A new InsurTech hub has opened in Ireland after 12 key players in the native insurance market collaborated to make it a reality.
According to RTE, InsTech.ie will bring together insurance expertise from companies, start-ups and third-level colleges in a bid to promote digital innovation, attract talent and boost customer service.
The organisations involved are AA Ireland, Allianz, Insurance Ireland, ALD Re, Axa, William Fry, SCOR, Irish Life, Greenlight Re, Unum, New Ireland Assurance and Laya Healthcare.
The group commented that it plans to bring other companies onboarding over the coming months.
InsTech.ie co-founder Gerry Hassett said, “InsTech.ie will help to foster talent locally and help us attract leading start-ups to Ireland to further bolster the sector and benefit the insurance industry. Our founder members will work closely with new market entrants to develop pilots and test proofs of concept.”
Hasset also remarked that despite Ireland being a top six market for insurance in Europe, there is ‘real concern’ that the insurance sector in the country is lagging behind other countries when it comes to innovation.
To date, the insurance sector is a large contributor to the Irish economy, bringing €13 billion to the country’s economic coffers every year.
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