Insurtech and Insurance are already the same thing. However, the relative number of jobs previously classified as technology rather than mainstream insurance will continue to grow.
In the 1950s Insurance was one of the first industries to use computers to scale. Now our market is realigning itself to the new norm. That is, repetitive tasks will be automated and humans will concentrate on the work requiring skill and judgement. That is a good thing for our industry. With so many insurers redomiciling their businesses outside the UK, we have to retain the highest quality workforce that we can.
The number of insurtech vacancies in the UK has grown by an average of 22% per month in the last year – compared with a growth rate of just 1% monthly in the UK job market as a whole, research from meta search engine Joblift has revealed. London was home to the most insurtech vacancies in the last 12 months, with the capital dominating 76% of all positions posted. The city saw almost 50 times more insurtech roles than second-place Manchester, which held 2% of all vacancies. Belfast came in third, thanks to tech company Funds-Axis’s operations hub there.