Tuesday 6 September 2016 10:33 am

Insurtech investment in the UK has tripled

Investment in the insurance technology sector – part of London's world leading fintech scene – is booming.

More than $22m (£16.5m) has been ploughed into insurtech so far this year – nearly triple the amount invested in the whole of last year and faster growth than any other country in the world.

The research from Accenture and CB Insights, reveals interest in the more specific sectors of fintech is blossoming beyond the popularity of the payments and lending which has so far dominated fintech investment.

Read more: A new corporate-backed fintech lab has opened in London

The figures were revealed as Accenture kicked off its search for its latest fintech lab, where it will choose 20 startups to join its 12 week program that includes mentorship from top banks and insurers.

The lab will this year include a dedicated insurtech team to reflect that rise.

"There are few industries that need innovation more than financial services, which is why firms must keep their foot on the pedal with digital technologies," said Accenture's financial services managing director Julian Skan.

"At the same time, even the nimblest of startups have much to learn from financial institutions, regulators and larger techcompanies.”

Eileen Burbidge, partner at Passion Capital and a fintech special envoy to the Treasury, said: “Fintech continues to be a highly attractive sector for investors."

Read more: Northzone raises €300m fund and is eyeing London fintech startups

"It’s vital that the UK continues to grow the fintech economy by creating conditions where startups and financial services can work together in an ecosystem that boosts the global economy. This Lab and other industry initiatives show that the UK continues to be very open for business and home to innovation. The growing sector will undoubtedly unlock a wealth of opportunities for both financial institutions and entrepreneurs alike.”

The 36 alumni of the lab, now in its third year, have raised a combined $370m between them and include areas such as analytics, security, risk and compliance, payments and blockchain.