INSURTECH: COUNTRY FOCUS
A league of theır own The Guinness Six Nations 2020 saw many eager fans gripped to their seats. Nowhere more so than in the famously rugby-obsessed nation of Wales. From 360-degree daffodil hats to impromptu Bread Of Heaven performances, the Welsh take their national sport seriously.
Wales isn’t just good at rugby, it’s an all-important Number 8 in the insurtech scrum. Hannah Duncan sing its praises
Something else that this country has cocooned and nurtured as its own, perhaps surprisingly, is its thriving insurtech ecosystem. The nation has characteristically blended insurtech with sporting values, approaching it with unrivalled community spirit and gritty determination. As a European centre for insurance aggregator platforms, including Moneysupermarket, GoCompare and Confused.com, and key hub for tech research, Wales has kept its eye firmly on the ball.
are booming with the extra attention. Everyone is getting involved. Becoming digitally fluent is fast becoming the focus across schools and colleges. The ever-expanding range of insurtech internships and education for young people is compelling. 2020 kicked off with Bangor University in North Wales launching a new research facility dedicated to developing 5G technology. The Digital Signalling Processing Centre is on a quest to transform wireless internet. And then there is Cardiff University’s extraordinary Data Science Academy. The department is merging maths and computer science to rocket-propel cyber security and artificial intelligence into the future.
Driving forward together The rules of play for Welsh insurtech are strikingly close to the rules of rugby. Each player passes back to the next, and they all move forward together. Collective knowledge-sharing across government, schools and business is what’s setting the country apart. In government boardrooms, the word ‘tech’ pops up again and again across research papers, policies and funding. Becoming a digital leader is not an optional extra, it’s a national priority. If Wales doesn’t continue to outpace tech developments, more than 26 per cent of its workers will find themselves out of a job by the 2030s, according to Future Advocacy. The Welsh government has made it clear in its 2019 paper, Delivering Economic Transformation For A Better Future Of Work, that the focus needs to move from ‘coal mining to data mining’. Devolution has made slow progress, but as the country gains more control over its future, industries such as insurtech
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All players welcome From a stocky scrum half to a whippet-like wing, there’s a place for everyone in rugby. Perhaps that’s the reason why so many people enjoy taking part, with Wales having nearly 90,000 registered players, which is astonishing in a population of just three million. It’s
Somehow, against all odds, Wales has produced a groundbreaking ecosystem of sophisticated insurance firms
a similar story away from the pitch, as there’s room for all shapes and sizes in this bustling insurtech epicentre. Whether your company is little or large, agile or bulky, all you need is an occasional dash of bravery and you’re part of the team. Look in one direction and you’ll see it’s a breeding ground for plucky, innovative startups. The Development Bank of Wales offers life-changing investments for promising innovators, while organisations such as FinTech Wales are relentless in providing free advice and skilled tech workshops. It’s this blend of consistent support and funding that is instilling confidence in the sector. It’s hardly surprising, then, that more than 90 digital startups have made Cardiff their home (according to Tech Nation) since 2017. Only last week, the usually quiet seaside town of Llandudno was shaken by a vibrant Emerging Tech Fest to boost and propel ambitious new founders. “We quickly identified the key areas we can improve that will add resilience and growth for the sector in Wales,” says Gavin Powell, general secretary of FinTech Wales. “Of those areas, the need to enhance the pipeline of innovation and next-generation products is key. We are already in a programme of work with companies and academics in Wales to make impactful changes to that mechanism, which will definitely give the sector in Wales a competitive advantage.” Looking to the other extreme of the pitch, you’ll notice insurance giants such as the FTSE 100 company Admiral and its subsidiaries, Elephant and Confused.com. Together, they make up the largest tech employers in South Wales with a combined 7,000-strong workforce. Atradius is another hefty example. This global trade credit insurer planted its feet firmly in Cardiff in 2004. Welsh insurtech has heavyweights, newcomers and everything in between. www.fintech.finance
