New hub brings insurers, tech start-ups and third-level institutions together as Deloitte Report says “Ireland has all the hallmarks to become a successful insurtech ecosystem”.

Last Wednesday, DriverFocus attended the online launch of InsTech.ie, a non-profit organisation to bring insurance companies, tech start-ups and third-level institutions.

Minister of State at the Department of Finance Sean Fleming launched InsTech.ie and said "Ireland will benefit from this organisation in the future with the potential attraction of international Insurtechs to Ireland."

According to Insurance Ireland, Ireland is a top six market for insurance in Europe with a strong cross border focus. However, there is a real concern that the insurance sector in Ireland is lagging behind peer countries when it comes to innovation.

As CEO Moyagh Murdock observed, “the whole insurance sector needs to adapt and adapt quickly to the changing needs of consumers”, adding that “technology can help identify the underlying causes of incidents and accidents and changes in lifestyles…it’s all about trying to gather, compile and understand data…whether it’s through telematics, wearable technology or phones, technology is really the key to identifying trends and underlying causes and solutions”.

InsTech.ie’s founding members are AA Ireland, AXA, ALD, Allianz, AXA, Greenlight Re, Insurance Ireland, Irish Life, Laya Healthcare, New Ireland Assurance, SCOR, Unum & William Fry.

Co-founder and Chair of InsTech.ie, Gerry Hassett pointed out that "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".

DriverFocus very much welcomes the launch of InsTech.ie and we look forward to sharing details of our new insurtech offering with you in the near future. In the meantime, look out for our next blog for some great tips on how SMEs can save on motor insurance!

Source: https://instech.ie/index.html