Supporting UK Tech Innovators: An Interview with Hiscox’s Adam Atkins
The UK technology sector is a hotbed of innovation, brimming with brilliant minds and groundbreaking ideas. However, transforming these concepts into successful, scalable businesses presents unique challenges. Adam Atkins, head of technology underwriting at Hiscox, sheds light on these obstacles and how insurance can provide crucial support.
Key Challenges for Scaling Tech Companies
One major hurdle is articulating a clear vision for investors and navigating the steps to achieve it. “Innovators may have excellent concepts but can struggle to articulate their vision and the necessary steps to bring them to life,” explains Atkins. This uncertainty can impede securing investment, establishing robust governance structures, and planning effective recruitment strategies. The support of industry leaders is, therefore, critical in helping UK tech pioneers overcome these business challenges and scale effectively.
The Role of Insurance in Fostering Growth
Commercial insurance companies play a vital role in providing cost-effective insurance solutions. These include technology professional indemnity, cyber liability, and cyber first-party response insurance. These solutions allow businesses to focus on expanding operations without the worry of unplanned losses or legal issues that could disrupt their trajectory. Atkins emphasizes, “New tech start-ups or scaling tech businesses will often be in precarious financial positions, so robust risk transfer solutions are essential.”
Insurance providers need to be attuned to the specialized requirements of UK tech innovators by offering straightforward policy wording, responsive and flexible specialist claims services, and a seamless digital purchasing experience for brokers.
Extending Brokerage Services Beyond Insurance
Specialist insurance brokers in the UK are expanding their services to support growth in the technology scale-up community. These brokers understand the nuances of the tech ecosystem and often work with a significant number of start-ups and scaling businesses. Beyond providing expert insurance advice, brokers can leverage their tech community to foster knowledge sharing, create collaborative platforms, and facilitate networking opportunities.
“In 2024 we ran a series of five round-table events in our London offices covering such topics as ‘Scale-up to Start-up’ and ‘Affordable cyber maturity’.” Atkins notes. The impact of networking events such as these on driving UK tech innovation will have ripple effects throughout the industry, benefiting all involved parties.
