The InsurTech Corridor provides a landing pad for UK insurtechs firms to road test their proof of concept and reach into the US insurance network more effectively. The UK-Connecticut Insurtech Corridor establishes useful resources, offers access to unique benefits, and provides connections to relevant professional services and stakeholders.
The United States is still the premier destination of choice for the majority of UK insurtechs looking at international expansion for over 70% of organisations surveyed. When exploring expansion however, likely partners and investors regularly cite a desire for UK insurtech firms to demonstrate a proof of concept bespoke for the US. UK insurtechs with strong US market entry proofs have proved able to interest US capital and accelerate business growth, to the advantage of their future US customers, the home-grown economy, and their core UK work. The costs and commitment on time, combined with resources to establish this as a proof-of concept, can sometimes inhibit insurtech firms. The InsurTech Corridor provides a formal support mechanism helping these insurtechs as they establish their product market. The Department for International Trade already provides support for UK companies on market entry in conjunction with local partners, and the InsurTech Corridor provides a formal structure around this existing support as well as introducing additional benefits into the new pathway.