Melissa Collett will transform insurance technology and make the UK a leader in innovation. Discover her industry transformation vision and experience.
As the new CEO of Insurtech UK, Melissa Collett is preparing to oversee a number of initiatives aimed at technologically altering the insurance sector and establishing the UK as a leader in insurance innovation.
The largest official insurtech alliance in the world, Insurtech UK, has more than 130 members, including 100 insurtech companies and 30 partners from both the traditional insurance industry and other sectors that support the insurance market.
Collett brings a plethora of expertise to her new position at the Chartered Insurance Institute, where she most recently served as executive director for Professional Standards (she departed the position at the end of May). During her tenure, she intends to prioritize a number of important goals, including:
Increasing international expansion
Collett draws attention to the significant benefits on investment that come with international growth, including as diverse revenue streams, expanded consumer reach, and improved business resilience. Her goal is to assist UK insurtech startups in realizing their full potential on a worldwide scale.
Enhancing collaborations
Collett wants to establish reliable relationships with insurtech hotspots all throughout the world. These collaborations will give UK insurtechs the chance to become more visible on a worldwide scale and will help establish the UK as a centre for the industry.
Growing the membership
Collett also wants to increase the number of members of Insurtech UK as part of her goal to make the UK a leader in insurtech. The UK will become firmly established as a worldwide insurtech hub thanks to this development, which will encourage cooperation between insurers and insurtechs.
Fostering insurtech as a separate industry
Collett is committed to elevating the voice and profile of insurtechs and highlighting their significance as a separate industry from fintech. Additionally, this differentiation will highlight the distinctive contributions and innovations of insurtech firms.
Collett said, outlining her goals. “The sector is at a critical juncture. The UK ecosystem is perfectly positioned to revolutionize the way insurance operates, and AI and technological innovation are high on the government agenda. I have personally witnessed the insurtech industry’s exponential rise and how it can significantly impact both consumers and businesses.
Future plans include collaborating with the Insurtech UK Council and Secretariat to build on its previous achievements, which include signing a joint statement of intent with the Department of Business and Trade to support the sector, creating a UK-Connecticut insurtech corridor to help members expand to the US, and developing a £26.5 million fund of funding support for members via Innovate UK to aid sector growth.
The alliance also hosts frequent networking gatherings, member pitching events, and specialized working groups to address issues unique to particular industries.
In addition to having a track experience in the business, John Warburton, CEO of the insurance broker Konsileo, said that Melissa “understands the challenges and opportunities facing a membership organization” due to her former position at the CII. In just five years, Insurtech UK has come a long way, and we aim to push it even farther. Finally the drive, network, and strategic vision Melissa possesses make her well-suited to carry out that goal.
