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Major insurance players launch new Irish InsurTech hub

Twelve major players in the Irish Insurance sector today joined forces to promote Ireland as an EU hub for the growing InsurTech industry.

InsTech.ie is a not-for-profit organisation which will bring together insurance expertise from leading firms, start-ups, and third-level colleges in a bid to promote digital innovation, a better customer experience and talent attraction.

The group includes members from domestic and international players including AA Ireland, AXA, ALD Re, Allianz, Greenlight Re, Insurance Ireland, Irish Life, Laya Healthcare, New Ireland Assurance, Unum, SCOR & William Fry. The group will continue to bring other companies onboard over the coming months.

The insurance sector is a major contributor to the Irish economy paying €13bn in claims annually and managing €112bn of long-term savings.

Commenting on the launch, Department of Finance Minister of State Sean Fleming TD, said: “I am delighted to be a part of the launch for Instech.ie. This is a great opportunity for Ireland to foster an innovation culture, to create new solutions, improve customer service and drive process efficiency. Ireland will benefit from this organisation in the future with the potential attraction of international InsurTechs to Ireland.”

Speaking at the launch, co-founder Gerry Hassett said: “Despite being a top six market for insurance in Europe with a strong cross border focus, there is real concern that the insurance sector in Ireland is lagging behind peer countries when it comes to innovation. InsTech.ie will help to foster talent locally and help us attract leading start-ups to Ireland to further bolster the sector and benefit the insurance industry. Our founder members will work closely with new market entrants to develop pilots and test proofs of concept.”

Earlier this year, InsTech.ie engaged the Deloitte Fintech Ecosystem team in Edinburgh to complete a study on whether Ireland was a viable place for an Insurtech Hub and advise on best practice internationally. Deloitte concluded that Ireland has all the core ingredients for an InsurTech Hub if backed by local players. The strong levels of interest from leading insurers are an endorsement of this plan.