Over the past two years, we, at Matrix iQ have taken on the challenge of growing our US footprint. How exactly have we successfully achieved international expansion?  

Simply put, by partnering with the Department for Business & Trade (DBT) and the Insurtech Corridor. This has entailed supporting events, participating in remote meetings, and maintaining continual contact to champion our growth, to name a few.  

The role of the DBT is to promote commercial opportunities for UK companies. Born from trader officers, the DBT partners extremely well with economic development agencies and has been recognised as the driving force of the US Insurtech corridor.  

Why do both bodies want to create such a partnership? Because both want to develop commercial opportunities. It’s an interdependent relationship that promotes recognition at a global level for UK companies and proves that the UK is recognised as a place of international insurance revolution. The DBT wants to attract UK companies to their base in Connecticut. Since it was founded in 2022, the program has been proven to be effective in finding partner companies success in the US and the UK.  

How does a company become part of the US Insurtech corridor?  

Organisations looking to be part of this program must have an appetite for international expansion. The companies joining the partnership must be financially stable and have a clear idea of targets and US clients. Having a clear list of existing clients, combined with energy and enthusiasm, makes for a compelling candidate.  

What is Matrix iQ looking to achieve through the US Insurtech corridor?  

The level of business we have seen through the US Insurtech corridor has made the expansion at Matrix iQ possible. We have also received support where we have looked to establish our US-incorporated entity, locate commercial premises, and tackle several legal and tax challenges. 

What have we already achieved through the US Insurtech corridor? 

Insure Tech Insights was the latest in a series of events we attended, and whilst this was not an event hosted by DBT, the support received and the very presence of the team in New York have assisted us greatly. The Insurance sector is notoriously slow to gain traction in, but we have already had introductions with two major US-based carriers and the opportunity to compete for a share of a $5m grant. Without these introductions, we have no doubt that we would not be where we are. 

Matrix iQ was initially presented to the US market Insurtech Symposium in April 2023. The following year we were reintroduced in April 2024 Insurtech Symposium and again at Insure Tech Insights in June 2024. This has led to two ongoing opportunities and the potential for a third.  

Upon being acquainted by Mike Hendy to Charlie Sidoti at Insure and the NYSERDA competition to win a share of a $5m grant to assist in the building of a climate-led insurance product. These opportunities have the potential to generate transformational growth for our business. 

Phil Powell, CRO at Matrix iQ: “I can’t fault the support we have received from the DBT and corridor initiative and will happily champion this valuable resource.” 

Our journey to international expansion has been expertly guided by the DBT and the US corridor. The breadth of opportunity that we have already seen arise from this partnership sets a great precedent for the continuation of the work we are doing to establish Matrix iQ in the US and worldwide.