The Luxembourg House of Financial Technology (LHoFT) has partnered up with insurance provider, Foyer Group, who joins the ten other LHoFT members, BCEE, BGL BNP Paribas, Clearstream (Deutsche Börse Group), Deloitte Digital, KPMG, POST Luxembourg, PwC, Société Générale, Six Payment Services and Telindus (Proximus Group).
The LHoFT Foundation is a public-private sector initiative working in technology innovation for Luxembourg’s Financial Services industry. The other partners of the LHoFT initiative are Chamber of Commerce, the City of Luxembourg and the University of Luxembourg, and the initiative is supported by the Ministry of Finance, Ministry of Economy and Ministry of State.
Marc Lauer, Managing Director of Foyer S.A. said of the deal, “Next to quality, innovation has undoubtedly become a must for the insurance business. At Foyer Group, we wish to encourage innovation and creativity, to continue answering the needs of our clients with the best service. We are very pleased to be the insurance member of the LHoFT and we are confident that this partnership will make Insurtech grow in Luxembourg.”
Insurtech, as a subset of Fintech, is drawing increasing attention in the way it can transform customer experiences and reduce costs for both firms and the customer. Cost reductions in distribution along with access to new and more precise data are leading to the development of new insurance products in niche markets that were previously cost prohibitive. Venture capital investments into InsurTech increased by +156% over the last year with $4.74 billion invested in InsurTech worldwide, according to data released by the LHoFT.
The LHoFT Innovation Hub has taken up temporary residence at the House of Entrepreneurship in Kirchberg, with a view to moving to a new showcase facility in 2018.
