Six insurers have signed the ‘Fintech Pledge’, which is an initiative supported by the UK Treasury and developed by the Fintech Delivery Panel, to set standards for efficient and transparent commercial partnerships between financial institutions and tech scale-ups.
The insurers are Admiral, Aviva, Brit, esure, Lloyd’s, and Munich Re Digital Partners.
The new signatories join as the insurtech sector sees rapid growth in the UK. In Q1 of 2021 alone, insurtech companies raised $187m, representing more than half of total UK insurtech investment in 2020, and 3% of all UK venture capital investment in that quarter.