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Inspire Insurtech Interviews: LifeBid

May 2nd, 2022 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: LifeBid”

The Inspire Insurtech Interview series is designed 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 talked to Brett Wright, Founder of LifeBid. Enjoy!

Tell us the company’s brief pitch.

If you think about how Xero revolutionised the accounting industry, LifeBid is doing the same for Life Insurance.

We are replacing archaic systems, processes and paper shuffling, with a 100% digital, end-to-end platform that cuts advice and distribution costs by up to 90%, enabling advice providers and insurers to 10x their capacity, whilst increasing the affordability and access to quality solutions for everyday Australian’s.

LifeBid is life insurance done faster, fairer, better… for everyone.

So how did the company begin?

Our founders are experienced life insurance advisers, plus they have over 7 years of successful technology development experience. Like the rest of the sector, we are immensely frustrated by how complex and expensive it has become for consumers to access good quality advice and cover, and how hard, unprofitable and risky it has become for advisers, licensees and life insurers to help everyday Australian’s.

The market doesn’t need a solution to do a little bit of the process quicker here, or a bit easier there – it needs LifeBid, an industry standard end-to-end solution, which is why we are here.

How has the company evolved since its inception?

We have attracted support from and partnered with industry leading stakeholders, with 6 of 9 life insurers supporting LifeBid, a critical mass of advice providers supporting LifeBid and we are working with government and regulators also.

How does your Insurtech improve your customer’s experience?

Because life insurance is a complex product, intertwined with superannuation and a mountain of regulation and compliance, ~70% of new cover is originated with the help of specialist life insurance advisers and holistic financial advisers.

Currently, the life insurance advice process is a bit like asking a consumer to drive down to Blockbuster Video to hire a VHS, when all they really want is Netflix – For advisers and the wider sector, it has become too hard to help the average Australian, stay compliant and break even (let alone make a profit) all at the same time.

With LifeBid:

Consumers – Get fast, affordable access to great advice, including renewals, reviews and claims, with a phenomenal client experience on any device.

Advice Providers and Life Insurers – Can cut the time it takes to help a new client by up to 90%, exponentially increase their retention and wow clients with refreshingly simple renewal, review and claim experiences in clicks, not hours.

What is the company’s biggest challenge in today’s markets?

Australia’s life insurance sector is world class in terms of products and claims, if we can make advice, distribution and ongoing service in the Australian market up to 90% more efficient, we can make LifeBid a success in many other international markets including NZ, UK, US and Europe (which we are also aiming to do).

The biggest challenge, but also the biggest opportunity for us as a (life) insurtech, is that so much of the investment and narrative in the insurtech space focuses on general insurance, which I think is because, life insurance is not something a lot of people understand or don’t want to think about and it has a few extra complex hurdles to tackle like the need for personal advice, harder underwriting, superannuation etc.

Our challenge is to educate the insurtech ecosystem about the opportunities in the life insurance space, which we are up for, because what we do in the life insurance space saves lives, protects family’s and changes communities for the better, every single day.

What is next for your company? What are your big goals for 2022?

Regulatory and market testing, before launching, which is exciting.

Any advice for other Insurtechs or insurers looking to innovate?

Find businesses and consumers who need the problem solved that you are solving and partner with them – in the insurance industry (both life and general), partnerships are so important, because you can’t be all things to everyone across target marketing, advice, distribution, product, underwriting, claims etc.

Thank You.

April Newsletter

May 2nd, 2022 Posted by Community, Members, News, Newsletter, Partners, Podcast, Press 0 thoughts on “April Newsletter”

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Inspire Insurtech Interviews: KOBA Insurance

March 31st, 2022 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: KOBA Insurance”

The Inspire Insurtech Interview series is designed 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 talked to Andrew Wong, CEO and Founder of KOBA Insurance. Enjoy!

Tell us the company’s brief pitch.

The world of data and connectivity is changing every industry. More data means more ways to offer unique solutions to individuals. Traditional insurers charge low-risk drivers a little bit more so that they can charge high-risk drivers a little bit less. Prices go up, and prices go down dependant on profitability of the insurers portfolio and not a direct reflection of the risk.

KOBA seeks to change that. KOBA car insurance charges drivers based on usage. We charge an upfront amount to cover the car while it’s parked and then a variable amount to cover the car while you’re driving it.

So how did the company begin?

KOBA is part of a global trend, Usage-Based Insurance is happening all over the world. I moved my family from San Francisco during the pandemic and realised that there was an opportunity to grow something special in Australia.

How has the company evolved since its inception?

We went live on Oct 31, 2021, so there hasn’t been a lot of ‘evolution’ since our inception. But we are focused on bringing a consumer brand to market and a white-labelled solution which can help car manufacturers shift into the usage-based insurance space.

How does your Insurtech improve your customer’s experience?

Insurtech, like all innovation and startups, focuses on changing consumer needs and real customer experience. Many products (like insurance) have remained unchanged for decades. Insurtech help people shift the way they think to find a truly valuable and applicable solution to their life.

What is the company’s biggest challenge in today’s markets?

Adoption and awareness, we are a new brand with limited reach or awareness. We are working hard to create partnerships and funnels from which consumers to learn about the new offer.

What is next for your company? What are your big goals for 2022?

Sell, sell, sell. In 2022, we plan to raise some capital and sell as many policies as possible.

Any advice for other Insurtechs or insurers looking to innovate?

Insurtech is hard. Finding capital for insurtechs is harder. Finding the right people to go on the journey with you is everything. Without the right team, you won’t be able to succeed.

Thank You.

March Newsletter

March 1st, 2022 Posted by Community, Members, News, Newsletter, Partners, Podcast, Press 0 thoughts on “March Newsletter”

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February Newsletter

March 1st, 2022 Posted by Members, News, Newsletter 0 thoughts on “February Newsletter”

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IA Podcast: Dale Smith, CEO of JAVLN

March 1st, 2022 Posted by Members, News, Podcast 0 thoughts on “IA Podcast: Dale Smith, CEO of JAVLN”

Insurtech Lessons: JAVLN – hitting targets.

Dale Smith, CEO of JAVLN, is our December podcast guest. Now in nine locations across the APAC region, the SaaS platform offering from JAVLN delivers end-to-end policy management for brokers, insurers and underwriting agencies. Dale shares his views on active listening, customers and talented teams.

Click here to listen to the full podcast.

December Newsletter

March 1st, 2022 Posted by Members, News, Newsletter 0 thoughts on “December Newsletter”

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November Newsletter

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

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Inspire Insurtech Interviews: Innovation Group Australia

October 28th, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Innovation Group Australia”

The Inspire Insurtech Interview’s 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 Drew Schnehage, Managing Director of Innovation Group Australia. Drew was recently selected as one of the winners for this year Elite Women in Insurance 2021. Congratulations Drew!

Tell us Innovation Group Australia’s brief pitch.

Motor accidents present fleet owners and drivers with a challenge, and the process of getting vehicles repaired and claims settled is complicated. Innovation Group takes the headaches away from fleet operators by offering a full end-to-end accident and claim management process, as well as risk management and driver training.

We run dedicated 24/7 hotlines for our fleet clients, along with organising a contracted repairer to collect the damaged vehicle and provide a rental car to keep your driver mobile. Our digital platform keeps all parties updated on the progress, and we take care of all the paperwork with insurers and others involved in the claim.

Fleet operators get access to a nationwide network of body shops, windscreen centres and rental car providers, along with prioritised repair slots, extended guarantees on work performed, and full claims administration and settlement.

So how did Innovation Group Australia begin?

Innovation Group has been around since 2001, and the business initially started from a partnership with LeasePlan, one of the biggest Fleet Management Companies globally. LeasePlan had the vision to provide vehicle accident claims management to their fleet clients, and Innovation Group became the enabler of this service. The partnership has spanned over 20 years, and the service delivery has been refined to a fine art. We manage incidents for several fleet management companies and their fleet clients as well as self-insured corporate fleets and work closely with insurers to create a seamless and better experience for fleet owners and their drivers.

Since I joined the business at the end of 2019, the focus has moved to the digitalisation of the claims journey, and we have some exciting new ‘innovations’ excuse the pun launching in the next couple of weeks and months.

How has Innovation Group Australia evolved since its inception?

We pride ourselves on our service delivery, and we are one of the best third-party administrators offering vehicle accident management to the fleet industry. We are one of the only third-party administrators that provide a fully insourced service offering. We manage our own 24/7 call centre with a team of agents that are dedicated to managing the initial customer experience and repair progression, a team of highly experienced technical vehicle assessors in the field, a dedicated recoveries team with outstanding results and agents that proactively manage the cost of third parties not at fault. We manage vehicle accident claims from the cradle to the grave. Our digital journey will further enhance our already perfect solution to automate and streamline our process and service offering making it easy and transparent for our fleet managers and their drivers.

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

On the first delivery of our digital journey, we can provide the fleet driver with the ability to lodge their claim on their mobile phones. The process is easy, simple, and transparent, with the ability to upload images and direct and select a repairer of their preference. Fleet managers can track and view the progress of the repairs on their vehicles on our easy-to-use client portal. The integration with our valued partner repair network will automate the experience with instant updates. The future of Artificial Intelligence is on our doorstep, and we have partnered with a global company to deliver a solution that will shorten the life cycle of a claim and improve the time off-road, which is a critical risk factor for fleet companies. The biggest development has been the data and insights we deliver back to our clients to manage their drivers and incidents better.

How does innovation Group Australia give back?

We give back time, efficiency, and cost savings to our fleet clients.

  • We continually evaluate what we do and how we do it to close the gaps and improve the customer experience.
  • We deliver on an improved customer experience, manage the time off-road, and deliver consistently on the average repair cost for our clients.
  • We provide valuable data insights on how to manage the risks of driver behaviour. We have partnered with eDriving, a global provider of driver behaviour and training products called Mentor, to close the loop.
  • We equally give back to our staff. Without them, we don’t have happy customers, and we don’t have a business.

 

What is Innovation Group Australia’s biggest challenge in today’s market?

The biggest challenge in the current market is the price. The current economic environment makes it extremely difficult to negotiate renewals or secure business when clients only look at the bottom line. We deliver an outstanding product, and we focus on selling the savings we produce, not just on average repair cost but also the saving to the client to get their vehicle back on the road faster. We further drive costs down with our focus on recovering money from at-fault parties and managing the cost of third parties that are not at fault. Clients need to look at the overall value proposition and not just the final page on commercials.

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

Innovation Group forms part of a global company, but in Australia, we are nimble and respond quickly to our clients. I always say to my staff, let’s keep it simple and stick to the basics. We continually push the business to deliver the best outcome for our clients. We have been able to deliver on so many new initiatives over the last 18 months. I suppose that was the one positive on COVID and lockdown in Victoria.

Thank You.

Annual General Meeting 2021

October 27th, 2021 Posted by Members, News 0 thoughts on “Annual General Meeting 2021”

The Insurtech Australia AGM will be held at 9:00 am AEDT on Thursday, 25th November 2021 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).

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