The UK-Australia Insurtech Pathway has been introduced as a joint effort to support insurance technology firms seeking expansion opportunities in both markets.
Developed through a partnership between the UK’s Department for Business and Trade (DBT), Insurtech UK, and Insurtech Australia, the initiative is designed to:
The program was officially launched in Australia on Feb. 18, 2025, with a corresponding event planned in the UK on Mar. 20, 2025.
The pathway will offer structured support to selected firms looking to enter either market, addressing key challenges related to compliance, business development, and market integration.
The UK and Australia both have well-established insurance sectors that encourage innovation through regulatory structures and technology adoption.
The Insurtech Pathway aims to lower entry barriers for firms by providing targeted guidance and fostering industry collaboration.
The initiative builds on the UK-Australia Free Trade Agreement (FTA), which took effect on May 31, 2023. The agreement is intended to reduce trade restrictions and facilitate easier market entry for businesses, including through streamlined visa pathways, expanded access to government procurement, and lower investment barriers.
The launch coincides with a period of shifting investment dynamics in the insurtech sector. A recent report by Dealroom.co, Mundi Ventures, and MAPFRE suggested global insurtech investment could reach US$4.2 billion by the end of 2024.
Investment in the sector reached US$3.2 billion in the first three quarters of 2024, with additional funding expected in the final quarter. The report suggested that investors are showing renewed interest in early-growth and breakout-stage companies, particularly in Series B and C funding rounds.
Louise Cantillon (pictured left), Deputy Trade Commissioner for Australia and New Zealand, said the initiative reflects both regions’ commitment to strengthening trade ties in financial services and technology.
“By working together, we can unlock new opportunities for insurtech companies in both markets, driving innovation and supporting job creation,” she said.
Insurtech UK CEO Melissa Collett said the initiative aligns with UK firms’ interest in the Australian market.
“Insurtechs consistently feedback to us on their appetite for the Australian market due to its strong insurance industry, wide-spread insurance uptake and anglophone ties,” she said.
Simone Dossetor (pictured right), CEO of Insurtech Australia, also highlighted the pathway’s benefits.
“The UK is the top-rated market for global expansion for our insurtech members and with Australia being the fourth largest market for Lloyd’s there are strong synergies between the two regions,” she said.
The program will provide tailored support, including regulatory and compliance guidance, networking with insurers and investors, trade delegations, and engagement with key regulatory authorities to streamline market entry.
