industry association Insurtech UK as well as officials from the UK consulate signed the “InsurTech Corridor” agreement to eliminate jurisdictional hurdles to collaboration.
The concerned insuretechs from Connecticut and the United Kingdom will be able to exchange information and resources, as well as explore chances to develop their enterprises into each other’s markets. Andrew Mais, Connecticut Insurance Commissioner, expressed hopes over the partnership at the signing ceremony. He said, “We look forward to new ideas cross-pollinating across the Atlantic”. Emma Wade-Smith, Her Majesty’s Trade Commissioner to North America, expressed optimism over the cooperation. She said, “As the home to one of the oldest and largest insurance industries in the United States, Connecticut is a perfect fit for the UK”.
According to John Warburton, founder of Konsileo, a London-based commercial insurance and risk management firm, British insurers truly want to expand in the United States as part of their development ambitions. Additionally, he told the media that the joint partnership will assist British insurers in navigating the many state requirements in the United States, as well as overcome barriers to engaging with investors and other companies.
Warburton said, “America is a big place. It’s a scary place from an insurance regulation point of view because you’ve got 50 different insurance jurisdictions”. Along with fewer jurisdictional obstacles, the InsurTech Corridor will also provide a free online resource portal for interested and participating insurers. According to the media reports, it will be introduced later this year.
