12 players in the Irish insurance sector have today joined forces to promote the country as an EU hub for the growing InsurTech industry.

InsTech.ie will bring together insurance expertise from firms, start-ups and third-level colleges in a bid to promote digital innovation, a better customer experience and talent attraction.

The group's members include AA Ireland, AXA, ALD Re, Allianz, Greenlight Re, Insurance Ireland, Irish Life, Laya Healthcare, New Ireland Assurance, Unum, SCOR & William Fry.

The not-for-profit group said it will continue to bring other companies onboard over the coming months.

Minister of State at the Department of Finance Sean Fleming said the launch of InsTech.ie is a great opportunity for Ireland to foster an innovation culture, to create new solutions, improve customer service and drive process efficiency.

"Ireland will benefit from this organisation in the future with the potential attraction of international InsurTechs to Ireland," Mr Fleming added.

Co-founder Gerry Hassett said that despite being a top six market for insurance in Europe with a strong cross border focus, there is real concern that the insurance sector in Ireland is lagging behind peer countries when it comes to innovation.

"InsTech.ie will help to foster talent locally and help us attract leading start-ups to Ireland to further bolster the sector and benefit the insurance industry. Our founder members will work closely with new market entrants to develop pilots and test proofs of concept," he stated.

The insurance sector is a major contributor to the Irish economy and pays €13 billion in claims a year while it also manages €112 billion of long-term savings.