About Insurance Ireland’s Irish InsurTech Hub
Rapid advancements in technology have transformed the way in which business is done. The insurance industry is evolving to meet the changing needs of its customers. The application of InsurTech provides relevant solutions for customers and insurers. Realising its importance to our sector, Insurance Ireland has been heavily involved in the development of an InsurTech ecosystem, providing a platform to incumbent and start-up companies to revamp the ‘traditional’ insurance market.
Insurance Ireland has been actively involved in promoting innovation and Insurtech among its membership and have successfully developed an InsurTech ecosystem that allows members to collaborate with various stakeholders ranging from academic institutions to start-up companies.
Insurance Ireland is exploring the idea of building a dedicated innovative industry hub where member companies, government bodies, start-ups and other stakeholders can engage to develop innovative industry solutions. This hub will be industry-led, and Insurance Ireland is currently working on this concept with one of its members. The hub proposal has been submitted as a 2020 Ireland for Finance action for consideration.
Creating a vibrant InsurTech Ecosystem
The Irish InsurTech System
2019 Highlights
Insurance Ireland is continuously building on its “Ireland for InsurTech” strategy with a primary focus on the continued development and promotion of Ireland’s customer-centric InsurTech ecosystem.
Some of our key activities in 2019 include:
1) Production of an updated version of our jurisdictional brochure produced in conjunction with IFS Ireland featuring an expanded section on InsurTech and Innovation across the insurance industry in Ireland and promoting our expanding InsurTech credentials.
2) Regular engagement on behalf of the industry with Adapt, Insight and CeAdar resulting in the dissemination of technology and innovation thought leadership across the industry.
3) Creation of an InsurTech E-zine, highlighting activity and opportunity across the InsurTech ecosystem to our members and profiling our new InsurTech members with a view to facilitating engagement and collaboration.
4) Co-hosting of a Blockchain Event with an InsurTech Associate Member designed for CEOs of our member firms.
5) Active promotion of Blockchain Ireland membership to our members.
6) Insurance Ireland is working with members (insurers, strategic alliance partners) to build innovative technology solutions – initial focus being in the area of KYC/ AML.
7) Efforts are put in place to explore an industry InsurTech Hub with an accelerator and a private sandbox concept to create and environment to innovate and allow engagement between InsurTech players, insurers and other stakeholders.
8) Policy level engagement with members, National Standards Authority of Ireland (NSAI), EIOPA and regulators in the area of Cyber risk/security and Cyber Insurance – in addition to the submission of a paper to the NSAI on draft standards in the area of Cyber Risk/Insurance.
9) In order to generate awareness and bring all relevant policy making bodies to discuss the issue at one place, Insurance Ireland organised a round table event on Cyber Security at Brussels on 23 January. This event was very well attended and included Sean Kelly MEP, European Commission officials, national insurance associations and insurers.
10) The European Insurance Forum was held in October with over 300 domestic and international industry professionals attending. Insurtech and innovation were themes of the conference with one of the keynote speakers focusing on global trends in this space.
11) In addition, in October, Insurance Ireland’s President Ann Kelleher attended our roundtable event in technology in Brussels. This event involved the participation of industry and official representatives including Andrea Beltramello (Member of Cabinet of Commission Vice-President Dombrovskis). The Commission’s proposal for an update to the EU fintech action plan was discussed and Insurance Ireland presented our industry’s plans to support and promote innovation in Ireland and strengthen the engagement between innovators, incumbents, regulators and supervisors.
12) II supported and brought an Irish delegation of Insurers and local startups to ‘Insuretech Connect’ event in Las Vegas during 23-25 September 2019.
Way forward:
If you are interested to become a member of the Insurance Ireland Irish InsurTech Hub or wish to discuss about the importance of the Hub to the insurance industry, please write to ajay.pathak@insuranceireland.eu