{"id":1317,"date":"2016-07-01T19:24:07","date_gmt":"2016-07-01T16:24:07","guid":{"rendered":"https:\/\/insly.com\/?p=1317"},"modified":"2023-08-18T14:48:53","modified_gmt":"2023-08-18T11:48:53","slug":"will-brexit-have-an-impact-on-insurance-technology","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/will-brexit-have-an-impact-on-insurance-technology\/","title":{"rendered":"Will Brexit have an impact on insurance technology?"},"content":{"rendered":"
<\/div>

\"eu2\"Measured by its political and economical impact, the outcome of Britain’s EU referendum Brexit on June 23rd is likely to be the most significant event of 2016 not only for Britain,\u00a0but for the rest of Europe as well. The initial response of the UK insurance community has been balanced: \u00a0Association of British Insurers stated that “business will continue as usual” while Lloyd’s chairman John Nelson echoed a similar sentiment saying that for the next two years the business will continue unchanged. The FCA’s official statement was also very much “wait and see” as it stressed that any regulatory changes wouldn’t come before UK and EU can reach trade agreements.
\nWhile there is no cause to believe that Britain’s strong position in the international insurance markets should change, the current uncertain situation raises many questions. For one thing, it could potentially hinder innovation in the Insurtech sector, which had only just started coming into its own.
\nWe asked 3 questions from 2 insurance professionals about their take on Brexit’s potential impact on insurance technology and the UK insurance industry in general.
\nThe views published here are personal.<\/p>\n

In your opinion, how could Brexit affect insurance companies and insurtech startups?<\/h3>\n

Andrew Smith, Financial Director at Resolution Underwriting Partnership:<\/strong>
\n“Brexit has the potential to seriously disrupt business in all sectors, including insurance and insurtech startups but there is no reason for any disruption at all once the turbulence has settled. Much of the turbulence has arisen because governments appear to have made no preparations for the outcome decided by the voters\u00a0while their exaggerations during the campaign has led many to fear their political messages might represent reality.<\/em>
\nThe volume of insurance traded across borders in the EU is not great. It has been estimated that as little as 4-5 per cent of Lloyd’s insurance income is from Europe. By\u00a0contrast\u00a0over 40 per cent comes from the US with whom we have not been in political integration since\u00a01783.<\/em>
\n\u00a0<\/em>A Single Market does not exist in services in the EU which has very few third party trade agreements which include services. Accordingly most existing business is being conducted outside any bureaucratic structures so Brexit will not create difficulties but the the terms of Brexit could do so.<\/em>“
\nRisto Rossar, Founder and CEO of Insly:<\/strong>
\n“Insly currently has clients from more than 20 countries and many of them are outside the EU. For us there is really no considerable difference if our customer is based in EU or not, but this does not mean that that we are indifferent towards the EU.<\/em>
\nThe major impact for start-ups and technology companies is change in investors’ mood \u2013 more specifically if Brexit would considerably change investors’ appetite to make investments or not. I have heard from several cases where investors have already withdrawn their commitments to invest because of Brexit. I very much hope that investors will also stay calm and continue investing in the UK and in Europe as this is very important for the development of innovation.<\/em>“<\/p>\n

Do you think London’s strong position as a tech hub and innovation hotspot will be challenged?<\/h3>\n

Smith:<\/strong>
\n“London’s position depends on the depth of skills and knowledge in a relatively small area combined with an historic willingness to trade with the best, wherever they are in the world. \u00a0International business is what built the City of London and no one here wants to damage that.<\/em>
\n\u00a0<\/em>The only proposed challenge I have heard about so far has been from certain European politicians who appear to believe these matters are decided according to government policy and instruction,\u00a0which is\u00a0least of all the case in\u00a0tech and insurance.<\/em>“
\nRossar:<\/strong>
\n“I think the major problem is not the fact that UK is leaving the EU, but the reason \u201cwhy\u201d. \u201cWhy\u201d is always more important than \u201cWhat\u201d. The arguments that Leave supporters have made and the chaos and uncertainty that it will create in politics, in economy and in people is what will harm London. A tech hub needs to be innovative, open minded and managed by smart people, I have my doubts about Leave figureheads matching that necessary state of mind.”<\/em><\/p>\n

What should insurance companies, investors and technology companies keep in mind to ensure that the insurance sector continues to innovate and grow?<\/h3>\n

Smith:<\/strong>
\n“Regulations and bureaucratic requirements unrelated to\u00a0customer\u00a0protection or\u00a0market security should be resisted at all\u00a0times as these are\u00a0a potential dead hand\u00a0to innovation. Brexit\u00a0came about\u00a0from a\u00a0belief that the EU was\u00a0imposing on Britain\u00a0too many\u00a0badly designed\u00a0measures\u00a0unrelated to our\u00a0circumstances and needs. The insurance industry should\u00a0assist governments\u00a0to negotiate\u00a0access to\u00a0markets with minimum\u00a0restrictions so that all consumers can\u00a0benefit from\u00a0continued innovation and\u00a0competition.<\/em>“
\nRossar:<\/strong>
\n“Keep up the innovation, not to postpone investment decisions because of instability that Brexit has caused. If everyone keeps calm and continues to do business the way it was before Brexit then the harm that Brexit is causing can be kept to a minimum. I believe that the history and competence of London insurance sector is strong enough that Brexit shall not do it considerable harm unless the general attitude and wishful thinking triggers similar irrational behaviour as when people voted for Leave.<\/em>“
\nPhoto credit: bqigroup.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Measured by its political and economical impact, the outcome of Britain’s EU referendum Brexit on June 23rd is likely to be the most significant event of 2016 not only for Britain,\u00a0but for the rest of Europe as well. The initial response of the UK insurance community has been balanced: \u00a0Association of British Insurers stated that […]<\/p>\n","protected":false},"author":5,"featured_media":1671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[134,130,133,27,79,97],"class_list":["post-1317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-innovation","tag-brexit","tag-insurance-market","tag-insurance-technology","tag-insurtech","tag-mga","tag-uk-brokers"],"acf":[],"yoast_head":"\nWill Brexit have an impact on insurance technology? - Insly<\/title>\n<meta name=\"description\" content=\"Measured by its political and economical impact, the outcome of Britain's EU referendum Brexit is likely to be the most significant event of 2016.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will Brexit have an impact on insurance technology? 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