5 Reasons London is the Best Location for early-stage InsurTech Startups

5 Reasons London is the Best Location for early-stage InsurTech Startups

26-Sep-2017 by Kristin Bell

There is no doubt that London is considered a creative hub for global talent. Whether it is financial or professional services, London leads the way. It is home to many of the world’s largest and most innovative companies from Dyson to Virgin Media. The city brings together people from all walks of life to build a buzzing environment great for new beginnings through its abounding opportunities for creative talent. If you’re wondering where to base your InsurTech startup, look no further because here are 5 Reasons why London is your choice.

  1. Largest European Ecosystem

London is the powerhouse of Europe, its thriving and dynamic pace in innovation and design thinking places it third in the “2017 Global Startup Ecosystem Ranking” following San Francisco and New York but first in Europe [1]. London provides a platform for growth in all fields but specifically for InsurTech startups. With insurance technology being more crucial than ever, insurers are realizing the importance of collaboration in delivering value for both the companies and customers. There is truly no other place that provides InsurTech startups with the opportunity to flourish these disruptive technologies than London.

  1. Fast-growing and diverse

Despite already being one of the biggest startup and InsurTech ecosystems in the world, London continues to grow. Generally referred to as the fastest growing city in Europe, it homes a steady influx of citizens from all over the globe. The diverse nature of London creates a stimulating environment for collaboration, innovation and empowering ideas and projects. InsurTech has been growing exponentially over the last few years and will continue to expand, as its predecessor FinTech did. The demand is high and the opportunities are vast.

  1. Expert mentorship

It only takes a Google search to create a list of the benefits of being a startup…the ability to create your own path with no established avenue to be successful or the sense of authority and empowerment when you make decisions and solve problems independently. However, the benefits may also be a source of a startup’s greatest concerns. It can be incredibly daunting to always try to make the right decision in a space that can shift so quickly. However, London is not only the oldest insurance market, but also the homebase of the largest insurance companies in the world. The city’s network of highly influential people is an invaluable asset for InsurTech startups. These experts, of fantastic calibre, are very willing to mentor, share their knowledge, and dedicate their time to help and support startups create and sustain innovative and successful business models. Additionally, London can also give startups access to the best InsurTech conferences and expos, attracting further global attention to its ecosystem.

  1. Government Support

The early stages of any startup are guaranteed to be the most vulnerable. It can make or break a startup! In this time, “every little helps”, whether it be in terms of finances, expertise, or just in general. Fortunately, in London, companies have leeway in their business endeavors through the local government’s support and implementation of laws to provide tax relief and support systems to alleviate some risk for early-stage startups. The U.K. government especially now more than ever promotes various competitions and innovation schemes from Seed Enterprise Investment Schemes, Entrepreneurs’ Relief to even Research and Development tax credits [2].

  1. Exciting and Accommodating

If you are afraid that you will miss home…don’t worry! London is globally connected, marking the midpoint between Europe and the U.S. Traveling is convenient and London’s access to any foreign market is simply incomparable. London is enriched with an abundance of culture, history, art, and beauty. Whether you are on Exhibition Road going to London’s best museums or walking around Camden Market, you will simply never find living in London boring!

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Sources:

http://www.urenio.org/2017/03/23/2017-global-startup-ecosystem-report/

https://invest.great.gov.uk/us/industries/financial-services/financial-technology/?utm_source=govuk&utm_medium=investguide&utm_content=&utm_campaign=IIGB

 

Kristin Bell

Head of Marketing, Startupbootcamp InsurTech