Posts in Members

IA Podcast: Andrew Wong, Founder and CEO of KOBA Insurance

August 2nd, 2022 Posted by Members, News, Podcast 0 thoughts on “IA Podcast: Andrew Wong, Founder and CEO of KOBA Insurance”

Insurtech Lessons: Put people in control of their own premium

Founder and CEO of KOBA Insurance, Andrew Wong, talks us through his views on how sub-optimal insurance can be and learnings from the head-spinning momentum of building the award-winning KOBA over the past two years.

Click here to listen to the full podcast.

August Newsletter

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

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Inspire Insurtech Interviews: Staunch Technology

July 28th, 2022 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Staunch Technology”

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

This month, we talked to the Founder and CEO,  Dr Jenny Legge of Staunch Technology. Enjoy!

Tell us the company’s brief pitch.

Staunch Technology helps employers, insurers, providers, and workers reduce sprains and strains in the workplace. Our customers can predict injury and work smarter by objectively matching worker abilities with job demands using our JobFit System platform to identify which workers are at risk of injury so that both the employer and the worker can manage that risk to reduce injuries and absenteeism and increase productivity and retention.

So how did the company begin?

Our founder, Dr Jenny Legge, is a physiotherapist and ergonomist who wanted to help more workers and employers than she could on her own as a clinician. She was frustrated with the waste of resources and inefficiency in the workers compensation sector and so developed the objective and standardised JobFit System job matching method. Dr Legge’s research into the predictive validity of functional testing showed that when workers did not match the demands of their role, they were 3x more likely to have a musculoskeletal injury and 5.8x more likely to have a back injury associated with manual handling. This scientific method is the foundation of the JobFit System platform.

How has the company evolved since its inception?

Staunch Technology grew out of demand to increase the scale and efficacy of Dr Legge’s injury prevention services business by pivoting to a technology platform. In less than twelve months, the company has tripled the technology team, spread into an additional three industries and expanded to Canada and the US.

How does your Insurtech improve your customer’s experience?

Our technology augments human performance, it does not replace it. Our platform helps employers, insurers and service providers make objective decisions from prehire to retire regarding safe job placement, productive and meaningful suitable duties, ergonomic job redesign and other risk management activities, including strategies for an aging workforce.

Our customers have reported 54 to 69% reduction in workers compensation claims in the first twelve months alone.

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

Staunch Technology is in a growth phase. We are building our sales and tech teams, raising capital and expanding our market. Our evidence-based approach gives customers guidance in these uncertain times. Our customer success stories provide Proof of Value to increase confidence in leading change.

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

With investment and customer growth we plan to 10X the number of workers we protect globally, create raving fan customers and with a happy diverse team continue to deliver quality injury prevention technology.

Any advice for other Insurtechs or insurers looking to innovate?

Stay true to your values and put people first. Always.

Thank You.

‘Good, Bad or Ugly’: all was revealed under the guise of Hollard’s panel event – 19 July 2022

July 25th, 2022 Posted by Members, News 0 thoughts on “‘Good, Bad or Ugly’: all was revealed under the guise of Hollard’s panel event – 19 July 2022”

Insurtech Australia (IA) and The Hollard Insurance Co Australia (Hollard) were pleased to present our latest event: ‘Partnering: The Good, the Bad and The Ugly’. The panel, sponsored by Hollard, focused on the importance of partnering well and investing in solid relationships to align interest, cater to open dialogue and to flex the boundaries for successful business partnerships.

Over 100 attendees registered for the evening’s panel session moderated by Vanessa Dobson, Director and Co-Founder of IA and new to the role of Senior Underwriter Consultant, Vice President, Life & Health Products at Swiss Re.

Vanessa rallied a strong panel line-up including Jamie Smith, CIO of Hollard, Alistair Harold, Founder and CEO at Grappler, Alistair McElligott, Founder and CEO at Entsia and Bayne Carpenter, Chief Revenue Officer from Open. The group discussed the clear benefits of partnering with the right businesses at the right time and making allowances for direction, strategic thinking and understanding your partner – all aspects to ensuring a good partnership will prosper. Jamie Smith highlighted the importance of each partner being clear on the “end game” so as to avoid unnecessary pitfalls and attempting to retro-fit solutions.

Not unlike the theme of the 1966 age-old film, obviously challenges arise but it is to overcome the ‘ugly’ and emerge stronger with a greater depth of understanding and trust that enables growth and change for new ideas to flow. Alistair McElligott commented that “Hollard wanted to find a better way to compete with larger insurers and this created a great opportunity to explore all options…”. Each of the panel members highlighted the challenge of the difference in pace between them and how that requires both acknowledgement and attention. As each entity evolves and transforms, frank discussion is required between the partners – which is where deep investment in personal relationships can be enormously helpful.

Alistair Harold shared that Grappler was attracted to Hollard’s “problem to solve” mindset, and welcomed the flexibility Hollard extended as Grappler developed its MVP in the early stage of their relationship. Jamie raised several examples of Hollard’s partnership initiatives aimed at “giving something a go”. The transformation of systems and requirement for change, proved the importance of strength in alignment, discipline and a healthy appetite for competition. Bayne Carpenter agreed that “there must be a level of trust to rely on skill-sets and an alignment of values that each organisation brings to the partnership”.

The evening allowed our IA Members and Partners the opportunity to gain raw insights into the inner workings of a large insurer plus showcase Entsia, Grappler and Open who are consistently working towards innovative outcomes and process efficiencies. As a result of their partnership, each business has broadened their market reach, mentioning the importance of partnering in the early stage of business to gain a deep understanding of the customer base as well as acquisition of new customers. Bayne Carpenter stated that Open gained much from partnering with Hollard, including the expertise and mentorship provided to Open, increased confidence to progress with ideas, capital and introductions to other opportunities. Jamie Smith added that these partnerships helped Hollard “decide that we can partner” with external parties and be aligned with its risk appetite.

Hollard fosters solid partnerships with a range of businesses and aims to better understand its own insurance challenges and serve its broad customer segments. Later this year, Hollard will host a ‘reverse’ pitch event engaging with a select group of IA Members to approach a challenge statement. IA Members will have the opportunity to identify and address problem areas and co-develop solutions for these common insurance problems. For more information on this opportunity please keep an eye out in our next newsletter.

 

How to become a member or a partner of Insurtech Australia.

If you want to find out more about how to become a part of our Insurtech ecosystem, you can join the Insurtech Australia Community group on LinkedIn or click here to subscribe to our newsletter.

If you are an insurtech and you are not a member yet, please get in touch for how to join.

Alternatively, if you work for an insurer or service provider and are interested in a corporate partnership, please get in touch for more information.

Thank You.

July Newsletter

July 6th, 2022 Posted by Community, Members, News, Newsletter, Partners, Podcast, Press 0 thoughts on “July Newsletter”

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Inspire Insurtech Interviews: Intellimin

July 1st, 2022 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Intellimin”

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

This month, we talked to Founders Leo Francis and Julie Bedggood of Intellimin. Enjoy!

Tell us the company’s brief pitch.

“Intellimin is a platform that assures insurance businesses that they can meet today’s needs and master tomorrow’s.”

We are a rapidly deployed, cloud-based policy administration platform “in a box”. We get digital insurance businesses up and running in record time and supercharge their growth.

So how did the company begin?

We started Intellimin back in 2006 by bringing together our industry experience and an understanding of what technology can do to make it possible. We saw an opportunity very early on to meet the emerging trend of omni-challenge digital distribution and included this as a fundamental principle in designing for the global insurance market.

How has the company evolved since its inception?

We worked with start-up digital life insurance businesses to both design and configure the products, customer journey, and business processes to enable automated straight-through processing and customer communications. We have applied the same principles to existing life and health insurance businesses, re-engineering business processes for efficiency, converting data from legacy systems, and providing a stable and strong platform for business growth.

By working with a talented team of experts, we’ve successfully evolved Intellimin into the policy administration system we offer today. Our work with a diverse range of clients and strong partnerships with leading businesses has given us the opportunity to refine our processes and implementations to meet a variety of business needs and deliver a world-class, secure platform. It is the journey over 16 years that has made Intellimin successful.

How does your Insurtech improve your customer’s experience?

We are able to offer our clients a leading customer experience based on our detailed attention to the application process and streamlined and automated processes meaning a process that took 5 weeks can now take 5 minutes. The flexibility of the system allows businesses to prototype, test and launch new products into the market quickly and easily without the barriers of legacy IT systems.

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

We thrive on partnering with innovative businesses committed to bringing new products to market. This comes with the challenge of meeting the evolving regulatory frameworks for insurance and financial services in different countries around the world.

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

This year we are extending the digital platform to support advisers selling more complex life insurance products.

Any advice for other Insurtechs or insurers looking to innovate?

What’s led us to our success is our values, lessons learnt, industry experience, expert team, trusted partnerships and working with businesses that are ready to take the plunge from legacy to digital. We have taken a long-term view with a commitment to growing our client’s businesses.

Thank You.

IA Podcast: Dr Mehdi Ravanbakhsh, Founder and CEO of Mapizy

July 1st, 2022 Posted by Members, News, Podcast 0 thoughts on “IA Podcast: Dr Mehdi Ravanbakhsh, Founder and CEO of Mapizy”

Insurtech Lessons: Urban Property Analytics with Mapizy.

With a mission to ‘quantify our changing planet,’ Mapizy utilises remote sensing technology and aerial imagery to deliver property analytics. With a fascinating back-story, Dr Mehdi Ravanbahksh shares the evolution of Mapizy.

Click here to listen to the full podcast.

Reflections from Singapore Immersion Week – June 2022

June 30th, 2022 Posted by Members, News 0 thoughts on “Reflections from Singapore Immersion Week – June 2022”

This month, we reflect on our recent overseas delegation to Singapore and how Singapore is an attractive market for Australian insurtechs looking to scale. We hope you will enjoy reading this article as much as we enjoyed writing it. Happy Reading!

 Simone Dossetor, CEO of Insurtech Australia

It has been over two years since Insurtech Australia ran an international delegation so it was with excitement and great anticipation that we embarked on not only our first trip outside Australia but also our first delegation to Asia. We were delighted with the enthusiasm and warmth that our delegation received and excited for the possibilities that the Asian market presents for our Australian insurtechs looking to scale.

There were 3 key reflections from the trip:

Firstly that Singapore is an attractive market for Australian insurtechs looking to scale into Asia and the world, secondly that being on the ground and in person is irreplaceable and thirdly that Australia is a valuable insurtech ecosystem that can compete globally.

Singapore is an attractive market for Australian insurtechs looking to scale.

There are a number of factors that make Singapore an attractive destination for Australian insurtechs. Despite the small size of the local insurance industry, it can be a market to test and learn and a gateway for expansion to Southeast Asia’s growing consumer market. It is a relatively mature market with highly educated consumers and a pro-business environment and strong support for innovation through regulatory sandboxes.

This was evidenced at ITC Asia with over 100 countries represented including insurtechs from across Asia.

During our Singapore Immersion Week, we encountered a positive venture capital environment with many funds having a mandate for fintech, insurtech and deep tech. It appears to favour propositions aimed at end customers given the potential scale that Asia represents as compared to insurtechs aimed at more sophisticated propositions aimed at insurance as customers. George Wang from AYLA supports this “The best part, we’ve met more than 10 VC investors during the week and have already progressed into deeper discussions with a couple. We have a very positive feeling about landing our next investment there.”

Singapore is also a valuable market to learn about competitor offerings and to fight the war for tech talent.

Bill Angeledis of Day By Day agreed that “We will be investigating setting up a presence in Singapore in the near future to access tech talent and approach new markets.”

Being in person, in the market is essential.

After two years of webinars and virtual conferences, the enthusiasm for an in-person international conference and meetings was felt strongly. As supported by Andy Jamieson from Advisr “There is nothing better than being on the ground, face-to-face, to get a sense for the market and customer appetite. Whilst we may feel close to Asia, we needed to be on the ground and the immersion trip enable us to scale our learnings, relationships and product iterations fast.”

Partnering is critical for Insurtech success and this requires understanding the local environment. Tetiana George of Curium App comments that “Cultural immersion is key to success in any new market. The best way to “become local” is to find great partners. Partnerships with local insurtechs, incumbents or various organisations are a great way to test the market at a relatively low cost and pretty quickly.”

Australia is a valuable insurtech ecosystem that can compete globally.

The tagline from our booth at ITC Asia was highlighted as “The best and brightest in insurtech starts in Australia”. We were pleased to be able to bring eight-strong Australian Insurtechs into the market and received resounding feedback on their quality and readiness throughout the week. The variety and depth represented the varied background of the founders which included senior Insurance executives, award-winning academics and successful fintech entrepreneurs.

The reason for this quality was described by Tetiana George from Curium App “A great thing speaking for Australian insurtechs is the complexity of the domestic market that makes international expansion somewhat easier. It is much easier to adopt our tech and know-how to simpler products and regulatory requirements than the other way round.”

Furthermore, it is important to be aware that Australia is not only an attractive market to export from but we encountered strong interest from Asian insurtechs looking at Australia as a market to expand into. This reinforces the view of Australia as a highly regulated mature insurance market which is an attractive stepping stone for Asian insurtechs to test and adapt their proposition on the way to global expansion. It is important that we recognise and embrace this trend which cannot be simply ignored.

Finally a huge thank you to Austrade and to our Insurtechs (Day By Day, Mapizy, AYLA, Evari Tech, Curium App, Advisr, Reask and Kanopi Cover) that joined us and made it a great success for all. As supported by Andy Jamieson from Advisr Great support from Austrade – 10 out 10 for making this happen.”

Bill Angeledis of Day By Day cemented this by saying “The insights from other delegates and new connections throughout the week are going to be invaluable. We have learnt a lot about the industry and the landscape in Singapore.”

Tetiana George from Curium App “It feels like Australian companies still have a long way to go in terms of building a reputation in the region. So it is so great that Austrade placed the companies so prominently. No one else did that.”

How to become a member of Insurtech Australia.

If you want to find out more about how to become a part of our Insurtech ecosystem you can join the Insurtech Australia Community group on LinkedIn or click here to subscribe to our newsletter.

If you are an insurtech and you are not a member yet, please get in touch for how to join.

Alternatively, if you work for an insurer or service provider and are interested in a corporate partnership, please get in touch for more information.

We are currently planning our next international delegation, which will be to the US to attend the Insuretech Connect event in Las Vegas. We will have complimentary and discounted registrations for our Insurtech members and partners. Register your interest here.

Thank You.

June Newsletter

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

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IA Podcast: Nigel Fellowes-Freeman, Founder and CEO of Kanopi

June 1st, 2022 Posted by Members, News, Podcast 0 thoughts on “IA Podcast: Nigel Fellowes-Freeman, Founder and CEO of Kanopi”

Insurtech Lessons: Kanopi – Delivering to customers in a beautiful way.

Talking all things smart, embedded and connected with the Founder and CEO of Kanopi, Nigel Fellowes-Freeman, we delve into the core drivers of the Kanopi team, the criticality of deep partnerships and the advantage of understanding what you’re great at.

Click here to listen to the full podcast.

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