Posts by Insurtech Australia News

Inspire Insurtech Interviews: Advisr Pty Ltd

November 3rd, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Advisr Pty Ltd”

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 Andy Jamieson, CEO and Founder of Advisr Pty Ltd. Enjoy!

 

Tell us Advisr Pty Ltd’ brief pitch.

Advisr helps SMEs find and connect with an insurance broker they can trust. Advisr is a platform designed to give brokers and brokerages complete control and the ability to reach customers online.

So how did Advisr Pty Ltd begin?

I’ve been involved in digital marketing for over 20 years. Including founding and exiting a digital marketing agency called Switched On. Switched On worked with several finance and insurance companies, generating hundreds of millions in revenue and GWP. When I sold that business to WPP, I realised I wanted to build a finance platform, and Advisr was born.

Digital marketing seems simple, but digital gets more and more complex. Advisr helps to make it easy to reach customer online, showcase your team and share your areas of deep expertise.

How has Advisr Pty Ltd evolved since its inception?

Advisr has taken a few pivots as we’ve learnt about the insurance industry and identified challenges participants faced, aligned with different service provides and focused in on enabling insurance brokers to reach more customers more quickly and easily in our digital world.

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

At the end of 2019, we identified the need to re-platform. So the first half of 2020, we rebuilt Advisr from the ground up and launched Advisr in May 2020. Since the relaunch, our audience has grown, making us the fastest growing website for SMEs looking for an Insurance Broker in Australia, and we’re continuing to accelerate up 20% quarter-on-quarter.

We’ve launched great functionality, that sits on top of our API, to enable customer reviews on Advisr to be embedded into insurance brokers websites. If you are a broker utilises WordPress – then the Advisr Toolbox is a must-have.

How does Advisr Pty Ltd give back?

We educate insurance brokers on digital: Recent Webinars we ran in collaboration with YIPs had about 150 members sign up to learn about digital marketing and building their personal brand. If you want to see the material, check out our YouTube channel. If you need help on digital, please reach out and connect.

We support Insurtechs: I’m lucky to serve on the board of Insurtech Australia. If we, IA, can do more to support you, drop me a note, and I’ll see how I can help.

We support Opportunity International: Our team are deeply aligned with OI. OI is a Not-For-Profit that provides microfinance loans to nearly 6 million clients based in India, Philippines and Indonesia. I love giving back and making an impact and am lucky to serve on the OI board. During that service, I’ve learned the value in giving back to those who find themselves in tough situations.

What is Advisr Pty Ltd’s biggest challenge in today’s market?

The flight to digital has accelerated in 2020, bringing us years ahead in a matter of months. We’re here to partner with Insurance Brokers and love enabling your businesses to thrive in this new digital world. The insurance expertise that insurance brokers bring to customers has never been more valuable, and now is the time to share and educate customers via digital.

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

2020 has not been an easy year. If you’re finding it tough and don’t have anyone you feel comfortable to reach out too, then reach out to me. I’d love to meet you and support you; however, I can. I’m always available.

Thank You!

November Newsletter

November 3rd, 2020 Posted by Members, News, Newsletter 0 thoughts on “November Newsletter”

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Annual General Meeting 2020

October 27th, 2020 Posted by Members, News 0 thoughts on “Annual General Meeting 2020”

The Insurtech Australia AGM will be held at 9:00 am AEDT on Thursday, 26th November 2020 virtually via Zoom Video Conferencing platform.
Forms are now available for Nomination as Director and Consent to Act (click here) and Proxy Form to nominate a representative to attend and vote directly on your behalf (click here).

Inspire Insurtech Interviews: Agile Underwriting Services

October 1st, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Agile Underwriting Services”

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 Ben Webster Co-Founder of Agile Underwriting ServicesEnjoy!

Tell us Agile Underwriting Services’ brief pitch.

Agile is a niche insurance product manufacturer. As a Lloyds Coverholder and MGA, we combine traditional underwriting processes with digital distribution and product development.

We specialise in Accident & Health, Aviation, Casualty, Cyber & Drones, Financial Lines, Property and Retail Travel. We’re adding more lines over the next six to twelve months.

So how did Agile Underwriting Services begin?

The co-founders at Agile came together to scratch an itch. All of us had first-hand experience with frustrated customers who were square pegs being shoved through round holes by big insurers. We had also experienced the torturous process of developing niche products within these environments.

We wanted to solve this problem by creating an agency where we had the freedom to create niche products to service these customers.

Robin, Nick and Ben also knew that automation and digital distribution was the key to grow and scale the business. Data is at the centre of this approach and provides the foundation for managing our pricing loss ratios and developing trust with our capacity partners.

How has Agile Underwriting Services evolved since its inception?

We started with a single line of business, Aviation, and a veteran underwriter in Mike Dalton and expanded by adding each line of business. To begin with, these lines were siloed, but we now have enough binders in place to mix and match to develop bespoke products to target specific distribution opportunities.

Our platform has reached a tipping point from a technical and distribution point of view with hundreds of brokers using our platform each day.

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

2020 has been a rollercoaster year, and we’re proud that we’ve continued to grow each team and each line of business throughout 2020 (with the exception of retail travel). When COVID hit in March, we had thousands of insured travellers overseas, and we’re proud to have serviced each and everyone in a personalised and efficient way.

Our product backlog is choc-full, and we’ll be releasing a suite of new small business focussed products over the next 3-6 months and expanding into new territories.

 

How does Agile Underwriting Services give back?
Agile has launched an incubator program to help innovative Insurtechs navigate the tricky path to launching a product. We’re already seeing some great successes with the launch of Hustle Cover, Audit Cover and the imminent launch of upcover.

Thank You!

October Newsletter

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

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September Newsletter

September 10th, 2020 Posted by Members, News, Newsletter 0 thoughts on “September Newsletter”

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Inspire Insurtech Interviews: upcover

August 10th, 2020 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: upcover”

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 Skye Theodorou Co-Founder & CEO and Anish Sinha Co-Founder & COO from upcoverEnjoy!

Tell us upcover’s brief pitch.

upcover bridges the protection gap for the fastest growing workforce in Australia by providing the self-employed and independent contractors of today with the insurance protection and benefits they need.

We’re doing this by building a tech platform that creates personalised insurance and portable benefits (sick leave, holiday, maternity leave) products that are flexibly and dynamically priced and simple and easy to use.

So how did upcover begin?

I’m pretty passionate about helping small businesses manage their risks and giving great service. Having a greek background, I’ve worked with my dad in so many different industries and helping him navigate his insurance and claims always left me feeling that there needs to be something that better suits people that work for themselves.

How has upcover evolved since its inception?

Our business evolved with my co-founder, Anish Sinha, joining the team, we reworked our prototype and the problem space by focussing on the micro-enterprises and independent workers that are becoming so common nowadays.

By focusing on the new phenomenon of the gig economy, we’re able to tackle a space where there are no tailored or holistic products – almost like a small biz pack – that is subscription and usage-based, we believe there’s a great opportunity there.

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

At just under a year old, we’ve secured our insurance partnership with the incredible team at Agile Underwriting Services, as well as received the Gold award for the Efma Accenture Innovation in Insurance Awards, in the insurtech category.

We’re busy preparing for our product launch for a bite-sized insurance product for delivery workers in the coming weeks and already working on how we can expand out our products and offerings for other sectors in the gig economy.

How does upcover give back?
We love working with and building our products in a grassroots approach. We’re hiring from within the communities that work in the gig economy, to build out our Community Manager initiative, that helps us speak with, understand, and get a pulse check on how our product might be received.

You can take a look at the stories we share of these riders on our Instagram here.

What is upcover’s biggest challenge in today’s markets?
We believe upcover’s products provide us with a tailwind for the current markets, coming out of COVID-19. However, as with any insurtech, creating a sustainable product, and securing distribution to help us achieve scale is key.

We’re still very early on in our journey as a startup, and we’ve been navigating what is one of the most heavily regulated insurance ecosystems in the world. Thinking and solving for these challenges as a lean startup is a challenge, but one that we solve for day by day, and with the help of the incredible people within the insurance industry getting involved in upcover’s journey.

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

We would love to work with and connect with any other players that are looking to build products for the gig economy. If you’re interested in learning more about upcover and what we are getting up to, and where we are headed – please reach out!

August Newsletter

August 10th, 2020 Posted by Members, News, Newsletter 0 thoughts on “August Newsletter”

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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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