Instech.ie had been in incubation since July 2021 and was formally established as a not-for-profit company limited by guarantee in November 2021. Prior to the soft launch, we commissioned a report by Deloitte (The Insurtech Review of Ireland) that explored the need, potential and development requirements of such an organisation.

The InsurTech Review of Ireland, informed by stakeholder engagements, highlighted that all of the core components are in place to develop an InsurTech ecosystem here and should be explored further. Building critical mass and buy-in from across the ecosystem will be fundamental to what can be achieved.

The Irish insurance market is mature, but with a need for regeneration. Insurance firms are feeling increased pressure on legacy infrastructure and the ever-increasing need to accelerate the shift to cloud-based, modern architectures and keep apace with global market developments. Development of this ecosystem will unlock substantial opportunities for Ireland’s insurance sector and wider economy, enabling it to push ahead of other locations and create a supportive, future-proofed ecosystem, whilst enabling new and emerging technologies to be tested in a safe, well-regulated environment. Ultimately, this will result in new growth opportunities for Insurers and consumers across Ireland as well as driving wider macroeconomic benefits.  

The organisation is collaborative and open to all stakeholders in the insurance ecosystem – Insurance firms, brokers, startups, academic and research institutions, government, enterprise support agencies and regulators.