High street brokers the next insurtech targets

When you say the word ‘insurtech’, what probably comes to mind is a hip start-up in a converted warehouse, full of tech wizzes wearing t-shirts and trainers. Or perhaps people in suits in one of the many London office towers, working out new solutions to insurance problems. Either way, for many people the world of insurtech seems a far cry from your everyday high street broker who is working with clients in the same way they have for many years. But that’s not necessarily the case. As some companies have discovered, it’s the smaller brokerages that are most interested in new technology and new ways of helping clients. That fact was a hot topic of discussion at a recent breakfast event hosted by Insurtech UK, an alliance of more than 50 insurtech start-ups and partners. Insurtech UK came to life after conversations between founders of insurtech companies, who believed there needed to be a bigger voice for the industry.