What the Budget means for insurance innovation

Tim Hardcastle, CEO and founder of INSTANDA commented: “As an insurtech, naturally we are supportive of anything that promotes innovation, particularly within the insurance industry. It’s therefore great to see increased measures introduced yesterday that benefit both R&D investment and tax credits and will in turn will play a significant role in supporting future innovation.

“Whilst the help is of course welcomed and will be important for the insurance industry, I believe that there is more that could and should be done from within to foster innovation, stimulate growth and frankly be a better industry all in all. In particular, insurance carriers need more options available to them to address the challenge of creating secure and scalable technology solutions. This is a challenge for which a solution is far greater than simply receiving more R&D support. It requires a mind shift more generally, one in which the industry opens up and embraces technological developments that are already readily available to them here today.

“Over the last three years in particular, we have seen an increase in insurers recognising the importance of working with insurtechs to drive digital transformation and bypass outdated legacy systems. This is promising, but there is still further to go. Ultimately, the winners will be those who embrace this technological evolution, and innovation will only truly be embedded once this mind shift takes force across the industry as a whole.”