From London to Hartford: Navigating the CT-UK InsurTech Corridor

2024-08-22

How can UK insurtech companies successfully enter the complex US insurance market? In this episode, we explore the CT-UK Insurtech Corridor through the journey of Programmable.AI, showcasing how this initiative creates pathways for international growth and innovation. Host Joshua R. Hollander brings together John Blamire, CEO and co-founder of Programmable.AI; Mike Hendy from the UK Office of Business and Trade; and Gene Goddard from MetroHartford Alliance and the CT IFS. They discuss how the Corridor is bridging the insurance technology landscapes of Connecticut and the UK, fostering transatlantic opportunities for insurtech companies. Key ...

Host Joshua R. Hollander brings together John Blamire, CEO and co-founder of Programmable.AI; Mike Hendy from the UK Office of Business and Trade; and Gene Goddard from MetroHartford Alliance and the CT IFS. They discuss how the Corridor is bridging the insurance technology landscapes of Connecticut and the UK, fostering transatlantic opportunities for insurtech companies.

Key Insights:

Programmable.AI's journey from the UK to Connecticut's insurance hub
Focus on the Insurtech Corridor as a strategic initiative for innovation and growth
The role of the CT-UK InsurTech Corridor in facilitating market entry
Challenges faced by UK companies entering the US insurance market, including regulatory complexities
Support provided by MetroHartford Alliance, CT IFS and the UK Office of Business and Trade
Importance of tailored strategies and partnerships for successful market entry.
How Connecticut-based companies can leverage the Corridor for UK expansion
Discussion of risk analytics and fraud detection technology in the insurance industry.
Emphasis on the significance of collaboration among startups, established companies, and government entities.

Key Topics Covered:

[01:57] Programmable.AI's risk analytics and fraud detection technology
[05:41] Challenges in insurance industry
[10:16] MetroHartford Alliance's role in supporting incoming companies
[12:06] Insurtech Corridor strategy
[14:00] UK Trade Office's assistance for UK companies expanding to the US
[16:24] Benefits of the InsurTech Corridor for companies
[19:13] Regulatory environment challenges
[20:17] John's firsthand experience navigating the US market entry
[25:38] Bespoke services provided by MetroHartford Alliance
[26:25] CT IFS initiative
[29:06] Regulatory advantages in Connecticut for insurtech companies
[31:00] Opportunities for Connecticut insurers in the UK market
[33:24] Programmable.AI's progress and future plans in the US

Notable Quotes:

“As a small British company, entering the US is not for the faint-hearted, and if you don't prepare properly, you prepare to fail. The InsurTech Corridor provided us with invaluable support and connections.” - [19:28] - John Blamire

“Our partnership with the companies that are in the IFS space, in the tech space, is to help attract new talent into our great state and into the Hartford region.”[13:26] ] - Gene Goddard

“The Insurtech Corridor was a very logical agreement between the UK and Hartford, Connecticut, because Hartford is the self-styled capital of the US insurance industry, and London is the capital of the insurance world.” - [14:57] - Michael Hendy

“I think they're very lucky to have Gene and Susan in MetroHartford Alliance and all of their members. It's a really interesting partnership and I think it's very, very successful.” - [19:48] Michael Hendy

“We want to see more Insurtech startups coming into the corridor because the more startups that come, the more the ecosystem builds, the more power it has, and the better we can actually help each other.” - [34:00] - John Blamire

About Our Guests:

John Blamire: CEO and co-founder of Programmable.AI, a company specializing in risk analytics and fraud detection in the insurance sector.

Mike Hendy: Senior Trade and Investment Officer for the UK Office of Business and Trade, focusing on supporting UK companies' expansion into the US market.

Gene Goddard: Chief Business Investment Officer for MetroHartford Alliance, dedicated to promoting economic development in the Hartford region.

Resources:

InsurTech Corridor