The Luxembourg House of Financial Technology (LHoFT) announced its partnership with Foyer Group, a leader in the Luxembourg insurance market. Foyer Group joins the ten other distinguished members of the LHoFT’s Leadership Circle: BCEE, BGL BNP Paribas, Clearstream (Deutsche Börse Group), Deloitte Digital, KPMG, POST Luxembourg, PwC, Société Générale, Six Payment Services and Telindus (Proximus Group).
“We collaborate with our Leadership Circle partners on a strategic level to drive financial technology innovation in their respective fields and in their businesses. We are very excited to welcome Foyer Group into the Circle and we are looking forward to working with them on key InsurTech initiatives.” – Nasir Zubairi, CEO of the LHoFT
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. (source: http://insuretechconnect.com)
“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.” – Marc Lauer, Managing Director of Foyer S.A.
The LHoFT Innovation Hub has taken up temporary residence at the House of Entrepreneurship in Kirchberg, with a view to move to a new showcase facility in 2018. The Innovation Hub can host FinTech startups in dedicated offices and help them to cement themselves in the Luxembourg ecosystem, connecting them with potential partners, customers and service providers, as well as helping them navigate through administration and set up. The LHoFT Innovation Hub serves as a focal point for all stakeholders in the financial services community to meet, learn, ideate and create.