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The event marked the culmination of the intensive four-month Insurtech Accelerator Program, organised in partnership with F10, designed to connect cutting-edge technology companies from around the world with the Isle of Man’s insurance industry.
Seven scale-up companies from the UK, Europe and Singapore were selected to take part - each offering innovative technologies with the potential to transform parts of the insurance landscape.
The demo day gave them the chance to showcase the technological advances they have each made during the program in front of invited guests including Chief Minister of the Isle of Man, the Hon Alfred Cannan, MHK, and Magdalena Ramada Sarasola, Senior Director and Insurtech innovation leader, at Willis Towers Watson.
Originally aimed at developing solutions for the insurance sector, it become clear during the program that the technology had applications for wider regulated industries.
As a result, the event provided an opportunity for the scale-ups to pitch not just to executives from across the Island’s insurance industry, but also to senior figures from across other sectors including banking, pensions, legal, eGaming, and accountancy.
Throughout the program, participating companies received a range of support designed to help improve their offering. This included personalized mentoring and coaching, as well as the opportunity to work with leading insurers such as Zurich International, Utmost Wealth, RL360, Momentum International, EIP and Hansard.
The program also encouraged collaboration between participating companies - with some expected to form joint ventures as a result.
Michael Crowe, CEO of Finance Isle of Man, said: “We are delighted with the success of our inaugural Insurtech Accelerator Program. It has been a privilege to see these scale-ups developing and we are particularly excited to see how the relationships between them and other companies across the Island continue to grow.
“This program has shown that the Isle of Man is a brilliant place for FinTech start-ups and scale-ups to develop and test their products in a highly supportive environment. This is an area of real strength for us and I am excited to see the results of the FinTech Innovation Challenge that was launched last year to spark innovation in the FinTech world.”
Marc Hauser, Head of F10 Europe, added: “After over a year of early talks and then close collaboration with Finance Isle of Man we reached an important milestone. Reflecting on what we achieved, I am super excited and couldn't be any prouder on what the ministry, the participating insurance companies and start-ups have achieved. We absolutely exceeded our expectations; not only did we raise awareness of Insurtech on the Island, but insurers also became more proficient in collaborating and start-ups were able to discover new business opportunities. I would like to extend my deep appreciation to everyone who took part and I am looking forward to the future with anticipation.”
Insurtech Isle of Man is aGovernment funded initiative established in 2021to support growth and innovation in the Island’s globally recognized insurance sector which has been attracting insurance businesses for over 50 years. The maturity of the insurance market on the Island makes the Isle of Man ideally positioned to become a hub for growth for Insurtech businesses and offers a gateway to a global market.
To read more information, visit their website.