The UK has firmly positioned itself as a global leader in the insurtech sector with a market value of over $20 billion placing it third in the world. China followed second at an approximate $28 billion valuation, with the US securing the top spot at $100 billion.

However, when the population size of each nation was factored in, the UK reigned supreme with the highest concentration of insurance technology companies worldwide.

It’s estimated there are 3,000 insurtech firms globally, approximately 280 of which are headquartered in the United Kingdom. It’s evident a dynamic ecosystem is evolving and gaining momentum. Impressively, London is home to five insurtech unicorns including Zego, ManyPets, Marshmallow, and Tractable, which is the same number of total unicorns for the whole of Europe.

This positions London second only to Silicon Valley for the concentration of outliers in this area. While London is a thriving hub for the sector, it’s worth noting that two-thirds of the workforce is based outside the capital. It seems hybrid working is opening up bigger opportunities for career advancement and more accessibility to break into the sector across Britain.

Developing diversity

As the insurtech space evolves, it has seen a diverse and young workforce emerge which has been proven to offer many benefits to industries. Two out of three staff employed in this industry are under the age of 40, and approximately 39% are non-British according to research.

There are many advantages to cultivating a diverse workforce. Organisations can benefit from international talent and foster more inclusivity among employees. With approximately 47 % of the workforce being either female or nonbinary, the diversity trend appears encouraging among firms recruiting talent in the space.

As the UK ecosystem continues to grow, (currently 4% of the UK’s insurance industry is working in insurtech), so does its revenue. The sector is expanding at a sixfold increase from its 2015 estimates, turning over between two and three billion pounds annually.

However, obstacles remain with one out of three firms highlighting access to funding as a key challenge. Companies may need to remain agile and competitive in order to raise the capital required to sustain growth.

Investing in AI

A recent report showed that the UK insurtech industry is ahead of its US counterparts when it comes to the application of new technologies to transform how they do business. The report details over half of all English-based firms are investing in transformative technology, with a majority of 63% of executives adopting AI and machine learning to speed up customer acquisition.

In Britain, one in 10 adults are using insurance apps to manage their policies, marking a 40% increase in downloads respectively. This growth was led by players such as Hastings Direct Insurance, Admiral Insurance, and Cuvva.

By leveraging these new technologies there is potential to streamline processes, enhance accuracy and improve overall customer experience. Insurers could benefit from detailed analytics and data around customer behaviours and use insights to advance UK insurtech in the global market.

As the ecosystem matures and the UK continues its growth trajectory, there has never been a better time to advance your career in insurtech.

Ready for your next step? The Finextra Jobs Board features thousands of jobs, and we have highlighted three exciting roles within the insurance technology industry below.

Cloud DBA, S&P Global, Manchester, UK

S&P Global is seeking a bright, self-motivated and experienced Cloud DBA who is familiar with AWS infrastructure to join the team. Based in Manchester, you will be responsible for managing database clusters and working within complex global commercial environments across banking, hedge funds and insurance functions.

The ideal candidate will have a minimum of three years’ of experience in AWS technologies such as RDS/Aurora, configuration, and security management.

If you are confident in your ability to take calculated risks and excited to work closely with a large international team, you can find more information about this role here.

Senior Cyber Underwriter, Aviva, London, UK

Aviva, one of the UK’s largest insurers, is expanding its cyber insurance offering and recruiting an experienced Senior Cyber Underwriter at its London headquarters.

You will play a key role in driving expansion in line with Aviva’s ambition as a leading provider of cyber insurance and be an integral part of its insurtech team. Do you have an unmatched knowledge of the London broker market, coupled with confident communication and relationship management skills? If so, this could be your next move.

See full information on how to submit your application here.

Senior Technical Business Analyst, Digital Transformation, PwC, Birmingham, UK

The UK insurance industry is facing wholesale transformation driven by digitisation, changing customer expectations, and the rise of insurtech. PwC is searching for a skilled Senior Technical Business Analyst to join its Operated Digital Team. Harnessing the power of tech and data, you’ll Support the Line of Service (LoS) teams across consulting, risk, tax, and deals, to deliver for clients’ needs.

Read on for more information on this opportunity.

Excited about your next career move? Visit the Finextra Jobs Board for thousands of live opportunities today.