In a world where technology drives daily innovations in industries from travel to health care to manufacturing, why should insurance be any different? How can innovators and insurers collaborate to create meaningful, sustainable change?
In this episode of the Insurtech Leadership Podcast, host Josh Hollander sits down with Stephen Brittain, Director and Co-founder of Insurtech Gateway, to explore their unique approach to incubating and investing in early-stage insurtech startups. Stephen, with his product design background and entrepreneurial spirit, offers valuable insights into the intricacies of nurturing innovation in an industry known for its caution.
Based in London and Sydney, Insurtech Gateway is an incubator and venture builder dedicated to supporting early-stage founders in refining their business models, achieving product-market fit, and navigating the complexities of distribution. They also manage a series of early-stage venture funds to facilitate this journey.
Key Insights:
The distinction between Insurtech Gateway's incubator model and traditional accelerators
Balancing rapid innovation with the measured pace of the insurance industry
How non-insurance sectors are driving change in risk management and insurance
Strategies for founders to validate ideas and gain traction in the insurtech space
Stephen shares Insurtech Gateway's journey from its founding in 2016 to its current role in nurturing startups and building a resilient insurtech ecosystem. He offers a candid look at the challenges of introducing disruptive ideas to a risk-averse industry and the strategies they've developed to bridge that gap. The episode also examines how a strong product background influences InsurTech Gateway's methodology.
In this Episode:
[00:34] Insurtech Gateway's mission and unique position in the market
[02:37] The origins of the incubator and its evolution
[05:34] Insurtech Gateway's bespoke collaboration strategy with startups
[12:31] Examples of successful portfolio companies (e.g., Flood Flash)
[19:37] How Stephen's product background influences their approach
[21:31] Changes in the insurance industry since 2016 and ongoing challenges
[25:08] The role of innovation partners from outside the insurance market
[33:35] Strategies for working with both insurers and non-insurance partners
[37:05] Emerging trends in corporate risk management and self-insurance
[40:50] Opportunities for listeners to engage with Insurtech Gateway
Notable Quotes:
"We saw the speed of innovation and change of digital, and we were seeing the lack of agility in the insurance market. The first thing we should do would be to find a place to attract those innovators from outside." - Stephen Brittain
“'The hardest thing to swallow for me has been the indicators that I get early and get super excited about, but I'm still five years ahead of the decision-makers who are going to make this happen” - Stephen Brittain
“The last eight years have been a huge growing up exercise for me, making me realize quite what a battle I've been trying to fight over attracting disruptors and then settling disruption into the big scale of insurance” - Stephen Brittain
About Our Guest:
Stephen Brittain is the Director and Co-Founder of Insurtech Gateway. With a background in product design and innovation, Stephen brings a unique perspective to the insurtech space. He has been instrumental in shaping Insurtech Gateway's approach to identifying, nurturing, and scaling early-stage insurtech startups. Stephen's experience spans from creative direction at Hambro Perks to supporting numerous startups through early-stage development and testing.
Resources:
Stephen Brittain
https://www.linkedin.com/in/stephenbrittain/
https://www.insurtechgateway.com/
Josh Hollander
https://www.linkedin.com/in/joshuarhollander/
https://www.horton-usa.com/
https://www.linkedin.com/showcase/insurtech-leadership-show
https://www.insurtechassociation.org/
https://innsure.org/