The Isle of Man was again named ‘Best International Financial Centre’ – for the fifth time in seven years – at the prestigious International Investment Awards 2023, which were announced on 12 October, beating off competition from Jersey and Guernsey.
Isle of Man-based companies also won multiple awards in the industry categories, while Finance Isle of Man, the government agency that promotes the Isle of Man’s financial and professional services industry, further won the award for ‘Excellence in Innovation within International Finance Centres’ for its Insurtech project, finishing ahead of the Dubai International Financial Centre (DIFC).
‘We are delighted to receive awards for ‘Excellence in Innovation within International Finance Centres’ and ‘Best International Finance Centre’,” said Simon Pickering, Head of Insurance and Pensions at Finance Isle of Man. “We are an Island that doesn’t stand still, and we are constantly looking at how we can support and develop our long-established financial sector.
With the long-term ambition of creating an internationally recognised Insurtech Centre of Excellence in the Isle of Man, Finance Isle of Man launched the Insurtech Accelerator Programme in late 2022 to stimulate the development of world-class Insurtech solutions on the Island.
The programme brought a cohort of international start-ups to the Island to collaborate to support and provide innovative solutions for existing insurance providers, whilst encouraging a network of skill and technological development. The current programme concludes in 2023 but, following positive industry feedback, Finance Isle of Man is considering the development of a second cohort later in the year.
“Our Insurtech project has been a collaboration with the Isle of Man government and industry champions on creating a new and exciting sector in the Isle of Man. We will continue to work with stakeholders to deliver a very appealing Insurtech innovation proposition,” said Pickering.
