Welcome to the
The collaboration between the UK and Connecticut, two globally recognized hubs for insurance
Corridor Overview
The InsurTech Corridor is a collaboration between the UK and Connecticut, two globally recognized hubs for insurance, for the purpose of designating a landing spot that allows UK insurtechs to test their proof of concept and connect into the US insurance ecosystem more effectively.
The InsurTech Corridor also provides companies across the US a clear route into the UK insurance ecosystem by way of Connecticut. This InsurTech Corridor forms a key part of the commercial pillar of the US-UK Financial Innovation Partnership.
Benefits
Entering US Market
What are the benefits for UK insurtechs?
1. Access to a streamlined US market entry point via the state of Connecticut joining together existing support, resources and opportunities through a formalised structure.
2. More insurtechs can test their product market fit in Connecticut, a competitive yet forward looking US state, with a good market size, a strong cluster of leading insurance companies, and excellent UK connections.
3. Reduced associated costs of this exploration and establishment so insurtechs aren’t unnecessarily priced out of the possibility.
4. Increased political capital for closer UK-US economic ties and the recommendation within the Kalifa Review to create ‘Fintech Bridges’ to key markets.
Entering UK Market
What are the benefits for Connecticut and US firms and organisations?
1. Unique competitive advantages for US-based companies accessing innovative UK insurtech businesses.
2. Attracting UK businesses to Connecticut and the wider US to support growth in one of the most dynamic global insurance markets, boosting wider economic and business opportunities.
3. Leveraging Connecticut’s reputation as a global hub for insurance and conduit for innovation in the US insurance sector and digital transformation of the industry across the US market.
4. Improved resources and more efficient channels for Connecticut and US-based companies conducting business in the UK.
Latest News
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Sector Statistics
Source: grandviewresearch.com
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