The Association of British Insurers has signed an agreement with Insurtech UK to leverage collective resources to promote innovation in the sector.

The trade associations say they have a shared interest and the tie-up recognises a commitment to promote co-operation, exchange views and share information. 

Their interests intersect on issues such as artificial intelligence, open finance, data ethics and operational resilience, and they have agreed to co-ordinate views and liaise on event opportunities. 

ABI director general Hannah Gurga says harnessing technology is “crucial to maintaining our sector’s competitive edge”. 

The agreement will “bolster our working partnership with Insurtech UK so we can continue to drive growth in the UK insurance industry to the benefit of our members and their customers”, she said.

The ABI has more than 300 members, while Insurtech UK represents more than 100 start-ups.

“We look forward to working closely with ABI to leverage our collective resources, to create opportunities for our members and to help deliver innovation,” Insurtech UK CEO Melissa Collett said.