While insurers are dealing with unprecedented pressures during Covid-19, looking after customers and partners is a clear priority, it says in the statement. Insurers are reprioritising within their businesses and there may exist the temptation to pull support from mid-term and long-term opportunities, such as innovation and insurtech.
However, innovation in the UK insurance sector depends on the leadership of insurers. The Tech Nation Insurtech Board and Insurtech UK requested that the insurance sector in the UK should actively explore strategic partnerships with insurtechs, invest into initiatives and communicate between firms.
“Many of our insurtech firms are SMEs, now facing tremendous challenges as a result of Covid-19 and its impacts on the economy. They are also beacons for the future of the insurance sector and leaders in their own right, with a responsibility to ensure that the products and services they provide add tangible value for customers, particularly in these difficult times”, the statement said.
“Innovation and insurtech pave the way for the future of the insurance sector, and at this critical juncture, the sector must now band together and collaborate as best it can.”