InsurTech Global Business Innovation Programme with the Northeast Coast of the USA
Offering innovative businesses the chance to explore collaborative opportunities with the USA relevant to delivering insurance technology.
The InsurTech Global Business Innovation Programme (GBIP) with the Northeast Coast of the USA is a funded offering organised by Innovate UK as part of UK Research and Innovation (UKRI) to help innovative UK businesses explore global opportunities to grow and scale.
The GBIP is structured into three-phases, consisting of (1) get ready for the market, (2) visit the market and (3) exploit the opportunity. The programme is designed to provide innovative UK businesses with market insights, cultural knowledge, and introductions to enable them to effectively tailor their solution and access a market via new collaboration and partnership opportunities, which businesses would find challenging to obtain by themselves.
You will have a designated Innovate UK EDGE innovation and growth specialist to provide bespoke wraparound support for the duration of the programme. They will help you to maximise the opportunities identified, including developing innovation projects with partners in the territory.
GBIP with the USA - why participate?
With the US being the world’s largest insurance market, valued at $1.4 trillion in 2021, there is a considerable amount of growth opportunity for personalised and convenient insurance products.
We are looking for businesses that focus on delivering technology solutions in the insurance sector, improving insurance practices, processes, and overall experiences in the insurance marketplace and beyond. Insurtech innovations can range from improving and redesigning existing individual insurance processes such as risk assessment, pricing and claims management, to the development of novel business models.
More than 1,000 global insurance firms are based in the US, with Harford being a hub of insurtech and home to some of the largest insurance companies in the world. The city attracts startups and established companies looking to innovate.
There will be an exciting opportunity to attend the InsurTech Hartford Symposium, a conference for insurance innovators. The conference creates a highly immersive experience for startups, innovators and entrepreneurs, and pushes the boundaries of innovation in insurance to bring together the greatest minds and world-class insurtech leaders.
Key Programme Dates
Who is best suited to participate in the programme?
If you are an innovative UK business looking to maximise the opportunities in the USA and explore international partnerships to help you to develop your innovation and bring your ideas to commercialisation, then this programme is for you.
Eligibility criteria:
- Be registered in the UK
- Small or medium-sized business (can have up to 500 employees)
- High-growth innovative business with ambitions for global growth
- Senior decision-maker or CEO in the company should attend
- Be a business focused on developing innovation in or for the insurance sector
Businesses must directly benefit from participation in the programme and have the necessary resources to achieve their objectives and articulate their ambition for participation clearly.
Places will be allocated based on those businesses most aligned with this suitability criteria.
Innovate UK is committed to ensuring that anyone from any background has an equal opportunity to be successful. We welcome applications from underrepresented groups and will do our utmost to make reasonable adjustments.
What is the cost?
Innovate UK will fund and organise flights, accommodation, in-market travel, and conference fees for successful applicants. They will also pay for any reasonable adjustments throughout the initiative.
Only one representative from each company will be funded. On acceptance of the initiative, a commitment fee of £500 will be obtained from each delegate, which will be refunded on completion of the full activities and agreed action plan. Non-completion after formal acceptance may result in forfeiting some or all the commitment fee.
How can you apply for the programme?
To submit your application, please click the 'Apply Here' button at the top or bottom of this page. The Global Business Innovation Programme has a competitive application process where only the most promising applications will be successful following an evaluation process.
The application deadline is Monday 6 November at 5pm, and you will be notified of the outcome of your written application on Friday 1 December 2023.
Written Application
In order to help identify who will directly benefit from participation in the programme, we will use all the information provided in this application form to evaluate each submission on a range of criterias. We encourage you to provide as much information as possible to illustrate your suitability.
The online application takes approximately one hour and must be completed and submitted in a single session. To facilitate the process, we have created a Word document, which you can download and pre-populate with your answers. You can then paste these answers into the online form and submit your application. Download the Word application form here.
Please note:
Due to high demand, our application process is highly selective. We strongly encourage you to apply as soon as possible. If successful, participants must attend all stages of the GBIP. Please note, we will not be able to provide individual application feedback.
COVID-19 safety measures and travel restrictions
The safety of the delegation is a top priority. As the public health guidelines and laws concerning COVID-19 and associated variants continue to change, we will work with local health authorities to follow the health and safety guidelines in place for the USA at the time of the programme.
Successful applicants will be expected to fully comply with any conditions of travel to the USA at the time of travel, as well as any local regulations on face covering and social distancing. As such, you might be required to provide proof of vaccination and/or a negative COVID-19 test before travelling to the USA. You must have valid travel insurance covering any COVID-19 aspects.
Contact us
Have a question about the event? Email our team at event.enquiries1@innovateukedge.ukri.org
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