New CEO Melissa Collett: Pioneering Insurtech in the UK
In a pivotal move set to reshape the insurance industry landscape, Melissa Collett has assumed the CEO role at Insurtech UK. With a vision of revolutionizing insurance through technology, Collett intends to position the UK as a global leader in insurance innovation.
Insurtech UK, the world’s largest formal insurtech alliance, boasts an extensive membership base exceeding 130 companies, comprising 100 insurtech businesses and 30 partners from the traditional insurance sector and related industries.
Melissa Collett’s appointment follows her tenure as the executive director for Professional Standards at the Chartered Insurance Institute, which concluded in May. Leveraging her wealth of experience, Collett has outlined several critical objectives during her leadership:
1. Elevating Global Expansion: Collett emphasizes the significant benefits of global expansion, including diversified revenue streams, broader customer reach, and heightened business resilience. Her mission is to enable UK insurtech startups to unlock their global potential.
2. Strengthening Partnerships: Collett’s top priority is building robust partnerships with insurtech hubs worldwide. These collaborations will facilitate the global expansion of UK insurtech companies and contribute to establishing the UK as a worldwide insurtech hub.
3. Expanding Membership: As part of her efforts to solidify the UK’s position as an insurtech leader, Collett intends to expand Insurtech UK’s membership further. This expansion will foster collaboration between insurers and insurtechs, playing a pivotal role in cementing the UK’s status as a global insurtech hub.
4. Promoting Insurtech as a Standalone Sector: Collett is determined to elevate the voice and profile of insurtechs, emphasizing their distinctiveness from fintech. This distinction will underscore the unique contributions and innovations of insurtech companies.
Collett explained her ambitions: “This is a crucial time for the sector. AI and tech innovation are firmly on the government agenda, and the UK ecosystem is uniquely positioned to transform how insurance works. I have witnessed the exponential growth of the insurtech sector firsthand and how it can make a real difference to consumers and businesses.”
Collett’s plans also include collaborating with the Insurtech UK Council and Secretariat to build upon past successes, such as signing a joint statement of intent with the Department of Business and Trade to support the sector. Additionally, she aims to develop a UK-Connecticut insurtech corridor to facilitate member expansion to the US and build a £26.5 million funding support initiative for members via Innovate UK to foster sector growth.
Insurtech UK, under Collett’s leadership, will continue organizing regular networking events, member pitching sessions, and specialized working groups addressing sector-specific challenges.
John Warburton, Insurtech UK co-chair and CEO of insurance broker Konsileo, expressed his confidence in Collett, saying, “With Melissa’s energy, network, and strategic vision, she is well-placed to take Insurtech UK to the next level.”
Melissa Collett’s appointment as CEO marks a significant milestone in the insurtech arena, promising a future where technology and innovation redefine insurance in the UK and beyond.
