The surprising county outside of London that’s an emerging insurtech hub
Insurance Times
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By Clare Ruel, Technology Editor
Norfolk. Many may know the county for being the home of Colman’s mustard or Kettle Chips, but those in insurance recognise it for being the home base of UK general insurance outside of London, housing offices for Aviva and Marsh.
Bordered by Peterborough and Cambridgeshire, Norfolk is the fifth largest county in England.
But did you know that it is also an insurtech hub?
This is according to the Norfolk Fintech Report 2024, published on 1 May 2024 by Whitecap Consulting, which found that insurtech is the largest subsector of fintech based in the county (18%) – this marks the highest proportion of insurtech based in any English region.
Supporting this view, management consultancy firm McKinsey and Company’s July 2023 report – entitled The United Kingdom: The nexus of insurtech – found that hybrid working had contributed to 31% of UK insurtechs being located outside of London.
At this time, I asked Ben Luckett, managing director of venture capital at Aviva , if he was surprised at Norfolk’s technology focused status. He said no due to its “big legacy of insurance players”.
One insurtech success story arising from Norwich, a city in Norfolk, is Pikl Insurance , which is founded by ex-Aviva manager Louise Birritteri, Pikl’s chief executive and a board member for Insurtech UK.
McKinsey & Company 's aforementioned report pinpointed other “emerging clusters” alongside Norfolk as insurtech hotspots too.
It said: “Emerging clusters in both the north west and south of England are of particular note, as is the Welsh industry.”
The firm flagged that the south of England housed 10% of the UK’s insurtechs, while 69% called London home.
‘The city is the asset’
According to digital experience expert and angel investor Tom Wood, who has an interest in Norwich’s startup community and contributed to Pikl’s funding, Norfolk has previously been found lacking when it comes to supporting startups.
He said: “We didn’t have an incubator, a place where founders could get focused help for early stage ventures that were poor.
“For a small, regional city, there is more than you might expect in Norwich. It’s walkable, collaboration works well. There’s been a lively startup scene for 10 to 15 years.”
Wood joined incubator Akcela Ventures as a partner and board member in April 2022.
Founded in 2019, Akcela Ventures “only incubates Norwich and Norfolk startups”, Wood explained.
“That is our thesis, [that] the city is the asset,” he continued.
Wood initially arrived in Norwich back in 1999 to take on a head of advertising position at Virgin Money – a joint venture between Norwich Union, now known as Aviva, and Virgin Group.
He added: “[Norfolk] has always been a place where people in insurance could start and conduct careers with big global companies.”
He also runs a startup weekend in Norwich called Sync the City, which aims to foster innovation. The event is open to everyone, from students to insurance executives.
Having written about startups and technology for the majority of my journalistic career, I was pleasantly surprised to see Norfolk named as an insurtech hub, among other emerging insurtech clusters.
This offers competition to London, often considered to be the home of insurtech thanks to incubation schemes such as Lloyd’s Lab and Insurtech Gateway.
But it’s nice to diversify as talent is everywhere.
I would personally like to see more national hubs in the near future, to ensure that the UK cements its position as a science and technology superpower.
In the meantime, I’d love to visit Norfolk and see the insurtech hub in action – it sounds like it’s right up my street. Might even pack some Kettle Chips.
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CEO, Insurtech UK
4moGood to see Norfolk recognised as an Insurtech hub - highlighting Pikl Insurance!
Entrepreneur-in-residence-in-Norwich
4moGeorge Wood