Posts in News

insurtech australia

Austrade Fintech Delegation to India: Fintegrate Zone 2019 Conference

January 22nd, 2019 Posted by News 0 thoughts on “Austrade Fintech Delegation to India: Fintegrate Zone 2019 Conference”

A message from Leo Bremanis, Adviser, Trade and Investment Services and Technology, Australian Trade and Investment Commission (Austrade)

Leo.Bremanis@austrade.gov.au | www.austrade.gov.au


Opportunity – Austrade Fintech Delegation to India: Fintegrate Zone 2019 Conference (Mumbai, 25 February-1st March 2019)

Austrade is seeking expression of interest for a potential mission to Fintegrate Zone 2019, organised by eminent Indian Startup accelerator Zonestartups India, 25th February-1st March, 2019. You are invited to express your interest in this great opportunity.

This is a great time to explore the fintech opportunity in India. India’s Fintech software market is expected to double from a current USD 1.2 Billion to 2.4 Billion by 2020 (NASSCOM forecast). This is attributed to rising consumer demands and expectations, rising E-Commerce and smartphone penetration.

  • Central and State governments have pushed for mass financial inclusion and innovation, in order to link the population into a more inclusive and efficient financial, economic and digital space.
  • Regional regulatory sandboxes and Fintech associations have also been continually set up to lend substantial support for the thriving Fintech industry, which will only grow to new heights on the back of India’s overall robust economy.

The above has seen rising investments and innovation in various Fintech hubs, including the likes of Vizag, Mumbai and Bangalore.

Why Fintegrate?

  • Fintegrate focusses on the future of technology in financial services within India and beyond its borders. It is one of India’s largest thought leadership conferences – a combination of conference tracks, workshops, meetups, CXO Roundtables, startup exhibits and demo nights. It commenced in 2017 to bring all the stakeholders from financial services together under one roof.
  • Fintegrate 2019 will bring together a host of banking, financial services and insurance stakeholders from banks, end users, investors, and startups. The major areas covered will be Data Analysis/P2P Lending/Payments/KYC/Machine Learning/Robo advisory/Wallet/Wealth management/Fraud prevention/Blockchain/Data Collection/Chatbots/AI.
  • Zonestartups India, the organising Incubator, is supported officially by the Indian Government’s Department of Science and Technology.
  • With 18 different conference tracks, the 2018 edition saw 50 Indian and 9 international fintech startup booths, 390 B2B meetings, 74 investor meetings and 300 corporates participating.
  • Zonestartups is the only Accelerator with official backing from the Indian Government’s Ministry of Science and Technology. The event is one of the largest Fintech-specific gathering all major Indian stakeholders of the industry.
  • International Fintech startups/entities have the option to apply for speaking slots and showcasing booths at the event. Both are free of cost and based on merit- if interested, please get in touch with Leo.Bremanis@austrade.gov.au  

For reference, the 4 major verticals at the 2018 3-day conference included:

  • Interactions with a curated list of the top 50 Indian fintech startups, seeking to meet potential clients and corporates across banking, insurance, financial services.
  • 18 conference tracks ranging across banking, insurance, financial services, financial markets, financial technologies, financial inclusion, data analysis, partnerships and 107 speakers from across the globe. Other tracks included Insurtech, the role of Government, the future of payments, big data, Blockchain and more.
  • Several ‘zones’ including a B2B Zone, with startups interacting face to face with large corporates (participating firms included Yes Bank, Accenture, Yes Bank, L&T, BCG, Microsoft, IDFC Bank, DCB, Adani Finserv); an Investor Zone involving a number of VCs and Pes; a showcase zone with Video/stage/booths showcasing innovative fintech entities.
  • Workshops organised to provide insight into niche domains and enable participants to learn and build innovative Fintech solutions.
  • Website: http://fintegrate.zone/

Supplementary Program

Outside of the Fintegrate conference in Mumbai, delegates will have the opportunity to join an additional supplementary program, to meet various key stakeholders within financial services in India and beyond on a curated supplementary program, through programming in Mumbai, New Delhi and Bangalore.

Mumbai

  • Outside of the 3-day Fintegrate conference, participants will meet potential customers and contacts through tailored one-on-one appointments in Mumbai.
  • Clients to meet with key Mumbai-based BFSI and fintech stakeholders to understand the strategic and commercial opportunities for Australian Fintech companies in India. This is a chance to learn about market access, entry and expansion strategies for India. Participants will also have the opportunity to meet with major Indian banks in Mumbai, along with their innovative fintech programs. Examples include ICICI bank’s fintech program, as well as Barclay’s RISE accelerator.
  • Introduction to Maharashtra State’s Fintech Hub to understand the State Government push to support the Fintech Startup ecosystem further and register for the State’s Fintech registry.
  • Major Corporates and IT integrators based in Mumbai include 3i Infotech, L&T Infotech, Oracle financial services software ltd, Tata Consultancy Services, Rolta, and Hexaware. Introduction to other leading Fintech incubators, a mixture of bank-backed and standalone entities: Reliance Gennext/Startupbootcamp India/Yes Fintech/DICE Fintech Ace.

New Delhi

  • Participants will meet potential customers and contacts at tailored one-on-one appointments in Delhi. This includes opportunities to meet Indian IT companies like HCL Technologies, Tech Mahindra, Polaris Group, NIIT Technologies, Birlasoft and others.
  • Meetings with key Government stakeholders (NITI Aayog, Invest India) and industry body NASSCOM to understand the strategic and commercial opportunities for Australian Fintech companies in India. Learn about Government policies and various Government programs.
  • Participants will have the opportunity to meet with major Indian banks based out of Delhi/NCR and accelerators/ incubators operating in this space.

Bangalore

  • Participants will meet potential customers and contacts at tailored one-on-one appointments in Bangalore. Opportunity to meet large Indian IT companies like Infosys, Wipro, Cognizant and Mindtree.
  • Opportunity to meet NASSCOM 10000 Startups, an initiative by one of the most active industry bodies NASSCOM (https://www.nasscom.in/)
  • Opportunity to meet with other major accelerators/incubators operating in this space.

*Dates in each city subject to change as per interest of companies who submit EOIs. The central Fintegrate conference is on 27 Feb/28 Feb/1 March. If interested in only the Fintegrate Program in Mumbai, do let us know.

Benefits

Benefits for Australian Fintech companies attending:

  • Opportune platform to meet a plethora of IT companies, leading Indian corporates, banks, insurance companies and end users of financial technology solutions. Various showcasing platforms allow for generating awareness of your fintech solutions.
  • Understand the regulatory environment in India and interact with policy makers and local Government representatives.
  • Opportunity to meet a host of Indian investors, as well as to meet with the brightest Indian fintech startups and entities.
  • Fintegrate is an opportunity to learn from and meet other foreign Fintech entities who have successfully entered the Indian market.

Cost of attendance

  • AUD $1,650 per entity, which includes Fintegrate attendance, business matching and entire supplementary program. Accommodation and domestic/international transport costs are at delegates’ expense.
  • For firms interested in only attending Fintegrate with Austrade’s assistance around the event and not taking part in the supplementary program, the cost will be AUD $550 per entity. Accommodation and domestic/international transport costs are at delegates’ expense.

EOIs

Places on this mission are very limited. To express your interest in this opportunity, please contact Leo Bremanis, Trade & Investment Adviser, Fintech, at Leo.Bremanis@austrade.gov.au

EOIs close COB AEST on Monday 28 January 2019


Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

insurtech australia

Inspire Insurtech Series: Mercurien

January 22nd, 2019 Posted by News 0 thoughts on “Inspire Insurtech Series: Mercurien”

insurtech australia

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have Mercurien with CEO, Michael Graham Enjoy!


 

Tell us Mercurien’s brief pitch

Mercurien’s long term vision is to build a business model and system that enables the digital monetisation of the traffic on the road network using high fidelity data gained from GPS/Telematics systems. Our philosophy from day one was to generate per second driving data and keep it all – knowing that the price of transmission and storage costs were only ever going to get cheaper.

Road usage charges are here in many ways already. We pay registration, insurance, parking and tolling charges but they are using old analogue systems like payment terminals and RFID toll tags. Location technology opens up everything from pay-how-you-drive insurance to “park and walk away” to tidal tolling based on congestion.

Our current focus is insurance. Especially in the light commercial motor fleet insurance market where we are having a significant positive impact on the safety, costs and taxation outcomes for our clients. Crash rates for our customers are declining by between 40% and 60%. We have seen instances where fleet operators claim back Fuel Tax Credits of over $500,000 and this in fact lays off the costs of insurance for the whole fleet.

We work out of Stone and Chalk in the Sydney Startup Hub but so much of the work we do is virtual, so we are big users of conferencing technology.

insurtech australia

Awesome!

So how did Mercurien begin?

We started when people wondered what telematics is. We literally had to explain the concept and demonstrate how is worked. For the first five years we did pilots to pay the bills – from auto clubs to corporations – and this is how we managed to scrape by with investment from founders, family and friends keeping us going.

Good origin story!

How has Mercurien evolved since inception?

Dramatically. The advent of AWS has been revolutionary for us. We used to run servers in our offices and buy hardware at $450US a piece. So, the cost of operations has dropped a lot but the complexity in what we do has increased exponentially. Now we use multiple third party and proprietary data for speed limits and Fuel Tax claims. We now have almost 50M kilometres of data in per second increments with every risk event time and date stamped and ranked by severity of events. It’s almost a risk map of the roads in high detail.

We have found a first-rate US based hardware provider and settled on an outsourced model for most functions that are usually in house – like development, finance and marketing. This has allowed us to dial resourcing up and down as demand varied.

Eventually we decided that commercial fleet insurance was the place to be and we now have our AFSL and capacity from an international insurer. That means we are a fully formed underwriting agency and our focus is on assisting clients in the light commercial market sort out their risk and taxation on fleet operations. It’s a massive sector with over 3.2 Million light commercial vehicles registered in Australia with very low penetration of what is known as ‘telematics’ or In-Vehicle Management Systems – IVMS.

The model has also evolved so that it applies in most western industrialised jurisdictions because they all require insurance, safety is imperative, and a fuel tax regime applies in all of the US, Canada and Europe to name a few. Light commercial motor is around $750Bn is premium per year

That sounds exciting!

What is your team currently working on 2019 or what have you accomplished recently?

First of all, a big focus on the insurance sales side of things so a huge effort going in to develop relationships with insurance brokers across Australia and I’m happy to say we have written business in the last quarter!

Secondly, we are pushing hard on our FleetRisk proposition (www.fleetrisk.com.au) which is focused on fleet risk mitigation and river management and coaching. The latest development here is the creation of around 600 45-60 second micro videos linked to driving style.

This is a big step forward and will allow us to use ML and AI to tailor driver feedback at scale in an automated and personalised way.

We have also built detailed ‘Return on Investment’ calculators to help our users and potential users build a business case for what we do. The positive impacts of what we do are profound at the commercial and organisational levels. Even more so with Director Responsibility obligations getting tighter and tighter.

Recently we have expanded our offering to include partnerships with Fleetcoach and SleepFit. Fleetcoach is online driver training and SleepFit is a workplace sleep hygiene improvement program. We see both of these as integral to the end-to-end management of fleets. In particular sleep health is a vastly neglected aspect of our lives and work.

Great! We’ll be watching this space!

How does Mercurien ‘give back’?

In the normal course of our business our focus is on stopping people crashing cars. It is actually that simple. With 46% of all workplace injuries involving motor vehicles anything we can do to decrease that is a great start.

We also like to talk at industry events and functions both about our business and other crucial aspects like mental health for founders and their families and close associates.

Cool!

What is Mercurien’s biggest challenge in today’s markets?

We do face the normal day to day sales issues so nothing new there. But fleet management by and large is an information/knowledge asymmetry. Fleet Managers and operators have a vast amount of information that they get from their fleet leasing providers but not a lot of it turns into actionable knowledge.

The biggest challenge we face is the reaction of fleet managers sometimes when we highlight the improvements that are possible. It’s almost that they feel like they will be subject to scrutiny for not action sooner.  For example, we met a company recently that was overpaying its FBT bill by about $3.4 million. That’s the kind of number that should get the attention of the CEO!

The other challenge we face is getting to enough Insurance Brokers to explain the process approach and benefits – once they see it they totally get it.  Getting people to change how they have done business for years can be hard but the progress of getting the message out there has been very positive.

Awesome!

Anything else you’d like to say?

We have a team of really dedicated, smart people who see the potential in the fleet and insurance space. I’d urge any broker of fleets or fleet managers to have a chat with us about improving their risk, tax and costs outcomes because the returns are substantial. It really is a great opportunity to get your fleet fit in 2019!

Thank you!

insurtech australia

    Michael Graham, Mercurien’s CEO

 

 

insurtech australia

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

insurtech australia

Inspire Insurtech Series: RDT

October 30th, 2018 Posted by News 0 thoughts on “Inspire Insurtech Series: RDT”

Insurtech Australia

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have RDT with Director of Operations (RDT Asia), Neil Regan Enjoy!


 

Tell us RDT’s brief pitch

RDT has been pushing the boundaries of general insurance technology for 27 years and our reputation for innovation is nearly as old as the company itself.

Our holistic solution Atlas provides insurers and MGAs with a complete end-to-end insurance software solution.  Clients have control over pricing, data validation, fraud identification while improving their customers’ experience and getting ahead of their competition.

Most recently we’ve developed the technology behind TRiCE, a smartphone app which instantly returns an accurately priced, properly underwritten quote after asking the customer only five questions.

Equator is the data enrichment and orchestration solution behind the TRiCE app, and this was created by RDT while working in collaboration with insurers.  It provides better and faster assessment of risks at the point of quote, drawing on data from third party information feeds to calculate and price the risks.  With Equator, insurers can manage their rates centrally and can handle over 50 million quotes a day.

Our policy administration solution, Landscape, handles all policy, claim and accounting information.  Its flexibility makes it a powerful tool for any size of insurer or MGA.

Our products are built, tested and deployed using Agile methodologies, providing clients with a regular opportunity to review progress, amend requirements as necessary and adjust work backlogs.

We offer our products as an Azure based managed service, clients can host on their own hardware, or a combination of both.

Impressive!

So how did RDT begin?

RDT began 27 years ago as three 20-something year old friends with one insurer as a customer.  We worked in two cramped rooms above a fast food shop in Bromley, southeast London.

Now we have teams working in spacious, custom-designed headquarters in Kent (UK), offices in Halifax (UK) and Adelaide (Australia).  We currently have 110 staff and 20 customers including Direct Line, Markerstudy and RAA in Australia (an ongoing customer for over 8 years).

We have been a Microsoft Gold Certified Partner for 13 years and we annually reinvest 30 per cent of our turnover into research and development.

Insurtech Australia

Coolio!

How has RDT evolved since inception?

We have adopted agile methodology to design and build our products.  Software engineers, testers and managers collaborate in teams of six or seven in two-week sprints to produce tranches of finished code.

We also use DevOps, a work style that involves automating all stages of software construction, testing and deployment, leading to faster, more dependable development.

We constantly reinvest into the latest tools and techniques to keep staff motivated and our products leading edge.

Insurtech Australia

Working like this encourages innovation and helps developers write accurate, bug-free code quickly.  It also facilitates the quick launch of products, as customers can begin generating income with a “bare bones” version of a system months sooner than if they waited for the whole solution to be full finished.

Some of our customers were nervous about the change and took a while to be convinced, but four years later they are all on board and it has become a selling point – one of the first questions prospective customers often ask is: “are you agile?”

Awesome! 

What is your team currently working on?

The TRiCE mobile phone app that we developed has expanded its offering to add more lines of business.  Originally, the app was designed for short-term motor and gadget insurance, and this was swiftly followed by annual motor insurance.  Over the last few months we have added travel and pet insurance.

We were also recently advised by one of our Equator customers that they successfully processed 11 billion quotes through Equator in the previous year.  That is 11 billion quotes which were enriched with data from external sources, the risks were accurately assessed and customers provided with quotes created from the powerful rating engine.

Insurtech Australia

Exciting! We’ll make sure to watch this space!

How does RDT ‘give back’?

The company has grown into a global family since its inception.  We recognise the input that all our staff make to the company and we hold a summer social event to which they and their families are invited.

We have some dedicated staff who go to the local schools and provide recruitment advice to the children there and promote working in the IT industry.  We have signed up to a social pledge that recognises the value of candidates no matter their background or family circumstances – it takes diversity another step forward.  The pledge represents a commitment from the company to try to help people gain valuable training and experience in the workplace.

Insurtech Australia

RDT dedicates money each year to Shine – a charity which provides specialist advice and support for spina bifida and hydrocephalus, as well as to African Revival – a charity providing access to quality education in Uganda and Zambia.  As well as this, we regularly hold charitable events within the office.  The events which involve cakes are the most popular, and it helps that we have a few eager bakers among our staff!

Insurtech Australia

Love it!

What is RDT’s biggest challenge in today’s markets?

Insurance companies tend to make decisions slowly and it took us years to build a solid customer base.  Staffing remains a challenge.  There’s a shortage of good IT professionals, and more than 70 per cent of our staff happen to be IT professionals, so recruitment is a constant battle for our HR department.

Insurtech Australia

We created a great working environment to help with recruitment and retention, which works well.  But while RDT’s staff is culturally diverse, women techies are rare.  We run apprenticeships and offer summer internships to sixth formers, but girls never apply and it seems that they are not being encouraged to learn to write code.  From a business perspective it restricts our ability to hire people, but it is bad for everyone – failing to engage half the future workforce will limit progress.  We have started sending recruiters to local girls’ schools to drum up interest and hopefully start to make a change.

What are your thoughts on our monthly topic?

Several customers (new and existing) have approached RDT for what we call test and trial/incubator systems.

These test and trial/incubator systems are lightweight systems that are not tied to an existing (main) PAS (Policy Admin System) or infrastructure and therefore allow Insurance companies to launch and trial new products being able to tweak these products easily without interfering with this main PAS.

If these products are successful, they can be integrated into an Insurers main PAS at a later date.

RDT are utilising their existing technology stack, Atlas, to allow Insurers to accomplish this quickly and easily provider the insurer with a flexible solution.

The first live instance of this being TRiCE, detailed above, which has been live in the UK for just over 1 year.

Awesome!

Anything else you’d like to say?

Following on from RDT’s growth in the UK we are looking to replicate in Australia by investing and expanding our Australian operations.

RDT have recently increased their Australian team size and have relocated to larger offices in the Adelaide CBD.

Thank you!

Insurtech Australia

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

insurtech australia

Inspire Insurtech Series: Cover Genius

September 28th, 2018 Posted by News 0 thoughts on “Inspire Insurtech Series: Cover Genius”

Insurtech Australia

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have Cover Genius with co-founders, Chris Bayley and Angus McDonald. Enjoy!


 

Tell us Cover Genius’s brief pitch

Cover Genius’ vision is to enable the World’s largest eCommerce companies to sell insurance to their global customers. Our platform XCover, is an end-to-end platform, and our APIs are used by some of the world’s largest insurance companies including Booking.com, a cornerstone partner. Founded by former leaders from Google and Yahoo, Cover Genius has won several international awards and its Australian entity was recognised as the fastest growing company in Australia in 2017 with a growth rate of 1600% for the 3 year period to 2017.

Cover Genius’ HQ is in Sydney, with offices in London and New York. It is the fastest growing Insurtech in APAC (excl. China). In addition to XCover, Cover Genius’ microservices architecture includes APIs for machine learning-based dynamic pricing and data analytics (called BrightWrite). We offer a claims platform and an API for instant payments and automated assessment, called XClaim, which uses natural language processing.

Impressive!

So how did Cover Genius begin?

We started the business for a few key reasons that we experienced first hand. Insurance was a huge headache for online businesses that wanted to sell it. It turned out that providing insurance products that are compliant with local laws in 80+ countries was no mean feat. Getting global coverage from a global insurer meant dozens of separate contracts in each market, and it also meant that the distributor would need to build the end-to-end insurance stack themselves because the global insurers lacked APIs and platforms. For us to achieve global scale this also meant taking and making payments in 90+ currencies and handling customer service and claims 24/7 in 40 languages.

Our “full stack” approach has meant that we have developed outstanding competency in all components of the value chain including policy administration, licensing, communications, pricing and claims, all of which have been made frictionless through the application of technology.

Like most founders we were chief executives and the cleaning service crew. Every job was our job. Despite our rapid growth, the concept of home still permeates the business. We’re now a global family of 70 people, and we’re doing our best to ensure that family vibe will always persist within our culture.

Coolio!

How has Cover Genius evolved since inception?

Within the span of four years, Cover Genius’ capability has evolved from a platform that distributed a single line of insurance (car rental insurance) to one that sells millions of policies per year across many verticals and insurance lines for dozens of companies, making us  one of the fastest growing insurtech start-ups in the APAC region. Our growth has been derived from an obsession with frictionless service design and the application of technology to solve deeply rooted customer pain-points, and we’ve consequently disrupted the status quo for insurance distribution. We are the first entrant into the highly competitive B2B insurance distribution space in over 50 years.

Our offering now spans all types of contents insurance (what we call “product insurance), travel insurance, property insurance, insurance for the share economy, marine/cargo, commercial and more, in dozens of countries and all 50 US states.

True to the famous maxim that “software will eat the world”, we e believe that there will be a massive shift of value from traditional insurers to ecommerce companies, who will in turn utilise their data and platform strengths to offer flexible, personalised, and valuable coverage in an accessible digital format. We’re one of the few insurtechs delivering on that promise. When we began in 2014, we understood that customers demanded transparency not obscure exclusions, especially as digital innovation provides customers with that freedom in other industries. Another powerful trend that will change the insurance industry is the utilisation of machine learning to extract insights from data libraries, and optimise their offering accordingly to empower customers.. Our BrightWrite data analytics platform warehouses the torrents of data that we collect during the customer journey, and we work with our partners to deliver customer-level insights for optimisation. With our XCover and XClaim platforms, and the Machine Learning-based BrightWrite API, we are applying instant data insights to an industry chockablock with legacy systems and practices.

Awesome! 

What is your team currently working on?

Our current focus is twofold: Extending XCover for many more insurance lines (we launched 4 last month) and growing our instant payment capabilities within the XClaim platform. Our expansion into US, ably led by Mitchell Doust and long term presence in UK has meant we’re also launching several new clients each month and continuing to optimise product and price recommendations for partners. On the People front we recently added two key hires to ensure we attract and retain great talent and that we sustain our great culture, at global scale.

Exciting! We’ll make sure to watch this space!

How does Cover Genius ‘give back’?

At Cover Genius we give back through Industry participation. We are a founding member of Insurtech Australia, and when possible, represent the local insurtech ecosystem on the global stage. As founders of the business, we spend time within the Australian  start-up community and speak of our experiences, positive and negative, to help other founders on their journeys. Our staff are involved in community projects including MS Australia, Surf Life Saving Australia, Miracle Babies and SIDS

Love it!

What is Cover Genius’s biggest challenge in today’s markets?

We’re a global business that services other global businesses. From translations to currency risk and local market nuances, providing a quality, relevant product to our global partners requires significant work ethic, attention to detail, and sensitivity. When you’re working on a global scale, there’s always more to learn.

Thank you!

The genius behind Cover Genius, co-founders Chris Bayley and Angus McDonald!

insurtech australia

Insurtech Australia

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

insurtech australia

Inspire Insurtech Series: Edmund

September 6th, 2018 Posted by News 0 thoughts on “Inspire Insurtech Series: Edmund”

Insurtech Australia

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have Edmund with Director and Founder, Christopher Lynam.  Enjoy!


 

Tell us Edmund’s brief pitch

Edmund is Australia’s first dedicated digital cyber insurance provider. We’re improving how small and medium businesses protect themselves from the financial impact of cyber risks.

We have developed a market leading, security posture driven algorithm with the capability to underwrite cyber insurance for small and medium enterprises (“SME”) in more than 3,500 occupations.

Our digital distribution platform enables SMEs to quote and buy cyber insurance cyber insurance online in under 8 minutes on desktop, mobile or tablet.

It’s Radically fast Cyber Insurance.

Impressive!

So how did Edmund begin?

Our founders were looking at a number of Insurtech opportunities, one of which became Edmund. To be honest it just made sense, how else should businesses be able to buy Cyber Insurance if not digitally?!?

We pitched the concept to our partners at Munich Re Syndicate at Lloyd’s, they loved it, agreed and we started work!

Coolio!

How has Edmund evolved since inception?

At a rate of knots. We began in development in October 17, launched to market in April 18 and we’ve been working with customers ever since. We’ve worked closely with our Emergency Response partners, KPMG to provide what we think is the market leading offering.

Breach response is everything, we see it as the most valuable part of what we do. When a business owner or executive is confronted the highly stressful situation of a breach of company, customer or employee data, they need immediate help. Edmund gives them access to the best team in the game, something that would probably otherwise be cost prohibitive for most SMEs.

Nice! 

What is your team currently working on?

Like all start-ups we’re constantly testing, measuring and adapting to make our solution faster, easier and simpler. We recently revamped to the customer experience to make it easier for smaller customers and we’re about to complete development integration with Macquarie to allow monthly billing.

We’ve recently been invited by  Global Insurance Accelerator (GIA) to participate in their InsurTech Week 2018 in the US. It’s encouraging to be invited to such an event, particularly alongside a fellow Aussie Fintech in Flamingo https://flamingo.ai/ .

Exciting! We’ll make sure to watch this space!

How does Edmund ‘give back’?

As you can imagine we’re passionate about people enjoying a safe and secure digital experience.

We’re proud partners of the Government’s Stay Smart Online staysmartonline.gov.au and take every opportunity we can to promote safe online practices, not just for our commercial customers but the community in general.

Stay Safe Online week is 8-14 October and we’d encourage other members to get involved.

Love it!

What is Edmund’s biggest challenge in today’s markets?

We’re in fast moving and highly competitive niche class of insurance. This provides us with daily challenges in staying informed about emerging risk and attracting new customers. Thankfully, we run quick and lean and we’ve built our offering around what customers actually want, which allows us to adapt and overcome most challenges faster than some of our more traditional peers.

Good on ya!

Anything else you’d like to say?

Change your Pa55w@rds regularly and don’t click on emails if you’re not 100% sure where they came from!

Thank you!

Edmund is Australia’s first dedicated digital cyber insurance provider. Click here for a short video!

Insurtech Australia

Insurtech Australia

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

insurtech australia

Inspire Insurtech Series: Audeamus Risk

July 30th, 2018 Posted by News 0 thoughts on “Inspire Insurtech Series: Audeamus Risk”

Insurtech Australia

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have Audeamus Risk with Managing Director, Aleksandar Kovacevic.  Enjoy!


 

Tell us Audeamus Risk’s brief pitch

An enterprise version of the FitBit watch. We are the world’s first resilience intelligence platform – recently launched module 1 is the Business Interruption Insurance B2B.

Cool pitch!

So how did Audeamus Risk begin?

The idea was sparked over a decade ago, when one the first properly structured Insurance Linked Securities (ILS) instruments was issued through so called Blue Wing Ltd SPV in 2007.  An ILS bond was designed to protect London Docklands area against Thames river floods.  At the same time Business Continuity Management started significantly to mature and for someone who used to be on both sides of the table, putting these two emerging domains together was very logical and represented potentially a very sound business case.  However, full potential of this convergence was only realised in 2015 with the announcements of several new standards and advancement of ICT technologies. Even upon filing a comprehensive patent same year, no one could have predicted how quickly market would evolve and commence diversification towards different types or risk transfer?  Luckily, Credit Suisse completed its first Operational Risk ILS-type transaction in May 2016, which proved that the industry is definitely heading in the same direction. Our module 1, BIAX beta-platform was consequently launched in July 2016.

Impressive!

How has Audeamus Risk evolved since inception?

We have successfully completed first part of beta testing in Australia and results produced so far are very encouraging. Since launching the platform in mid-2016, our innovative solution has earned numerous accolades not only locally but across the world. This includes recognition by Marsh and AON.  We have been also invited to present at the leading industry conferences in Australia and overseas. Home-page and the News section of our website contains partial information about our activities.

Nice! 

What is your team currently working on?

Audeamus Risk is continuing to fine-tune its product and develop market opportunities across different industries and geographies. We are currently working on several strategic partnerships and alliances with globally operated entities.

Exciting! We can’t wait to hear more on these developments!

How does Audeamus Risk ‘give back’?

The core purpose of our existence is to enhance Societal Security through efficient risk transfer, fairer pricing and greater transparency.

Awesome!

What is Audeamus Risk’s biggest challenge in today’s markets?

It is definitely a slow change within the incumbent companies.  Knowing that the a large portion of risk is still uninsured, it is very difficult to understand why Insurers adamantly refuse to change dysfunctional business and pricing models?  While the cyber and other types of emerging risks are notoriously difficult to price; refusing to adopt new reality and continuing to use legacy systems and methodologies may prove highly detrimental to both insurers and clients alike.

We cannot agree more!

Anything else you’d like to say?

We are very proud to be a founding member of Insurtech Australia and are delighted to see how the organisation has evolved since its launch last year.

Thank you!

Audeamus Risk monitors resilience across the countries and continents

Insurtech Australia

Insurtech Australia

 

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

Inspire Insurtech Series: Codafication

June 24th, 2018 Posted by Community, Members, News 0 thoughts on “Inspire Insurtech Series: Codafication”

 

Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!

For this feature, we have Codafication with Managing Director, Dan Sandaver.  Enjoy!


 

Tell us Codafication’s pitch

We are “Data Traffickers”…

Our technology is a conduit between legacy software, the cloud and data science.

We provide our clients with a secure platform with flexible abstraction layer, that can design and power enterprise eco-systems. We connect best in class applications, while providing complete lift and shift capability.

Coupled with our own highly flexible software modules (tailored for the insurance industry) our tools value-add to any distribution function, supply chain management, project management, cost containment, financial modelling or back-office digitisation.

Unity is our flagship platform; it integrates, innovates and automates.

Awesome pitch!

So how did Codafication begin?

The company was spun off from a successful insurance property repair company based in Brisbane that has been operating for over 10 years.

We saw the ability to build tools to automate supply chains and the distributed work forces of the future. As we built more and more products, we realised that our modular approach to software development could add benefit to other parts of the insurance value chain, and other industries with similar challenges.

My personal journey was a project manager previously in software development, before getting into the insurance repair industry. I’ve since however come full circle back into software development having gained a deeper understanding of the insurance industry which has allowed me to create Codafication.

Impressive!

How has Codafication evolved since inception?

We started our journey focused on building business line applications for the insurance repair industry but realised over time that our tech-DNA defined us to be a different proposition all together. The true value proposition of our company is in our Platform as a Service which allows teams to rapidly deploy solutions across a fragmented software landscape while transacting valuable data and insights.

Great insight!

What is your team currently working on?

We believe we are building the next evolution of Platform as a Service technology which will support anyone from enterprise to start up. Without revealing too much, we’re super excited about the direction and strategy were undertaking and believe our tech-DNA will be a game changer for digital transformation teams or software developers around the world.

Additionally, we just finished the Stone & Chalk accelerator for Insurtech which was a great experience. We met new clients and colleagues and built some great relationships through this unique approach to trade vendor and buyer networking.

We’re preparing now for global expansion into new markets, with new channel partners which is extremely exciting.

Exciting! We can’t wait to hear more on these developments!

How does Codafication ‘give back’?

We try to support two endeavours each year, one domestically and one abroad.

Domestically its HeartKids, an organisation helping to support children and their families affected by congenital childhood heart disease. Internationally, its Umoja house in Africa supporting disadvantaged children through education and community support.

Both charities are close to me and are great endeavours that are highly focused on the people they benefit not the organisation.

We also give back by providing a diverse, culturally aware, and inclusive workplace, for people of all walks of life.

Good job! That’s a noble cause!

What is Codafication’s biggest challenge in today’s markets?

Speed, scaling and the ever-changing technological landscape.

What any tech company is building now must have relevance in years to come, and balancing that with the speed at which tech evolves is an interesting challenge.

It’s interesting as well, as more and more the dominant infrastructure providers are becoming the dictating factor in relation to innovation, and the gap is closing on unique technologies in an open-source landscape.

We cannot agree more!

What are your thoughts on our monthly topic?

I had the chance to sit on the Insurtech Australia panel recently, discussing Insurtech in the Autonomous Future topic this month. It was great to share the hot seat with interesting people with many perspectives on the subject.

My thoughts on this topic are that we’ve already seen levels of automation in our society from print press, to manufacturing machinery, to e-commerce on the internet as just a few examples.

We’ve all been comfortable with buying products online since mid-90’s, having them delivered to our door, and have experienced the automation of data with predictive marketing and service offerings with “click here” to buy functions.

The next evolution will be a more seamless process as the data is becoming more and more connected in our digital footprint. Automation has been evolving constantly before us, however I don’t think society would automate ourselves into economic oblivion or irrelevance, but more empower creative teams to solve complex problems and provide better customer experiences.

Insurtech in an autonomous future –  if you provide augmentation, transact data and innovative applications to solve complexity. I think it’s a brave new world for the vendors in this space.

That’s a great thought! We love the panel from that talk!

Anything else you’d like to say?

Australia is an extremely innovative nation, especially with Insurtech vendors. I’m excited to see some of the success stories including our own unfold in the global market.

Thank you!

A few members from the Codafication team

 

Interested in receiving the latest updates from Insurtech Australia?  Sign up for our newsletter and join the Insurtech Australia Community Group on LinkedIn.

Mercurien to launch Australia’s first telematics-enabled motor fleet insurance

June 21st, 2018 Posted by Community, News 0 thoughts on “Mercurien to launch Australia’s first telematics-enabled motor fleet insurance”

 

Mercurien to launch Australia’s first telematics-enabled motor fleet insurance

June 20, 2018

Insurtech underwriting agency Mercurien Insurance Pty Ltd (AFSL 408284) today announced that it will offer telematics-enabled, motor fleet insurance to the Australian market, with the offering to be backed by Zurich Australian Insurance Limited (Zurich).

Mercurien’s insurance offering will build on its proprietary BetterDriverTM telematics technology, and use the insights that BetterDriverTM delivers around fleet safety, risk and taxation outcomes to help insurance brokers deliver value to their clients.

BetterDriverTM is a best-in-class telematics offer developed for Australian conditions and it assists organisations and drivers in managing risk,” said Mercurien CEO and Co-Founder, Michael Graham.

BetterDriverTM measures the quality of driving across multiple parameters including braking, cornering, acceleration, speeding, length and time of journey and specific geo- locations. The outcome we seek is fewer injuries, fewer crashes, lower costs, less downtime, reduced fuel usage, and enhanced asset utilisation. We are very excited to now be able to combine the insights from BetterDriverTM with an insurance offering, backed by leading motor fleet insurer Zurich.

Andrew Murrie, COO and Co-Founder of Mercurien said: “Australian fleet operators are constantly on the lookout for better ways to manage their fleets and with our simple, cloud- based solution they can assess their operations, from driver behaviour to tax credits, in near real-time. This enables them to assess and manage risks as they emerge which results in a lower cost, lower risk fleet.”

We designed BetterDriverTM with the fleet manager and operator in mind. We saw the issues with Fringe Benefits Tax, the opportunities for Fuel Tax Rebates and we applied for and hold Class Rulings with the ATO for Fringe Benefits Tax Logbooks and Fuel Tax Credit rebates ensuring users comply with the relevant Act. The result is a lower cost, lower risk fleet.”

Giles Crowley, Head of Commercial Insurance, Zurich General Insurance Australia & New Zealand, said: “As a leading motor fleet insurer we’ve seen first-hand the benefits of telematics in terms of driver safety, fleet maintenance and efficiency. We look forward to working with Mercurien and believe their offering will complement our broader motor proposition.”

Steven Ord, Chief Distribution Officer, Zurich General Insurance Australia & New Zealand, said: “We are always on the hunt for agencies that can help bring innovative solutions to our broker partners and their customers. We are looking forward to working with Mercurien to explore the potential of their offering.”

According to Michael Graham the future of motor insurance is data driven from sensors in smart devices, smartphones and embedded in vehicles themselves. “The ability to measure and manage data for risk and safety will become paramount,” he said.

“The Workplace Safety and Duty of Care regimes are tightening everywhere and we think that there is a great opportunity for insurers to work with data to create the future of insurance. Working with the team at Zurich showed us that they were the right partner – and vice versa.”

Zurich Mercurien Motor Fleet Insurance will be available from Friday 22 June 2018.

For further information contact:

 

Michael Graham

CEO and Co-Founder, Mercurien

Andrew Murrie

COO and Co-Founder, Mercurien

Josh Clements

Head of Communications, Zurich

 

About Mercurien

0414 507 450 info@mercurien.com
0402 534 814 info@mercurien.com
0401 406 305 joshua.clements@zurich.com.au

Mercurien is an innovator in mobility telematics for driver risk management and motor insurance. Mercurien Insurance Pty Ltd (ABN 68 150 845 177 AFSL number 480284) holds a delegated authority as intermediary for Zurich Australian Insurance Limited

Further information is available at www.mercurien.com

Mercurien is a member of Insurtech Australia.

 


 

STAY UP TO DATE

 

Get the newsletter

If you’re interested in the Insurtech community in Australia, we can keep you up to date with the latest news and activity from our members.

Simon O'Dell CEO & Co-Founder Insurtech Australia

Introducing our new CEO: Simon O’Dell!

April 30th, 2018 Posted by Community, News, Press 0 thoughts on “Introducing our new CEO: Simon O’Dell!”

Effective from 1 May 2018, Simon O’Dell will be the CEO of Insurtech Australia.  O’Dell was one of the founding team of IA and has been instrumental in building Insurtech Australia over its first 6 months as Chief Operating Officer. With over 12 years experience in the insurance industry as a broker, founder of his own Insurtech and a number of roles in the corporate insurance sector, O’Dell is in a prime position to lead Insurtech Australia and represent the needs and views of both its members and partners. Please join us in welcoming Simon O’Dell to his new position.

 

A message from the CEO:

It is BAU at Insurtech Australia. Our hardworking team is pleased to retain Brenton’s brilliance in an advisory capacity. We continue to build a sustainable foundation from which we roll out value-creating initiatives for our members and our partners.

Our key metrics of success are equal to that of our members’ as individual insurtechs and as an ecosystem.  The level of interdependence between key stakeholders is key and we’re happy to report that Sydney ranks 4th, globally, behind only Helsinki, Silicon Valley and Tel Aviv on the ecosystem performance metric of ‘Local Connectedness’, as rated by Startup Genome (2018). Local Connectedness is ‘an assessment of the local community, including sense of community, relationships, and collisions between founders, investors, and experts. Our community is working together; it is a great time to be in insurtech.

-Simon O’Dell, CEO & Co-founder of Insurtech Australia

 

A message from the departing CEO and soon to be IA Chairperson:

Insurtech Australia could not be left in better hands; Simon’s enthusiasm for the insurance sector is evidently clear and contagious, and his professionalism in all his dealings speaks for itself. As for me, I am proudly moving into an advisory capacity in a new role as Chairperson. This will enable me to support Simon and the IA team and continue to build Insurtech Australia together with our members and partners. I will also continue to be the Australian representative for the global Insurtech Alliance that we co-founded in January this year.

I’d like to thank all of our members, founding and general partners and our team of volunteers from across the sector for helping us to launch Insurtech Australia and helping us achieve our vision to make Australia a world leading market for Insurtech. Without all your support this would not have been possible.

-Brenton Charnley, Chairperson of Insurtech Australia, GITA Representative

 


 

STAY UP TO DATE

 

Get the newsletter

If you’re interested in the Insurtech community in Australia, we can keep you up to date with the latest news and activity from our members.

dynamic business features brenton charnley from insurtech australia

Insurtech Australia CEO & Co-Founder Brenton Charnley in Dynamic Business

March 30th, 2018 Posted by News 0 thoughts on “Insurtech Australia CEO & Co-Founder Brenton Charnley in Dynamic Business”

Insurtech Australia CEO & Co-Founder Brenton Charnley has been featured in Dynamic Business for his views on gender equality!

Brenton Charnley, CEO & Co-Founder Insurtech Australia: “Gender equality isn’t just about a ratio or a metric which reflects one point in time. While these can be helpful data points, they are retrospective. They do not represent the real-time changes needed by each of us to achieve gender equality. We can all ‘fast-track’ gender equality by taking responsibility for our gender equal decisions.

“There is a very accurate quote: ‘big business decisions are made by many people, making many small decisions in many rooms.’ Every day, we have an opportunity to make better and more considered gender equal and gender-neutral decisions. In every meeting, email and initiative, we can be cognisant of addressing inequality. Don’t just wait for the next Board meeting to take action. It will be too late.

“We can also fast-track gender equality by promoting flexibility around how our people work. The more flexible we are around work, the more equal opportunity we provide. This makes it easier to get the right person in the right role, at the right time and importantly, for the right remuneration.”

Read the full article here on Dynamic Business here.

Follow

   

© Copyright Insurtech Australia 2017. Advancing InsurTech innovation and investment in Australia. All rights reserved.

 

Privacy Policy