Posts by Insurtech Australia News

Inspire Insurtech Interviews: reask

July 1st, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: reask”

The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Thomas Loridan from reask.

Enjoy!

 

Tell us reask’s brief pitch.

Reask helps organisations around the world understand their exposure to natural catastrophe risk.

So how did reask begin?

Two of our co-founders published a paper in 2017 using Machine Learning (ML) to improve tropical cyclone wind models and this led to some passionate discussions with the other two co-founders about how such techniques could impact the industry more broadly.

Reask was born soon after with the aim of modernising natural catastrophe modelling through ML.

How has reask evolved since its inception?

We are a bootstrapped start-up and were lucky enough to be supported by two big industry players early on. This has meant we have been able to focus purely on developing our core tools rather than fundraising.

Our main evolution has been on the range of products we target and we are now delivering solutions that are closer to operational risk forecasting than we initially thought.

What is your team currently working on for 2020, or what have you accomplished recently?

Our efforts to date have focussed on Tropical Cyclones and we have now developed global modelling tools used by our key partners: one of the largest insurance providers in the world and a global investment fund in insurance loss securities (catastrophe bonds).

As for 2020: our first licensable product was launched last month! It is called ForeCyc and provides live risk analytics during Hurricanes (US) and Typhoons (Japan). After Hurricane Dorian’s devastation of the Bahamas last year (and last-minute sparing of Florida) we realized there is a gap in support for organisations that are exposed.

There is a strong need for more clarity through analytics in the days leading up to a serious threat. ForeCyc was designed to combine our TC modelling tools with operational weather forecasts and offer a probabilistic assessment of key risk thresholds.

How does reask give back?
Current catastrophe risk modelling solutions focus largely on well-insured markets. Unfortunately, natural catastrophes are not so selective and often impact under or uninsured markets far worse. The tools that we develop are global in nature, meaning we cover all exposed countries in the world, irrespective of their economic status.

We endeavour to provide our solutions to emerging economies, to help vulnerable communities develop economic resilience to natural disasters. Our first foray into this field is in Sri Lanka, where we have provided our tropical cyclone wind model to a development project for the National Natural Disaster Insurance Scheme (NNDIS) which provides cover for uninsured households and small businesses that are affected by a natural disaster.

This is the first of what we hope will be many projects helping to build resilience in the developing world.

What is reask’s biggest challenge in today’s markets?
Our industry is a conservative one that has been serviced by two large US companies for the past 3 decades. While most of our potential clients complain about this duopoly the large organizations they work for are usually reluctant to switch away from what they know.

We, therefore, must work hard to establish trust and credibility in our innovative approach to risk modelling, and this takes time.

Anything else you’d like to say that we didn’t ask?

We are based in a very pleasant part of Sydney, between the Lord Nelson Brewery and the Palisade hotel – please come and visit us and share a drink if there is anything you would like to discuss with the team.

July Newsletter

July 1st, 2020 Posted by Members, News, Newsletter 0 thoughts on “July Newsletter”

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Inspire Insurtech Interviews: ClaimSafe

June 12th, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: ClaimSafe”

The Inspire Insurtech Interview’ series are interviewed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.

This month we are talking to Andrew Barlow from ClaimSafe.

Enjoy!

Tell us ClaimSafe’s brief pitch.

ClaimSafe is a cloud-based, Software as a Service Platform (SaaS) that intelligently allocates the best possible resource to policyholders at the time of an insurable event.

It allows users to connect in real-time with automated updates at key stages throughout the make safe service.

So how did ClaimSafe begin?

Claimsafe began when one of the founders Andrew Barlow identified the lack of connectivity between all service providers and stakeholders when dealing with a property make safe services.

After years of experiencing poor collaboration through his building company, Andrew saw this as an opportunity to build a platform that provided transparency and automation for everyone involved. From Insurers, brokers, loss adjuster, builders, trades and even the policyholder everyone is connected in real-time with live updates and live job status.

How has ClaimSafe evolved since its inception?

The initial concept has grown into a platform that is far larger than what I had first envisioned. With two other founders investing in the platform and a great development team behind us, we have been able to deliver an industry-leading platform.

The size of the project was deceiving but with 10 different stakeholders involved in the platform, it was always going to be a larger task ahead. We were lucky to have over 25 years of insurance building experience between us all and this knowledge was invaluable to ensure we created value for everyone involved.

What is your team currently working on for 2020, or what have you accomplished recently?

We are currently working on stage 3 developments and implementing new features to ensure we are staying ahead of our competitors.

We also have a strong focus on building integrated partnerships with similar insurtech and platforms that may lack the ability to be as efficient as Claimsafe in emergency property repair services.

How does ClaimSafe give back?
At this stage, we are still investing in our own development. However, we are always happy to collaborate with people and share our industry knowledge.

What is ClaimSafe’s biggest challenge in today’s markets?
Getting in touch with the decision-makers.
Speed to market.
Opportunity for a pilot.

Thank You!

June Newsletter

June 12th, 2020 Posted by Members, News 0 thoughts on “June Newsletter”

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Lessons from the Digital Leaders

May 4th, 2020 Posted by News 0 thoughts on “Lessons from the Digital Leaders”

Lessons from the Digital Leaders at the Future of Insurance Conference on 5 March 2020

Why taking a risk is the biggest game-changer in insurance? Let us take a look at some of the key insights shared during the Digital Leadership panel at FST’s Future of Insurance, 2020. Featured panelists were Sami Yalavac, Chief Information Officer, Bupa, Jamie Smith, Chief Information Officer, Hollard Insurance Company, and Rita Yates, Chief Executive Officer, Insurtech Australia.

Click here to read the full article

The growth of Insurtechs in Australia

May 4th, 2020 Posted by News 0 thoughts on “The growth of Insurtechs in Australia”

Interview from Rita Yates on the growth of insurtechs in Australia at this year Anziif Insurtechs Conference

Anna Game-Lopata, Content Writer at ANZIIF has recently interviewed Rita Yates, CEO of Insurtech Australia at this year ANZIIF Insurtech Conference 2020, about the growth of insurtech in Australia.

Link to video: https://www.linkedin.com/posts/insurtechaustralia_anziif-insurtech-conference-activity-6661137363722481666-eLjZ

Inspire Insurtech Interviews: 1WordFlow

May 4th, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: 1WordFlow”

The Inspire Insurtech Interview’ series are desgined to inspire fellow insurtechs. We want to share who they are, what they do, what we can expect from them in the future.

This month we are talking to Bruce Wren from 1WordFlow. Enjoy!

Tell us 1WordFlow’s brief pitch.
We digitise and transform analogue PDF insurance documents into web documents. This makes any section of any text – PDS, Policy, Contract – a click away.

They work on any device in any language with no downloads. Digital documents strip 70% costs out of the information supply chain.

So how did 1WordFlow begin?
With a background in web, the founders discovered that most websites were cluttered with downloadable analogue documents – the same format we’d been using for 28 years.

Just like Netflix and Spotify, we set out to remove packaging from the content. We deliver a web-based view of the document with one-click access to the key information. No more scrolling through lengthy documents and no more unwanted downloads.

How has 1WordFlow evolved since its inception?
We started with the digitisation of word and Pdf documents. Now we integrate into SharePoint and O365 to provide a seamless digital publishing process.

Customers don’t go to a website to download a document, they go to a website, that ‘”IS” the document.

What is your team currently working on for 2020, or what have you accomplished recently?
We have just completed the building of the World’s first end-to-end Digital Insurance Contract for a major US Insurer.

An Insurance Contract that used to take four days to build now takes 5 minutes. We believe this will revolutionise the industry.

How does 1WordFlow give back?
We are a green technology. No paper.
We output in 100 languages instantly and provide 26% of Australians who don’t speak English at home, with the ability to make informed insurance decisions.
We output all content in WCAG 2 accessible format that assists 17% of Australians with a disability make informed decisions.
We have an internship program which provides the first step on the ladder for those interested in Technology
We are offering our digital software free of charge to organisations fighting COVID-19.

What is 1WordFlow’s biggest challenge in today’s markets?
Our biggest challenge is to show conservative insurers (who have managed their knowledge the same way for a quarter of a century) that their manual processes and analogue PDF documentation are not only customer hostile but highly inefficient and costly.

Anything else that you would like to say that we have not asked?
We believe that Australia could be a powerhouse of innovation in Insurance.

We would like to see incumbent insurers truly collaborate and government get behind what could be a massive export industry.

May Newsletter

May 4th, 2020 Posted by Members, News 0 thoughts on “May Newsletter”

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Inspire Insurtech Interviews: Ok Away

March 31st, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Ok Away”

The Inspire Insurtech Interview’ series are interviews to inspire your fellow insurtechs. We’d like to share who you are, what you do, what we can expect from you in the future. This month we are talking we talk to Veronica Hey from Ok Away. Enjoy!

Tell us Ok Away’s brief pitch
Ok Away allows family and friends to connect while travelling via mapped location sharing, itinerary updates, information sharing and travel alerts. The data that Ok Away collects provides a rich picture of travel-related behaviours and risks.

So how did Ok Away begin?
After studying Tourism and traveling extensively, I saw increasing incidents impacting travellers overseas and I thought ‘there must be a better way?’.

For nearly eight years, I have been looking into ways that technology could connect the travel community, communicate safety issues and even search for missing travellers.

That was the start of the Missing Pages initiative, amongst the first global initiatives to assist the families of missing travelers with the painful and confusing process of locating loved ones.

Now comes Ok Away.

How has Ok Away evolved since inception?
When I started developing the idea, GPS and geo-mapping technology was in its infancy. Now we can put the power in the hands of travellers through their smartphones. We’ve also extensively researched our audiences. We know what travelers want and we have been ruthless in cutting out anything that does not add value.

With the development of mapping technology, we now have the means to know where our friends and family are, view their travel history and plans, what is going on in their vicinity and be notified if they fail to arrive at a destination.

What is your team currently working on? Any accomplishments you’d like to tell us about?
We are in launch mode, so we’re flat out with continued testing and slowly introducing Ok Away to the market, however we are really proud of a few firsts.

Our Itinerary feature allows travellers to post their itinerary for a day trip or long trip abroad. Family and friends will be instantly notified when a new itinerary is created and they can view the upcoming trip, travel insurance information and other details. Followers will receive alerts when the traveller arrives and departs each location or if they are late to arrive.

Given the current situation with Covid-19 and the decision of the Australian Government to discontinue the ‘Smart traveler’ App, we also decided to link to official Australian Smart Traveller warnings. We are also looking to link to the U.K Government Travel warnings. We can add other Countries as we see demand.

How does Ok Away give back?
During the last 8 years we’ve conducted over 30 online location targeted ad campaigns for missing travellers at no cost to families via our Missing Pages initiative. We follow up on any credible leads provided and pass this information onto relevant authorities as well as encouraging missing person poster distribution with locals.

Families can now post missing loved ones through the Community section of the App and members nearby will receive a notification.

What is Ok Away’s biggest challenge in today’s markets?
The global response to COVID-19, has hit travel hard.

We believe when the global community returns cautiously to travel we can offer a little peace of mind and play our role in creating a safer and better connected world.

Now more than ever travellers are acutely aware of the importance of travel insurance and being across what is included in their policy.

Anything else that you would like to say that we haven’t asked?
The Ok Away app is available free on both iOS and Android. Ok Away also sells a collection of travel safety products, with a percent of proceeds going towards supporting our Missing Pages Initiative and the Ok Away app.

April Newsletter

March 31st, 2020 Posted by Members, News 0 thoughts on “April Newsletter”

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