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Insurers join the pioneering Fintech Pledge
Tech Nation| Apr 21, 2021
In celebration of UK Fintech Week, we are delighted to announce new signatories of the Fintech Pledge. The Fintech Pledge, supported by HM Treasury and the Fintech Delivery Panel, sets world-leading standards to accelerate the growth of the UK’s fintech sector by promoting valuable partnerships between financial institutions and tech scaleups.
In a move broadening the Pledge, six new signatories from the insurance sector – Admiral, Aviva, Brit, esure, Lloyd’s, Munich Re Digital Partners, – plus Investec who joins as an additional signatory from the banking sector, demonstrate their commitment to keeping the UK at the forefront of financial innovation by strengthening their partnerships with tech scaleups.
“We’ve set out a plan for a more open and technologically advanced financial services industry – and the Fintech Pledge is accelerating our progress towards this goal. By committing to help fintech firms onboard, large established financial institutions are sending a clear message that the UK is the best place in the world to develop innovative financial services. I’m pleased to see insurers making the commitment to boost their partnerships with insurtechs, and ultimately deliver better services for people and businesses across the UK.” John Glen, Economic Secretary to the Treasury
See: Here is why InsurTech is heating up as an investment category
This commitment follows last year’s launch of the Fintech Pledge across the UK banking sector. The first five signatories of the Pledge; Barclays, HSBC, Lloyds, NatWest, Santander; have now implemented the core components to increase transparency and communication when engaging with prospective fintech partners, and continue to review best practice and share their experiences with the second cohort of signatories; Atom Bank, Co-operative Bank, Nationwide Building Society, TSB, and Virgin Money; as they finalise preparations to put the principles into action within the committed six month timeframe.
“Innovation from fintech and insurtech companies is not just shaping the future of finance, but of our whole economy. By building collaborative relationships with new and upcoming firms, existing financial services institutions can drive greater, impactful change as the sector is strongest and most resilient when it works in partnership to build back stronger together”. Eileen Burbidge, Chair of the Fintech Delivery Panel and Partner at Passion Capital
Increasingly, tech startups and financial institutions are looking to partner with each other to drive better consumer and client outcomes. There are already many examples of this type of collaboration fostered by the Fintech Pledge. For example:
See: Canada’s payment system needs more competition
- Barclays has recently partnered with London-based fintech scaleup Flux to provide in-app digital receipts to Barclays customers.
- TSB has signed a partnership deal with billing fintech ApTap, to help customers manage their bills and subscriptions more effectively
- Digital Partners, a Munich Re company, partnered with scaleup Bought By Many (a member of Tech Nation’s newest Future Fifty cohort) to support the development and launch of innovative, customer-focused pet insurance
“When large financial institutions and fintech scaleups work together, everybody wins. Established institutions may benefit from a new customer experience, lower risk variability and a reduced cost base. For fintechs and insurtechs, partnering can be an opportunity to develop their products and scale a new solution at pace. And society at large benefits when we encourage innovation, support entrepreneurship, and work to drive real change in the future of our financial services.” Victoria Roberts, Director of Fintech Delivery Panel and Insurtech Board at Tech Nation
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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