As part of our run-up to the II Connect event on 20 May, G&M Media managing director Gary Robinson speaks with Simon Pickering, Head of Insurance and Pensions at Isle of Man Department for Enterprise and Michael Crowe, CEO of Finance Isle of Man, in this insightful Q&A.
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Gary Robinson (GR)
Hi Simon, great to catch up with you speaking about II Connect on the 20th of May this year. We're very excited for our 4th Annual II Connect event. Thank you and Finance Isle of Man for supporting us from day one.
Simon Pickering (SP)
Indeed.
GR
Very much appreciated and they have been great events so far. But what have you got lined up to talk about this year from your own perspective?
And tell us about the Innovation Challenge, because this is growing from strength to strength, isn't it?
SP
It certainly is Gary, and that's going to be the first topic I'd like to discuss with you, very much looking forward to the 20th of May in London, the Innovation Challenge is now in its third year.
It’s certainly gone from strength to strength and getting renowned worldwide. We had applications this year from 34 different companies as far away as Singapore and Brazil.
We've narrowed them down to the top 15 across three different categories: data and AI, cleantech and fintech, and within that Insurtech.
GR
Fantastic.
SP
I'm going to bring a couple of the finalists to life, talking about their business and give a really good opportunity for people in the room to potentially engage with them for their insured tech solutions.
GR
So in a nutshell, if you had to explain in 30 seconds, what is the innovation challenge?
SP
The innovation challenge is a series of problem statements that we put out throughout the globe. These are problem statements that are affecting or could affect the Isle of Man. We want to try and get ahead of the curve and find innovative solutions, but it's not just about the Isle of Man because being an international finance centre connected all around the world.
Previous finalists gain proof of concepts and passed on to their branches or subsidiaries around the world.
That's how the innovative network from the island goes out to the UK and further afield.
GR
It sounds to me similar to the sandbox set up in in in Dubai in the Middle East.
As a as a small jurisdiction like the Isle of Man, it sounds like you're pushing above your weight, which is great, which is kind of what you guys do, but also how important is that for you to stay connected with the other jurisdictions?
SP
It's vitally important, Gary. We do box above our weights. We're only a relatively small jurisdiction, but we do an awful lot of business globally and we need to stay competitive. One of the ways to remain competitive is to collaborate.
So we have done work in the past with the likes of Fintech Scotland, which we're very close to, and Ensure Tech UK, but it goes further afield. We've also done work In Singapore.
On in the digital space, we've got an MOU with AI Singapore, for example. So we're always on the lookout for other options, other discussions, other collaborations that we can put together and it's all about supporting industry, that's what Finance Isle of Man's role is, to support the incumbent businesses that are already here.
But also to try and attract new ones, which we're starting to do quite successfully.
GR
Many congratulations with that, the fact that it's in its third anniversary coming up to what will be the culmination. I don't want to give away too much, but I believe there's an event at the end of June as well. Tell me a little bit about that before we finish.
SP
Yes , that’s going to be a really exciting day. It's the finale day.
On Thursday the 26th of June here in the Isle of Man, registrations are now open on Eventbrite for the 15 finalists to get on the stage in front of a live audience of professionals and entrepreneurs to bring their business model to life.
We have a judging panel, an independent judging panel that will then pick a winner in each of the three categories. But for me, it’s not about who wins, it's about the connections that will be made on the day.
Some of these companies are coming from Switzerland, from Singapore, so it's quite an international event and it's open to anybody to attend and we'd love to see yourself and some of the other people to come in to visit our island at the end of June.
GR
Fantastic. Well, many congratulations with that, Simon. We can't wait to find out more.
Now that's the first part done. We going to swap Michael over into the hot seat.
SP
Thanks Gary.
GR
So Michael Crow, thanks so much for joining us today.
Really excited to host our II Connect event for its fourth annual event in London on the 20th of May. We are incredibly grateful for the ongoing support that we've received from you guys at Finance Isle of Man within the Isle of Man government. Why is it important for these events to take place, and what's the thinking behind getting behind us on this event?
Michael Crowe (MC)
Gary, that's a very interesting question. We’ve got a a very diverse sector here in the Isle of Man. We are only a small jurisdiction, but we've got 10,000 people working across financial services. And when I say across that is on a fair mix of specialisms and disciplines, we're lucky to have a very strong insurance sector and that’s a good focus for II Connect. But there are some other strong sectors too.
We see one key aspect of our job is to be seen and be aware of some key events.
High profile events such as II Connect to make sure we're there to support the industry people from the Isle of Man who are going to be attending, but also to, you know, showcase the Isle of Man and talk about any potential opportunities there might be in the insurance world or align to it with some of the other advisers that I know that you always get at your event.
GR
Thank thanks, Michael. And once again, thanks for the support as our lead jurisdiction sponsor at our flagship event, UK based and for the European market. But it's become a global event as well.
There are people coming over from Dubai for this. We have people from South Africa and I was I was surprised that this London event would attract so many of our readers. Once agan, it's almost like an Ise of Man roadshow. We've got IFGL Pensions which has a Liverpool office, but the HQ is out of Isle of Man. We've got Canaccord Wealth which is supporting the event again and Canada Life of course. What does it mean to you to know that in a global event like this there are so many isle of man based companies.
SP
What it shows and what I feel is it that it really demonstrates how we punch above our weight. We are a small jurisdiction, but we've got some big businesses as like the ones you just mentioned. You've got fantastic footprints around the world.
And you mentioned the people who will be coming to II Connect. This will be my third year coming to see you and I'm always fascinated by some of the conversations that we have with people who you meet, some of the other sponsors and some of the other guests.
There’s a lot of collaboration, complimentary services and opportunities in this business, and I always find it fascinating. You mentioned some of the banks who have expanded into other jurisdictions and a business involved with pensions, a world leader in international trust based pension schemes.
When I see the sponsors and the attendees for the forthcoming II Connect event that really does hit home. You know this is a global business and well represented at your event.
GR
It's great. Canada life, who have supported us from the off, working out of the Isle of Man but also connected into the UK, with an excellent presentation by John Chew. Let me just ask you a little bit about what you're going to be speaking about on the day. Just give us a nutshell flavour if you can.
MC
On the day you’ve got the two of us, myself and Simon Pickering from Isle of Man.
In terms of my slot, what I'll be talking about the current market on the Isle of Man and what we're seeing here locally, but also what we as Finance Isle of Man and the government are doing to support our businesses in the coming year, some of the projects and the plans we have in train.
I'll talk about some of the partners we're working with in terms of events that we're going to be supporting with our industry during the course of the year. But we'll be talking about some other projects too. The Isle of Man has always been really strong in terms of innovation evolution.
One of the things that I'll be talking about in a little bit of detail is sustainable finance and the fact that we've really embraced that over the last 18 months in terms of a new project, with strong industry partners.
They're really looking to to provide a significant opportunity for the financial services business as a whole, including the insurance sector to really look at new services, new types of products, and new regulations, to support a significant expansion into that part of the market.
I'll be talking a little bit about that in the morning and yes, I'm really looking forward to it.
GR
It's an incredibly important initiative and one that Investment International will very much get behind. Michael, thanks once again for the chat today and being on our IA In The Loop podcast as we preview the I I connect 2025 event.
MC
It's my pleasure. Nice to see you, Gary. And I'm looking forward to the event.
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