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.

Mind The Gap – Insurtech Australia

May 2nd, 2022 Posted by News 0 thoughts on “Mind The Gap – Insurtech Australia”

Mind The Gap – Insurtech Australia – Simone Dossetor, CEO of Insurtech Australia.

Our Simone Dossetor, CEO of Insurtech Australia, sat down recently with Miranda Maxwell from Insurance News to discuss the shortfall in pay between men and women to recognise this year’s International Women’s Day.

Click here to know more – Page 32.

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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World Fintech Festival in Sydney: Insurtech Australia

March 1st, 2022 Posted by News 0 thoughts on “World Fintech Festival in Sydney: Insurtech Australia”

World Fintech Festival in Sydney: Insurtech Australia – Simone Dossetor, CEO of Insurtech Australia.

“Sydney is the heart of insurtech in Australia, and for the overseas entities, Australia is a great market because it’s of a small enough scale that they can really try new things, and we also have all the players here: insurers, reinsurers, brokers. “, Simone Dossetor, CEO of Insurtech Australia, says.

Click here to know more – Investment NSW.

Click here to know more – The Industry Powerhouses Driving Australia’s Fintech Ecosystem.

Insurtech Australia’s CEO plans the next phase of growth!

March 1st, 2022 Posted by News 0 thoughts on “Insurtech Australia’s CEO plans the next phase of growth!”

Insurtech Australia’s CEO plans the next phase of growth – Simone Dossetor, CEO of Insurtech Australia.

“We must embrace the age of insurtech and bring new skills and diverse experiences into the insurance industry.”, Simone Dossetor, CEO of Insurtech Australia, says.

Click here to read more.

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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