This year saw only three insurtechs in the FCA Sandbox out of 29 firms in total.
The FCA has announced its fourth regulatory sandbox for 2018, in which three insurtech firms join the list.
The insurtechs in the sandbox, launched in June 2016 as an initiative to support the objective of promoting effective competition in the interests of consumers, are Etherisk, Pluto (formerly known as Meet Mia) and Universal Token.
But GovGrant‘s chief executive Luke Hamm says that three “isn’t enough.”
Luke made the comments in light of the UK based tax service providers recent move to target insurtechs and the insurance industry for research and development (R&D) claims assistance.
Insurance is an industry he says does not seem “innovative” on the face of it, but is in fact full of opportunity.
He said: “Insurtech gives the market the opportunity to look forward when pricing risk, rather than having to rely on historic performance.
“The big names need to step up and throw some money at good ideas.”