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July Newsletter

July 12th, 2021 Posted by Members, News, Newsletter 0 thoughts on “July Newsletter”

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Ron Arnold speaks to Rita Yates, CEO and Co-Founder of Insurtech Australia

June 2nd, 2021 Posted by News 0 thoughts on “Ron Arnold speaks to Rita Yates, CEO and Co-Founder of Insurtech Australia”

Ron Arnold speaks to Rita Yates, CEO and Co-Founder of Insurtech Australia.

In the latest interview by Ron Arnold, Managing Director and Founder of 11eight, Ron sat down with our very own Rita Yates, CEO, and Co-Founder of Insurtech Australia, to talk about her journey and the work she does for Insurtech Australia and the ecosystem here in Australia and beyond.

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IA Podcast: Danial Cummins of Mitti

June 2nd, 2021 Posted by News 0 thoughts on “IA Podcast: Danial Cummins of Mitti”

Insurtech Lessons: Mitti – More than insurance

One of the newest players in the Australian ecosystem, Mitti, launched in October 2020. Co-Founders Dan Cummins, Meg Duckworth and Stephanie Macrae share insights on their journey to date, bringing valuable risk mitigation insights to small businesses and helping customers have “more than just insurance.”

Click here to listen to the full podcast.

Inspire Insurtech Interviews: My Life Capsule

June 2nd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: My Life Capsule”

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 Pam Moorhouse, CEO, and Founder of My Life Capsule. Enjoy!

 

Tell us My Life Capsule’s brief pitch.

My Life Capsule is an InsurTech start-up with a difference. It’s not an insurer but a value add for insurers, providing unprecedented emotional engagement to support lifetime loyalty.

We are all overwhelmed with day-to-day logistics and administration, and often, we are not as prepared as we could be for life’s significant events, such as personal illness, marriage, divorce, having a baby, or the death of a loved one.

My Life Capsule is a digital platform to organise, protect & share your critical “life” information. With International award-winning bank-level digital security vaults, GDPR compliance, and world-class customised sharing and consent protocols, My Life Capsule empowers family connection across multiple generations and supports day-to-day and time-critical administration; privately, securely and centrally.

So how did My Life Capsule begin?

When My Life Capsule Founder Pam Moorhouse’s father-in-law, Kevin, died, her family had just seven days to notify his friends, find his critical information and piece together his life story before his funeral. It was a devastating time made worse because Kevin hadn’t had an opportunity to organise and share his critical information, documentation or life memories with his family.

This personal loss, coupled with Pam’s role as an adult, a wife, a mum and a daughter, led her to consider the problem from a cross-generational perspective. She concluded that each generation has its own innate and intuitive needs that are not being met in modern society.

And so, the journey began with pre-launch social media testing, a graduate research program, a successful pilot trial, and National Television exposure which verified the market fit. In December 2020, My Life Capsule was awarded a Top 30 Global Impact Venture by International Innovation platform EarthTech and received a scholarship to the Springboard Enterprises Evolve Accelerator Program.

How has My Life Capsule evolved since its inception?

Twelve months after Pam’s light bulb moment, she recalled a report she’s read many years before in her high school psychology class. In 1967 two psychologists, Holmes and Rahe developed a stress scale that identified 43 significant life events that are likely to affect every human life. These events may be positive or negative experiences such as marriage, divorce, death of a loved one, pregnancy, a new job or finishing school.

Life is now more complicated, hectic and much faster than in 1967, yet the likelihood of us all experiencing many of these events has not changed. The 43 significant life events have four things in common – emotion, logistics, paperwork and lots of personal stress.

My Life Capsule is a global solution to empower family connection for humankind, assisting us all prepare for and address these significant life events that now form My Life Capsules guiding star.

What is your team currently working on for 2021, or what have you accomplished recently?

After the successful pilot program in 2020, My Life Capsule secured a strategic technology partnership with International award-winning digital security experts. With this foundational architecture, My Life Capsule now has GDPR compliance and world-leading personal privacy & security, keeping it ahead of the technology & compliance curve.

My Life Capsule recently released its B2C freemium proposition – offering free Emergency Vaults to families across the globe, complete with secure vaults, 3-key encryption and unique time-based sharing options. The Emergency Vaults securely store an individual’s critical information. It can be accessed anytime, anywhere, on any device and can be shared securely with immediate family, carers or travel companions for use in an emergency. My Life Capsule Emergency Vaults are now available via the web, Apple Store and Google Play.

Premium subscription features including Personal Vaults to manage daily and time-critical administration, Family & Memories Vaults to capture emotional milestone moment. My Life Capsule Junior to capture health, education, and milestone moments for children will follow soon. Corporate co-brand & enterprise white label solutions will commence development in mid-2021.

How does My Life Capsule give back?

My Life Capsule empowers not only documentation and data storage for logistical reasons but also embraces humankind’s instinctive and intuitive need for emotional connection at every age and stage of life. It also proudly addresses multiple United Nations Sustainable Development Goals, including Gender Equality, as women are commonly responsible for household & cross-generational organisation.

With My Life Capsule, families benefit from better relationships and more transparent and secure communication with family members, service providers, teachers, doctors and insurers on historical information.

For Channel Partners, My Life Capsules sophisticated security architecture protects and humanises customer relationships to increase lifetime value and retention. It also helps meet the consent requirements of the increasingly relevant Global Data Protection regulations, including the European GDPR and Australian CDR.

What is My Life Capsule’s biggest challenge in today’s market?

There is a lack of trust in the privacy and security of digital services. This has been made worse by big tech and social media companies abusing personal data. This historical lack of trust requires consumer education that world-leading technology now provides true privacy and security like never before, and so managing the busy lives of our families inside secure digital vaults is a natural progression.

COVID-19 has highlighted the need to stay connected with our extended families. Together with My Life Capsule’s upcoming co-brand and white label solutions, insurers are uniquely positioned to help millions of people globally to be better prepared for the unexpected.

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

It’s a challenging time for our global community, and it’s now more important than ever for Insurers to provide peace of mind to their customers by taking the stress out of different life situations. My Life Capsule offers a unique opportunity to differentiate from more traditional insurance service offerings by enabling people to be better prepared, more connected and less stressed if the worst happens.

My Life Capsule’s Free Emergency Vaults are now available to securely store personal critical information for access anytime, anywhere, and on any device for use in an emergency. To learn more about My Life Capsule or to access a Free Emergency Vault, visit the website or download the app in the App Store or Google Play.

Follow My Life Capsule on LinkedIn, Twitter, YouTube, Facebook and Instagram.

Thank You.

June Newsletter

June 2nd, 2021 Posted by Members, News, Newsletter 0 thoughts on “June Newsletter”

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Continued Evolution of Insurance and Insurtech Partnerships

May 3rd, 2021 Posted by News 0 thoughts on “Continued Evolution of Insurance and Insurtech Partnerships”

Continued Evolution of Insurance and Insurtech Partnerships

Rita Yates, CEO and Co-Founder of Insurtech Australia, was interviewed by Asia Insurance Review to discuss Australia’s post COVID world, how insurers and insurtechs adapted and 2021 emerging trends.

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IA Podcast: Brett Wright of KPRM

May 3rd, 2021 Posted by News 0 thoughts on “IA Podcast: Brett Wright of KPRM”

Insurtech Lessons: KPRM – Customer-Driven Revolution

To improve customer access to quality advice and life insurance products, KPRM has synchronised decades of insurance experience with the smart utilisation of technology. Brett Wright, Founder & Director, and the team at KPRM (Key Person Risk Management) are driven by a mission to revolutionise product and advice distribution. Having significantly uplifted customer experience already, hear how Brett manages expectations to navigate the tension of start-up life, plus the ambition that spurs the KPRM team onwards.

Click here to listen to the full podcast.

Inspire Insurtech Interviews: DigiSure

May 3rd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: DigiSure”

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 Bernie Niehaus, Managing Director of DigiSure. Enjoy!

 

Tell us DigiSure’s brief pitch.

DigiSure utilises historical and real-time data and digital techniques to automate the underwriting and distribution of Insurance Products. We provide, direct to customer and agent/broker, channels depending on the product and Market. Our effective use of technology enables our partners to provide services with significantly lower capital and operational costs compared to their competitors. Our selection and monitoring techniques further reduce risk and costs.

Our technology enables our partners to launch new products and enter new territories quickly and effectively, usually within a couple of weeks. DigiSure now works with Insurers, Agents, Brokers, Coverholders in Asia, Australia/New Zealand and Europe.

So how did DigiSure begin?

DigiSure began as most others do, as a conversation over a bottle, born from months of frustration. However, it was a water bottle in a ‘Gym’ rather than the ‘Pub’ as one of the founders is a teetotaller (much to the other founder’s disbelief).

The Insurer had a product, and they had a target market; what they did not have, was a way to profitably underwrite the market or to distribute in a way that could be efficient and gain critical mass. We developed the Original DigiSure platform to address this issue. With that product, we gained 30% of the market within 6 months and ended up in partnership with one of the world’s most famous insurers and one of the world’s biggest brokers.

How has DigiSure evolved since its inception?

DigiSure had significantly evolved from our humble beginnings in 2016-2017. We now have offices in Singapore, Ireland, Australia and New Zealand. We started off with a concept that was to digitise, simplify and speed up the distribution, underwriting and sales process. Due to customer demand, the DigiSure platform has significantly evolved to be a full end to end system that supports and provides for the full insurance value chain, from distribution to Claims management.

We have also now developed a full agency portal for some large insurers. This platform enables agents/brokers to quote and manage their clients while providing underwriters with instant access to all the data and information required to assess risk. This platform has led to a significant reduction in Underwriting time that significantly reduces cost for all stakeholders.

What is your team currently working on for 2021, or what have you accomplished recently?

Q1 2021 has seen us working with several Local carriers and Re-Insurers to significantly expand our presence in South East Asia and Europe. We have also expanded the range of products, and we also support, for example, Takaful Islamic insurance and Professional Liability. On the technical side, we have expanded our use of satellite data for risk assessment and continue to invest in our Machine Learning initiatives.

How does DigiSure give back?

Environment, Social and Governance (ESG), our business and solutions are well-positioned to promote ESG in a number of ways:

Micro Business Insurance.

Micro Business, with fewer than 5 employees, are the engine rooms of many developing countries. According to the World Trade Organization, small-and medium-sized enterprises (SMEs) represent over 90 per cent of the business population, 60-70% of employment and 55% of GDP in developed economies. Yet countless millions of informal traders, micro-entrepreneurs and small businesses either can’t access or can’t afford insurance. Access to affordable Insurance increases their resilience and encourages investment, as well as opening up new funding opportunities.

DigiSure enables the direct distribution of insurance to Micro Businesses, typically via mobile phone with low operational and underwriting costs and the ability to pay as you go (e.g. daily/weekly) premiums payments. This combination provides access to and affordability to Micro Business, thus enabling their stability and growth. We are currently working with a number of Global and local insurance providers to roll out our products in Africa and low-income south-east Asian countries.

Personal Micro Insurance.

Microinsurance policies provide protection to low-income households against specific risks in exchange for a regular payment of premiums that are calculated proportionally to the likelihood and cost of the relevant risk. The DigiSure platform, which combines low-cost distribution (mobile phone) with automatic underwriting and pays as you go payments, allows our Insurance partners to efficiently bring personal Micro Insurance to low-income countries in Africa and Southeast Asia. Typical products include Disability and Property Microinsurance.

Workplace Diversity (Women in Tech).

According to the US National Centre for women in Information Technology, women represent only 26% of the workforce in Computing and Mathematical occupations compared with 57% across all professions. Women currently represent 50% of DigiSure’s Workforce. As well as targeting diversity in our recruitment pipeline and providing flexible working arrangements. We consistently seek to promote an inclusive work culture.

Workplace Diversity (Neurodiversity).

Unemployment in the Neurodiverse population runs as high as 80%, even though they can be typically 30% more productive than their peers given the right environment. DigiSure is targeting to have a 25% of its workforce Neurodiverse 2023. In addition to targeted recruitment, our main focus is on flexibility, workplace accommodations and culture.

What is DigiSure‘s biggest challenge in today’s market?

Identifying and choosing the right partners to work with. It may sound a cliché; however, with some minor exceptions, we have managed to work with good partners, i.e. Insurers, Re-Insurers and Brokers. As we scale up, this may become more difficult and something we need to be wary of.

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

DigiSure is proud of our team for their hard work and dedication to all projects. We do all our development and research in-house, which would not be possible without the fantastic DigiSure team. The long hours, endless focus and immeasurable dedication are truly appreciated.

My last reflection, given the target audience, fellow Insurtechs, is that you should be prepared for the long lead up times, particularly with large Insurers/Reinsurers, sometimes 12 to 18 months. However, once you’ve proven yourself and gained your customer’s confidence, expansion becomes much easier.

Thank You. If you wish to know more about DigiSure, watch their overview and demo video here: https://www.youtube.com/watch?v=iogFwhDercM.

May Newsletter

May 3rd, 2021 Posted by Members, News, Newsletter 0 thoughts on “May Newsletter”

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IA Podcast: Juliette Murphy of FloodMapp

April 14th, 2021 Posted by News 0 thoughts on “IA Podcast: Juliette Murphy of FloodMapp”

Insurtech Lessons: Water, water, everywhere – FloodMapp’s mission to create a safer future

CEO and Co-Founder of FloodMapp, the inspirational Juliette Murphy, is our latest guest on the IA Podcast. Juliette shares her mission-driven business journey, including how the smart use of big data, hydrology, machine learning and hydraulic modelling dramatically impacts lives, homes, and businesses in flooded (or soon-to-be flooded) areas.

Click here to listen to the full podcast.

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