Isle of Man chief minister says island’s insurtech programme marks ‘good innovation’

Alfred Cannan, chief minister of the Isle of Man and the leader of the Isle of Man government, applauded the “good innovation” of the inaugural Isle of Man Insurtech Accelerator Program because it aligned with the island’s largest sector on the island - he said that insurance makes up around 22% of the Isle of Man’s gross domestic product.

The four-month programme, which is a collaboration between Insurtech Isle of Man – an insurtech hub backed by the Isle of Man’s government, regulator and insurance professionals – and F10, a global innovation system for fintechs and insurtechs, concluded at a conference held on the island on 26 January 2023.

Cannan, who was involved in finding the funding for the accelerator programme, delivered the event’s welcome address.

Speaking to delegates, he said: “The economy on the island has typically thrived over the years and I think [this is] partly because of a continued desire for innovation and growth.

“Events like [this one] are vital if we want to continue to innovate in the future. Certainly, as a government, we need to listen to key stakeholders and work with businesses.”

To ensure future innovation, a ”more collaborative approach” is needed, Cannan added.

Simon Pickering, head of pensions and insurance at Finance Isle of Man, further noted that the conclusion of the accelerator scheme marked a “major milestone”.

Looking ahead, Pickering told attendees that a second Isle of Man Insurtech Accelerator Program was on the cards, as well as a hackathon, a larger insurtech conference and collaborations with Insurtech Ireland, Fintech Scotland and Insurtech Israel.

Growing economy

Cannan explained that he has a 15-year plan to grow the Isle of Man’s economy and execute the vision of its government.

He told delegates: “Over the last year or so, we have been putting together our economic strategy with a 15-year plan to grow the island’s economy and develop the government’s vision for a secure, vibrant and sustainable island.”

This work includes the creation of 5,000 new jobs, increasing the island’s population to 100,000, sourcing £200m of additional government revenue, decarbonising the economy in line with the Isle of Man’s climate change targets and establishing an infrastructure to underpin these objectives.