A new UK-Australia pathway collaboration aims to remove the barriers insurance start-ups face when entering and expanding in each market.

Insurtech Australia CEO Simone Dossetor says British government support will be available for insurtechs looking to expand to the UK.

“It’s really the home of insurance and probably the market that has most opportunity in terms of innovation. It’s really great to have that sort of support,” she told insuranceNEWS.com.au. “There will be a cohort program that will be open over the next couple of months and insurtechs that meet the criteria in terms of their size and growth opportunities will be able to apply.

“This is just insurance-specific, which is great. We have quite different needs and ... probably the largest proportion of our members are looking at the UK as their major expansion market. So it aligns with their needs.”

The UK has held its position as the nation with the second-largest share of global insurtech deals since 2017. It secured 9% last year, when the US was number one on 51% and Australia’s share was 0.3%.

QBE Ventures CEO and Insurtech Australia chair James Orchard says the UK is a “huge market with a vast array of insurance and reinsurance products and big customer base. We’re talking about customers and growth and potentially access to funding, but also just learning from companies in that ecosystem that have done it successfully. 

“It will help Australian start-ups really access that market and hopefully pass on some of that success for them as well.”

Approved applicants will meet the UK-AUS Pathway team for acceptance into the program, which offers online resources, mentor and investor networks, and trade promotion. Apply here.