The US state of Connecticut has entered into a cooperative arrangement with the United Kingdom to allow insurance tech companies from both sides of the pond to expand in each other's regions.
The "InsurTech Corridor" agreement has seen the MetroHartford Alliance, Connecticut Insurance & Financial Services, state insurance and economic development departments, and the British industry group Insurtech UK alongside representatives from the British consulate sign to remove jurisdictional barriers to cooperation.
Participating insurtechs in both Connecticut and Britain will be able to share knowledge and resources, on top of exploring opportunities to expand their businesses into each other's markets.
“We look forward to new ideas cross-pollinating across the Atlantic,” said Connecticut Insurance Commissioner Andrew Mais during the signing ceremony.
“As the home to one of the oldest and largest insurance industries in the United States, Connecticut is a perfect fit for the UK,” commented Emma Wade-Smith, Her Majesty’s Trade Commissioner to North America.
John Warburton, the founder of London-based commercial insurance and risk management company Konsileo, said British insurers “really want to come to the US" as part of their expansion plans. He also told Hartford Courant that the cooperative agreement will help British insurers navigate through the US' multiple state regulations, while overcoming challenges related to connecting with investors and other businesses.
“America is a big place. It’s a scary place from an insurance regulation point of view because you’ve got 50 different insurance jurisdictions,” Warburton said.
In addition to the lowered jurisdictional barriers, the InsurTech Corridor will also include an online resource platform that is available for interested and participating insurers to use free of charge. It will launch later this year, Hartford Business Journal reported.
