How ‘Open Insurance’ could change the image of Insurance for the better

October 6th, 2021 Posted by News 0 thoughts on “How ‘Open Insurance’ could change the image of Insurance for the better”

How ‘Open Insurance’ could change the image of Insurance for the better – Rita Yates, CEO and Co-Founder of Insurtech Australia.

Our Rita Yates, CEO and Co-Founder of Insurtech Australia, has recently penned a thoughtful and insightful blog making a compelling argument for Insurance to be designated into the Consumer Data Right. An ‘Open’ Future could change the Image of Insurance; if you would like to know more, please click on the link below:

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IA Podcast: Dan Sandaver, Founder and Managing Director of Codafication

October 6th, 2021 Posted by News 0 thoughts on “IA Podcast: Dan Sandaver, Founder and Managing Director of Codafication”

Insurtech Lessons: Codafication – Why taking two steps back can be the best way forward.

Dan Sandaver, Founder and Managing Director of Codafication, has had a variety of converging experiences to inform his views on customers, culture, and what technology can deliver.

Click here to listen to the full podcast.

Inspire Insurtech Interviews: uBind

October 5th, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: uBind”

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 John Gamble, CEO of uBind. Enjoy!

Tell us uBind’s brief pitch.

A lot of insurance is still transacted manually, or if it is digital, it’s using old software that’s poor and clunky. The industry has lagged because building your own insurtech solution is a nightmare. There’s complex data sets, assessment processes, renewals, referrals, reviews, reinsurance, claims, accounting, compliance and so on. Then try to add the best user experience, innovation and distribution channels. It’s just too much.

That’s why we created uBind.

uBind makes building top tier digital insurance solutions fast and allows you to “switch on” a range of channels for distribution, including embedding insurance in websites and apps, broker networks, affinity schemes, and a product marketplace. It empowers everyone across the chain to self-serve and automates everything. With uBind, innovative insurtech solutions can now be launched at low cost and in record time.

So how did uBind begin?

A previous company of mine was operating in the insurance space doing custom software and digital solutions, initially for CGU and IAG. We built many “quick quote” and “quote and bind” systems for their intermediaries. Word spread, and we gained many insurance clients, including Insurance House, Gallagher, Willis, Honan, and some Austbrokers and Steadfast brokerages. We continued to evolve our capabilities by building b2b2c systems, portals, transactional systems and doing integrations. Amongst other achievements, we were appointed by IAG CEO Peter Harmer to build CGU’s first digital direct offering, which was a huge success. Up until this point, building these systems was still quite costly and time-consuming and still out of reach for a lot of the market.

In 2015 we decided to create uBind as a SaaS platform to enable fast delivery, the ultimate UX and a richer feature set. uBind launched in 2017, and we’ve been adding new innovations ever since.

How has uBind evolved since its inception?

Initially, our offering was very “MVP” and aimed to provide great UX and a quote & bind capability. We’ve evolved the offering to focus on insurance distribution with customisable portals, the ability to set up a full distribution network within the system (i.e. so underwriters and AR networks can distribute to brokerages and members), full claims capability, and some pretty interesting integration features.

Our system allows real-time data flows with external systems during the quoting process so that ratings data can be supplemented with data from external systems interactively. We applied this technology for our project with the Department of Veterans Affairs to provide home insurance to 10,000 military service members. We set up two-way data flows to retrieve property data from CoreLogic and calculate the building replacement cost to eliminate under insurance. We also applied this technology for Redbook for vehicle valuations, accessing Perils data, ABN lookups and the GNAF property address database, but the possibilities are limitless.

We expanded our embedding technology to support dynamic theming and white-labelling for both our insurance application forms and our portals. Not only can you present the insurance application form to match the website or app it’s injected into, but you can also ask different questions and pre-seed the insurance forms with data from other systems for tighter integration and a better user experience. We added a powerful new automation module that allows custom actions to run automatically based upon internal and external events. This supports the capability to provide parametric style insurance solutions with automated pay-outs. We also now support multiple currencies and languages so that you can sell globally.

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

We’re continually developing and improving the platform across every area but some key new features coming include:

  • Tasking functionality with escalations;
  • Better accounting and financial reporting;
  • A drag-and-drop form builder; and
  • Improvements to our marketplace technology to help brokers connect better with digital insurers and underwriters.

 

How does uBind give back?

What we want to achieve is to make the best insurtech available to everyone, not just those with a multi-million dollar budget. We want innovative thinkers to be able to bring their idea to market quickly and at low cost – this is what drives the industry forward. We do our best to support startups who are starting on a shoestring by partnering with them and providing the tech at a really low cost, then working closely with them to achieve success.

What is uBind’s biggest challenge in today’s market?

I think the hardest thing is that no two clients want the same thing, and everyone wants something a little different. When you’re building a SaaS platform, this is hard, so we’ve had to really think differently about how to make sure that our platform is flexible, adaptable and configurable to meet all of these different requirements. We have also found that many clients also have some technical capability and want to work with our systems themselves, so we’ve tried to create a range of integration options and push our platform to be open for extension.

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

Don’t build it yourself! I’ve seen too many failed projects from small underwriters, major insurers and everywhere in between where they embarked on a 6-month project that still hasn’t been delivered after years and years. Millions of dollars were wasted, and market opportunities were lost. Being great at insurance doesn’t make you great at technology, and “having a smart tech guy” doesn’t give you cutting edge technology for years to come.

Insurance is complicated, the software is even more complicated, and it’s evolving faster than ever. If you want the best insurtech, and you want it now, you know who to talk to…

Thank You.

October Newsletter

October 5th, 2021 Posted by Members, News, Newsletter 0 thoughts on “October Newsletter”

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IA Podcast: Pam Moorhouse, CEO and Founder of My Life Capsule

September 1st, 2021 Posted by News 0 thoughts on “IA Podcast: Pam Moorhouse, CEO and Founder of My Life Capsule”

Insurtech Lessons: My Life Capsule

CEO Pam Moorhouse joins us to outline the My Life Capsule offering, the life events which influenced her and the advice ignored.

Click here to listen to the full podcast.

Inspire Insurtech Interviews: Enviro Frontier Pty Ltd – TreeManager

September 1st, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Enviro Frontier Pty Ltd – TreeManager”

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

 

This month we are talking to Peter Dubiez, CEO of Enviro Frontier Pty Ltd – TreeManager. Enjoy!

Tell us TreeManager’s brief pitch.

TreeManager is an ever-evolving agile technology platform designed to provide you with both routine and emergency tree work. TreeManager is driven to create a hub of opportunity for the tree/arborist industry, and eventually other trades.

TreeManager is a nationwide network of local professional arborists using award-winning services to manage trees in your area.

From emergency work or simply in everyday tree maintenance programs, TreeManager gets the job done and provides all data, insights, compliance, for site safety and management.

So how did TreeManager begin?

In 2010 we were just a small tree company based in Sydney that was undertaking a variety of tree jobs. In July 2011, we handled some insurance tree jobs, where a variety of trades were audited. Our company was the only one that got an A+ rating. We were asked could we expand our services to other than Sydney. From there the idea and development of TreeManager commenced. To create a national network of tree partners (the SME local operator) and how to project manage them nationally. To drive efficiencies to meet the demands of the insurance industry.

How has TreeManager evolved since its inception?

TreeManager focus since development has been on supporting the “supplier network”. Our claim is that with TreeManager we will get the information from the site (the trade) back to your portal with a detailed cost breakdown, documents and invoice (inclusive of audit) in the shortest time frame. TreeManager development commenced in 2013, the first release was in 2014. Initially, my ego was too involved. TreeManager 1 we designed with little involvement with the end-user (trade on-site).

In 2017 we took a different approach. TreeManager 2 was all about the end-user – the trade (supplier network). We did workshops, testing, feedback sessions with the trades. We even sent the developers and designers into the field with the trade to experience what they were dealing with. I recall the first time the developers & designers came back and were amazed that the trade DID NOT have surface pro/iPad/Desktop computers with them. This experience had a huge impact on how they then went about creating TreeManager 2 and App. Compliance is a key driver within TreeManager. We utilise intelligence around a trade’s depot, insurance (workers and plant) to drive safety and cost. The intelligence drives capacity management, what area can trade really cover and does it have the staff and equipment required to perform.

Our great success is our App designed specifically for the site trade. Our App has over 170 screens, designed with specific workflows to allow ease of use by the trade feedback, yet capturing granular data, driving automation, notifications simply by a single touch. The App has items that have been ignored for the trade – “Big Buttons”, “Specific Colour or signs”, “one-touch workflow” (no need to scroll or swipe) and designed for the whole process from acceptance to invoicing – including customer sign off, payment, prestart hazards and continuous improvement. The App has allowed us to capture intelligence and granular information from the tree trade and can be adapted for any trade.

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

2021 has been our breakout year: A lot of success and activity:

Recently: After thousands of tree jobs across Australia, we have now been able to provide a tree cost based on specific parameters and overlay with a risk matrix based on tree location, structures, weather history. In 2021 in conjunction with certain clients, we instigated a “fixed tree cost” matrix based on certain tree parameters, to deliver improved cost and significant reduction on open days.

Working On: Based on our data parameters we are collaborating with companies in the UK that can overlay the information on “live” tree data mapping.

This lead to: Actually, pre-calculate the risk and likelihood of tree impact damage to the fixed structure due to location, postcode, weather events.

When you review a make safe claim relating to a tree, the larger % of impact items are less than the tree cost (fence, clothesline, access). The algorithm will allow better cost/risk related to the outside aspects on a property with trees. Our data shows that trees regularly maintained have a less likelihood % of failure rating. Why not reward a client (insured) that is taking preventative maintenance and benefiting the environment?

Our belief is having insightful tree data, insurance companies can use to calculate a client’s risk with a similar value that they do with motor vehicles. We start operating in New Zealand in October 2021 in collaboration with a local New Zealand tree partner, servicing the insurance industry. We opened an office in Spain in 2020. We are in initial talks with companies in UK/Europe to use our TreeManager technology in 2022 and replicate our Australian model. We are fortunate due to our success in Australia with certain global insurance providers that they are assisting by connecting us with their UK/European counterparts.

In 2021 we are finalists (the winner will be confirmed in October 2021) for:

  • NSW Work Safe Award for our App and TreeManager Compliance
  • Australian Business Awards for Best Mobile App Innovation.

 

How does TreeManager give back?

We have a simple yet effective saying – “the more successful we make our clients, the more successful TreeManager will be”. Clients are the insurance, facility companies, Council, Government ad importantly our Tree Partners.

For clients that have had us sit at the table with them to collaborate and gain knowledge, they would be the ones to ask about what TreeManager has given back. The stats will tell you:

  • Reduction in communication touchpoints by 40% and greater
  • Reduction in tree costs by 30% and greater
  • Reduction in open days by 50% and greater

This is a journey we all continue to learn from (client-tree partner-TreeManager-Insured).

For our Tree Partners we have assisted in many ways:

  • Achieving government grants
  • Indigenous certified
  • Supporting with funding for charity events
  • Sponsoring Arborist Competitions
  • Increased work opportunities with insurance, facility, government, and state (not just reliant on an event or insurance claim)
  • Improved compliance, skill certification understanding and acceptance in their daily workplace

TreeManager is the largest network of compliant SME tree companies nationally. With over 300 registered tree partners, a ground force of 1,800 covering all parts of Australia. TreeManager can have a significant value impact on this network.

What is TreeManager’s biggest challenge in today’s market?

  1. Having trees considered an insurance line-item worth value
  2. Considering tech that is specifically developed and designed by the trade for the trade (supplier network)

Trees have been a line item the insurance industry has generally found too difficult to deal with. There is very little if any detailed data that is captured. So, trees are not a high priority line item, especially when considered as one line in the whole claim process. Yet a tree failure in most cases triggers a claim. If drivers for the insurance industry are cost, quality, safety, and timeliness – would it not be best to do this at commencement with knowledge and control. In the majority of cases when a tree claim (make safe) is in progress, the tree trade is the first to attend. Your whole claim and customer experience start then.

For technology, TreeManager focuses primarily on the site tree trade back to the client. Insurance is focused on the “main portal” and the supplier network “tech” is just an add on consideration. When a site trade is required in the insurance claim, you want to deliver cost, quality, safety, and timeliness then provide the trade with an App designed and developed for them.

TreeManager App challenge is to show how the ‘supplier network” for insurance can be your best ally, your first responder, the person that is the face of the insurance company and deliver data to drive intelligence that leads to cost, quality, safety, and timeliness.

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

Within our business, I encourage failure to learn. All staff I ask be prepared to fail – then learn, adapt, and evolve. As an SME innovative business, we have the opportunity and luxury to trial, fail to improve. When supporting many of the larger legacy businesses in insurance, change for them happens over years and years or minor adjustments – At TreeManager, we understand our focus must be on our internal improvements – not to expect change externally.

Thank You.

September Newsletter

September 1st, 2021 Posted by Members, News, Newsletter 0 thoughts on “September Newsletter”

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How Technology is Changing the Insurance Industry

August 2nd, 2021 Posted by News 0 thoughts on “How Technology is Changing the Insurance Industry”

How Technology is Changing the Insurance Industry – Rita Yates, CEO and Co-Founder of Insurtech Australia.

Sean Aylmer, Presenter at Fear and Greed podcast, recently sat down with our very own Rita Yates, CEO, and Co-Founder of Insurtech Australia, to talk about the growth and opportunities in Australia’s insurtech sector and the way technology is changing the insurance industry.

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Digital Opportunities for Australia’s Insurance Industry

August 2nd, 2021 Posted by News 0 thoughts on “Digital Opportunities for Australia’s Insurance Industry”

Digital Opportunities for Australia’s Insurance Industry – Rita Yates, CEO and Co-Founder of Insurtech Australia.

Our Rita Yates, CEO and Co-Founder of Insurtech Australia, sat down recently with TAS for their “5 in 5” series to talk about her role at Insurtech Australia and shared some tips for insurance leaders when it comes to the key drivers for their digital opportunities and the importance of finding the right partnership fit.

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IA Podcast: Skye Theodorou and Anish Sinha, Co-Founders of upcover

August 2nd, 2021 Posted by News 0 thoughts on “IA Podcast: Skye Theodorou and Anish Sinha, Co-Founders of upcover”

Insurtech Lessons: upcover – the art of story-telling

Skye Theodorou and Anish Sinha, Co-Founders of upcover, let us in on some candid advice, the elevation of compliance, team qualities and views on lifetime value. A great conversation worth checking out!

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