Melissa Collett, Insurtech UK CEO, comments on the Chancellor’s Mansion House speech:
"Insurtech UK welcomes the Chancellor Rachel Reeves’s comments and policy announcements at the Annual Financial and Professional Services Dinner at the Mansion House last night supporting the UK’s position as a leading centre for finance and technology.
"As the UK’s only trade association exclusively dedicated to insurtechs, we echo Ms Reeves’s sentiment that a thriving City benefits the whole country and that the continued strength of our financial services and technology sectors is vital to jobs, investment and economic growth.
"We welcome the Government’s ongoing policy focus on financial services growth and competitiveness, one year on from the announcement of the Financial Services Growth and Competitiveness Strategy. In the past 12 months, the Government has placed accelerated deadlines on regulators for authorisations and reformed the SMCR to make it simpler and less burdensome, meaning it is now more responsive to the needs of agile firms like insurtechs. A better authorisation process is something we have been calling for in our Roadmap for UK Insurtech, and we remain committed to working closely with regulators to remove red tape and other barriers to the development and growth of our member firms.
"We welcome the news, too, of a new AI adoption plan for the UK’s financial services sector. AI continues to fuel growth, productivity and positive consumer outcomes across insurance, with our insurtech members representing the cutting edge of this industry innovating in a responsible and forward-thinking manner. We look forward to working closely with Government, regulators and insurers as technology continues to evolve the insurance industry for the future, and welcome the planned review into the financial guidance and advice-like outputs generated by LLMs as our members continue to strive to achieve the best outcomes for consumers and ensure a level playing field for all.
"Finally, it is pleasing to hear plans for a consultation on a new, tailored captive insurance framework. This is something we have called for and we welcome this announcement as the next positive step forward to help the development of scaling insurtechs where a captive insurer model may help support their innovations, reduce costs, and gain a competitive edge."