Insurtech Australia (IA) and Insurtech UK have signed a Memorandum of Understanding to jointly advocate for startups and technology to transform the insurance industry. 

IA CEO Simone Dossetor says many Australian insurtechs have scaled or are looking to scale to the UK. 

“Given the importance of Lloyd’s and the London market, we believe a strong presence and collaboration with the UK market creates significant value for our members,” she said. 

IA will take a delegation to the UK in March and host a reception at London’s Australia House, and Insurtech UK CEO Melissa Collett will present at IA's upcoming InsurtechLIVE 24 conference in Sydney on February 13. 

"We welcome Insurtech UK members and partners to join us down under,” Ms Dossetor said. 

The UK insurtech sector is valued at more than $20 billion and has the highest number of insurtechs per capita among all major world economies. 

Insurtech UK is keen to foster closer links and collaboration with IA and promote opportunities created by the UK-Australia Free Trade Agreement for digital trade, export of services and free flow of data, Ms Collett says. 

“We have strong ties with the Australia market and a number of our members do business there,” she said.