Nigel Barton - co-founder of Wrisk, the exciting-sounding InsTech start-up which will soon be launched into the UK market - considers some of the blockers in the "last mile" of the insurance value chain and what might be done about them.
So perhaps the reason for the lack of InsurTech start-ups in the UK is down to what we call the “last mile” factor. It’s akin to the broadband issue, where technology can bring one the wonder and speed of optic fibre, but for many customers it’s the last mile into their home where the signal reverts to out-dated copper wire and where everything slows up and frustration sets in. What’s the background to the insurance sector’s “last mile”? What are the sector’s copper wire characteristics that make the pace of change slow up so much?