Melissa Collett, who has taken the helm as the new CEO of Insurtech UK, is gearing up to spearhead a range of initiatives aimed at transforming the insurance industry through technology as well as positioning the UK as a global leader in insurance innovation.
Insurtech UK, the world’s largest formal insurtech alliance, boasts a membership base of more than 130 companies, including 100 insurtech businesses and 30 partners from both the traditional insurance space and industries serving the insurance market.
Collett, formerly the executive director for Professional Standards at the Chartered Insurance Institute (she left the role at the end of May), brings a wealth of experience to her new role. She plans to prioritise several key objectives in her tenure including:
Elevating global expansion
Collett highlights the substantial returns on investment that come with global expansion, including diversified revenue streams, broader customer reach and enhanced business resilience. Her vision is to help insurtech startups in the UK unlock their global potential.
Strengthening partnerships
Collett aims to forge strong partnerships with insurtech hubs around the world. These partnerships will create opportunities for UK insurtechs to expand their presence on the global stage as well as contribute to making the UK a global insurtech hub.
Expanding membership
As part of her mission to establish the UK as a leader in insurtech, Collett also intends to grow Insurtech UK’s membership base further. This expansion will foster collaboration between insurers and insurtechs and play a vital role in embedding the UK as a global insurtech hub.
Promoting insurtech as a standalone sector
Collett’s determination lies in the enhancement of the voice and profile of insurtechs, emphasising their significance as a distinct sector apart from fintech. This distinction will also underscore the unique contributions and innovations of insurtech companies.
Explaining her ambitions, Collett said. “This is a crucial time for the sector. AI and tech innovation is firmly on the government agenda and the UK ecosystem is uniquely placed to transform the way insurance works. I have seen the exponential growth of the insurtech sector firsthand and how it can make a real difference to consumers and businesses.”
Future plans also include working with the Insurtech UK Council and Secretariat to build on its previous successes, which includes signing a joint statement of intent with the Department of Business and Trade to support the sector, developing a UK-Connecticut insurtech corridor to aid member expansion to the US, as well as building out a £26.5million pot of funding support for members via Innovate UK to help sector growth.
The alliance also organises regular networking events, member pitching sessions and specialised working groups addressing sector-specific challenges.
John Warburton, Insurtech UK co-chair and CEO of insurance broker Konsileo, commented: “Alongside a proven track record in the industry, Melissa’s previous role at the CII means she understands the challenges and opportunities facing a membership organisation. Insurtech UK has gone a long way in just five years, and we want to take it to the next level. With Melissa’s energy, network, and strategic vision, she is well-placed to do just that.”
