Creating first ever state-level UK-US
Insurtech UK members saw the USA as the most appealing international market for expansion but found it very difficult to expand there because of costs, lack of networks and market complexities.
What We Did
- Approached the Department for International Trade (DIT) with a vision for a partnership to remove barriers for UK businesses to conduct market research and domicile their business in the US in order to fuel innovation and growth opportunities for the UK and US insurance markets.
- We drafted a written proposal for the partnership for approval by DIT Ministers and representatives from the US International Trade Administration.
- We developed a Working Group with members from the Department for International Trade, Insurtech UK, Foreign & Commonwealth Office, Connecticut Insurance Department and US Department of Commerce to deliver the UK/US Insurtech Corridor partnership.
- We secured the first ever financial services agreement of this kind between the UK and USA – signed by the UK’s HM Trade Commissioner for North America and various representatives from the Connecticut state Government.
- Ensured the partnership formed a part of the UK-US Financial Innovation Partnership - the official collaborative mechanism between HM Treasury and US Department of the Treasury
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