UK & CT Sign New InsurTech Corridor Partnership in the "Insurance Capital of the World"
10 Mar 2022
By Zachary Vasile
The Greater Hartford insurance sector and state agencies are joining forces with the U.K. government to launch a trans-Atlantic “corridor” with the aim of fostering closer business ties between Connecticut and Britain.
The MetroHartford Alliance, Connecticut Insurance & Financial Services, state Insurance and economic development departments and British industry group Insurtech UK, along with representatives from the British consulate, signed an agreement in Hartford on Thursday to remove jurisdictional barriers to cooperation and share knowledge and resources that would enable insurers in both Connecticut and Britain to explore and expand into each other's markets.
The project, known as the “InsurTech Corridor,” will also include an online platform of free resources for interested companies. The site is expected to launch later this year.
“The InsurTech Corridor will revolutionize how we approach trans-Atlantic market entrances,” said Emma Wade-Smith, the British trade commissioner to North America. “As home to one of the oldest and largest insurance industries in the U.S., Connecticut is the perfect fit for the U.K. This Corridor will reduce bureaucracy, enabling the industry to better pursue growth and business opportunities, to the benefit of consumers and our economies in both locations.”
Connecticut officials, including DECD Commissioner David Lehman and Insurance Commissioner Andrew N. Mais, also praised the partnership, calling it an opportunity for the state to expand and strengthen its insurtech ecosystem.
“This collaboration with the U.K. will create overseas business development and investment opportunities for Connecticut companies as well as attract new firms and jobs to our state,” Lehman said.
The British government said it was interested in forging closer connections with the Greater Hartford region specifically because it is home to numerous insurance and finance firms, including Aetna, Conning, The Hartford, Travelers and Nassau Financial Group.
The agreement marks Connecticut’s second major overture to foreign businesses this year. Last month, Gov. Ned Lamont and state business development officials traveled to Israel to discuss expansion and investment opportunities with companies and venture capital funds there.