’This is a crucial time for the sector,’ says new top boss
Insurtech UK has appointed Melissa Collett as its first chief executive, a statement released last week (8 September 2023) revealed.
As the new top boss of the trade association, Collett will be responsible for maintaining and expanding relationships with stakeholders within both government and regulators.
She will also have responsibility for forging partnerships with insurtech hubs across the globe in a bid to help UK insurtechs expand their reach.
“This is a crucial time for the sector,” said Collett.
“AI [artificial intelligence] and tech innovation is firmly on the government agenda and the UK ecosystem is uniquely placed to transform the way insurance works.”
’Exponential growth’
As part of the move, Collett, who most recently served as the executive director for professional standards at the Chartered Insurance Institute (CII), has also been tasked with increasing Insurtech UK’s membership base.
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It currently consits of 100 insurtech businesses and 30 partners from the insurance space and industries that serve the insurance market.
”Her role will lead to more opportunities in enhancing the voice and profile of insurtechs as a key sector in its own right, rather than as a subset of fintech,” the trade association said.
It added that she will also work with the Insurtech UK council and secretariat to build on its previous successes, which includes signing a joint statement of intent with the department of business and trade to support the sector.
“I have seen the exponential growth of the insurtech sector firsthand and how it can make a real difference to consumers and businesses,” Collett said.
”The recent report that our partners McKinsey and Co produced around the sector outlines that growth opportunity.
”I am very excited about leading an organisation that truly represents the future of insurance.”
Experience
During her career, Collett held leadership roles at Fairer Finance and the Financial Ombudsman Service, while she spent her early career as an insurance lawyer at Hogan Lovells.
In her most recent position at the CII, she represented the institute at insurtech conferences and panels.
John Warburton, Insurtech UK cochair and chief executive of Konsileo, said: “Alongside a proven track record in the industry, Melissa’s previous role at the CII means she understands the challenges and opportunities facing a membership organisation.
“Insurtech UK has gone a long way in just five years and we want to take it to the next level. With Melissa’s energy, network and strategic vision, she is well-placed to do just that.”
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