Continued Evolution of Insurance and Insurtech Partnerships

May 3rd, 2021 Posted by News 0 thoughts on “Continued Evolution of Insurance and Insurtech Partnerships”

Continued Evolution of Insurance and Insurtech Partnerships

Rita Yates, CEO and Co-Founder of Insurtech Australia, was interviewed by Asia Insurance Review to discuss Australia’s post COVID world, how insurers and insurtechs adapted and 2021 emerging trends.

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IA Podcast: Brett Wright of KPRM

May 3rd, 2021 Posted by News 0 thoughts on “IA Podcast: Brett Wright of KPRM”

Insurtech Lessons: KPRM – Customer-Driven Revolution

To improve customer access to quality advice and life insurance products, KPRM has synchronised decades of insurance experience with the smart utilisation of technology. Brett Wright, Founder & Director, and the team at KPRM (Key Person Risk Management) are driven by a mission to revolutionise product and advice distribution. Having significantly uplifted customer experience already, hear how Brett manages expectations to navigate the tension of start-up life, plus the ambition that spurs the KPRM team onwards.

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Inspire Insurtech Interviews: DigiSure

May 3rd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: DigiSure”

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 Bernie Niehaus, Managing Director of DigiSure. Enjoy!

 

Tell us DigiSure’s brief pitch.

DigiSure utilises historical and real-time data and digital techniques to automate the underwriting and distribution of Insurance Products. We provide, direct to customer and agent/broker, channels depending on the product and Market. Our effective use of technology enables our partners to provide services with significantly lower capital and operational costs compared to their competitors. Our selection and monitoring techniques further reduce risk and costs.

Our technology enables our partners to launch new products and enter new territories quickly and effectively, usually within a couple of weeks. DigiSure now works with Insurers, Agents, Brokers, Coverholders in Asia, Australia/New Zealand and Europe.

So how did DigiSure begin?

DigiSure began as most others do, as a conversation over a bottle, born from months of frustration. However, it was a water bottle in a ‘Gym’ rather than the ‘Pub’ as one of the founders is a teetotaller (much to the other founder’s disbelief).

The Insurer had a product, and they had a target market; what they did not have, was a way to profitably underwrite the market or to distribute in a way that could be efficient and gain critical mass. We developed the Original DigiSure platform to address this issue. With that product, we gained 30% of the market within 6 months and ended up in partnership with one of the world’s most famous insurers and one of the world’s biggest brokers.

How has DigiSure evolved since its inception?

DigiSure had significantly evolved from our humble beginnings in 2016-2017. We now have offices in Singapore, Ireland, Australia and New Zealand. We started off with a concept that was to digitise, simplify and speed up the distribution, underwriting and sales process. Due to customer demand, the DigiSure platform has significantly evolved to be a full end to end system that supports and provides for the full insurance value chain, from distribution to Claims management.

We have also now developed a full agency portal for some large insurers. This platform enables agents/brokers to quote and manage their clients while providing underwriters with instant access to all the data and information required to assess risk. This platform has led to a significant reduction in Underwriting time that significantly reduces cost for all stakeholders.

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

Q1 2021 has seen us working with several Local carriers and Re-Insurers to significantly expand our presence in South East Asia and Europe. We have also expanded the range of products, and we also support, for example, Takaful Islamic insurance and Professional Liability. On the technical side, we have expanded our use of satellite data for risk assessment and continue to invest in our Machine Learning initiatives.

How does DigiSure give back?

Environment, Social and Governance (ESG), our business and solutions are well-positioned to promote ESG in a number of ways:

Micro Business Insurance.

Micro Business, with fewer than 5 employees, are the engine rooms of many developing countries. According to the World Trade Organization, small-and medium-sized enterprises (SMEs) represent over 90 per cent of the business population, 60-70% of employment and 55% of GDP in developed economies. Yet countless millions of informal traders, micro-entrepreneurs and small businesses either can’t access or can’t afford insurance. Access to affordable Insurance increases their resilience and encourages investment, as well as opening up new funding opportunities.

DigiSure enables the direct distribution of insurance to Micro Businesses, typically via mobile phone with low operational and underwriting costs and the ability to pay as you go (e.g. daily/weekly) premiums payments. This combination provides access to and affordability to Micro Business, thus enabling their stability and growth. We are currently working with a number of Global and local insurance providers to roll out our products in Africa and low-income south-east Asian countries.

Personal Micro Insurance.

Microinsurance policies provide protection to low-income households against specific risks in exchange for a regular payment of premiums that are calculated proportionally to the likelihood and cost of the relevant risk. The DigiSure platform, which combines low-cost distribution (mobile phone) with automatic underwriting and pays as you go payments, allows our Insurance partners to efficiently bring personal Micro Insurance to low-income countries in Africa and Southeast Asia. Typical products include Disability and Property Microinsurance.

Workplace Diversity (Women in Tech).

According to the US National Centre for women in Information Technology, women represent only 26% of the workforce in Computing and Mathematical occupations compared with 57% across all professions. Women currently represent 50% of DigiSure’s Workforce. As well as targeting diversity in our recruitment pipeline and providing flexible working arrangements. We consistently seek to promote an inclusive work culture.

Workplace Diversity (Neurodiversity).

Unemployment in the Neurodiverse population runs as high as 80%, even though they can be typically 30% more productive than their peers given the right environment. DigiSure is targeting to have a 25% of its workforce Neurodiverse 2023. In addition to targeted recruitment, our main focus is on flexibility, workplace accommodations and culture.

What is DigiSure‘s biggest challenge in today’s market?

Identifying and choosing the right partners to work with. It may sound a cliché; however, with some minor exceptions, we have managed to work with good partners, i.e. Insurers, Re-Insurers and Brokers. As we scale up, this may become more difficult and something we need to be wary of.

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

DigiSure is proud of our team for their hard work and dedication to all projects. We do all our development and research in-house, which would not be possible without the fantastic DigiSure team. The long hours, endless focus and immeasurable dedication are truly appreciated.

My last reflection, given the target audience, fellow Insurtechs, is that you should be prepared for the long lead up times, particularly with large Insurers/Reinsurers, sometimes 12 to 18 months. However, once you’ve proven yourself and gained your customer’s confidence, expansion becomes much easier.

Thank You. If you wish to know more about DigiSure, watch their overview and demo video here: https://www.youtube.com/watch?v=iogFwhDercM.

May Newsletter

May 3rd, 2021 Posted by Members, News, Newsletter 0 thoughts on “May Newsletter”

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IA Podcast: Juliette Murphy of FloodMapp

April 14th, 2021 Posted by News 0 thoughts on “IA Podcast: Juliette Murphy of FloodMapp”

Insurtech Lessons: Water, water, everywhere – FloodMapp’s mission to create a safer future

CEO and Co-Founder of FloodMapp, the inspirational Juliette Murphy, is our latest guest on the IA Podcast. Juliette shares her mission-driven business journey, including how the smart use of big data, hydrology, machine learning and hydraulic modelling dramatically impacts lives, homes, and businesses in flooded (or soon-to-be flooded) areas.

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Inspire Insurtech Interviews: Picnic

April 14th, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Picnic”

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 Charles Pollack, Chief Executive Officer of Picnic. Enjoy!

 

Tell us Picnic’s brief pitch.

We build and manage self-insurance pools, backed by the Picnic syndicate at Lloyd’s.

So how did Picnic begin?

In 2016 the Founder of Picnic, Mark Arnold, had an unfortunate accident playing squash where he ruptured his Achilles tendon. The subsequent income protection claim experience was horrible, so Mark decided the insurance industry in Australia needed a new approach.

At the time, I was Chief Actuary at Youi. Mark was looking for insurance experts to join him on this new approach.

How has Picnic evolved since its inception?

The last 3 years have seen us evolve and refine the model – products being offered, organisational structures, licensing aspects, the creation of Lloyd’s syndicate to allow us to deploy quickly into international markets. There isn’t much that hasn’t been subject to review and refinement!

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

Our first mutual – Our Ark Mutual Limited – launched late last year. So, we focus on scaling that and onboarding new members offering an insurance alternative for community-focused organisations, charities, not-for-profit and faith-based organisations. We are also working on several other new self-insurance pools for different communities. The level of interest and support that we are getting has been amazing.

How does Picnic give back?

Picnic’s entire model is about giving back – one of the many benefits from our self-insurance pools is that any profit, after costs and claims, is retained by the customers making the contributions. This means that the communities that join together to protect themselves share the benefits and any resulting profit.

What is Picnic‘s biggest challenge in today’s market?

Our biggest challenge historically has been getting potential investors to support the concept pre-revenue. Now that we have demonstrated the model and the ability to drive revenue, those conversations are quite different!

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

We’re working with a broad range of communities – everything from the motor industry, the financial services industry, community-based organisations, indigenous communities and other groups that are each aligned around a cause, belief or circumstance. Our model is highly extendable, flexible and is tapping into an unmet need across many markets at just the right time.

Thank You.

April Newsletter

April 14th, 2021 Posted by Members, News, Newsletter 0 thoughts on “April Newsletter”

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30 Voices on 2030: The New Reality for Financial Services

March 3rd, 2021 Posted by News 0 thoughts on “30 Voices on 2030: The New Reality for Financial Services”

30 Voices on 2030: The New Reality for Financial Services

Rita Yates, CEO and Co-Founder of Insurtech Australia, was pleased to have been involved in KPMG’s 30 Voices on 2030: The New Reality for Financial Services report, where 30 industry leaders – insiders, outsiders and challengers – were asked to predict the industry landscape of 2030.

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IA Podcast: Angus McDonald of Cover Genius

March 3rd, 2021 Posted by News 0 thoughts on “IA Podcast: Angus McDonald of Cover Genius”

Insurtech Lessons: Cover Genius – The Story Behind the Headlines

Co-Founder and CEO of Cover Genius, Angus McDonald, is our latest Insurtech Australia podcast guest. Hear the Co-Founders’ story, the paths taken, the partnerships in play, and how their customers underscore what they have designed.

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Inspire Insurtech Interviews: Blue Zebra Insurance

March 3rd, 2021 Posted by Members, News 0 thoughts on “Inspire Insurtech Interviews: Blue Zebra Insurance”

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 Colin Fagen, Managing Director of Blue Zebra Insurance. Enjoy!

 

Tell us Blue Zebra Insurance’s brief pitch.

Blue Zebra is an Insurtech Managing General Agency (MGA) that focuses on assisting brokers to efficiently deliver advice models to their customer base. Our organisation delivers tech-led change through our purpose-built portal so that we can continually improve and adapt to compete. We strongly believe that brokers should have a greater share of the Personal Lines market and continue their dominance in the SME market in Australia. Blue Zebra want to play a key role in facilitating this.

So how did Blue Zebra Insurance begin?

Our team is a mix of extremely experienced insurance professionals and tech-savvy individuals who have a strong belief that our industry needs to significantly change to compete for the future. The large established insurers in Australia all have major issues with legacy systems, and their priorities for investment are primarily their direct to market businesses. We identified this gap in the market and thought through how to take on the large corporates. This is achieved primarily by creating an extremely efficient system that accesses external data sets from a number of sources to prefill underwriting questions and then provide a number of quote options for brokers that match various segments of society.

One of our themes when initially launching Blue Zebra to the broker market was that `Your partners of today will not necessarily be your partners of tomorrow.’ We have seen this play out in February, with a major insurer withdrawing their capacity for Personal Lines to the broker market.

How has Blue Zebra Insurance evolved since its inception?

I think that the best way to describe our evolution would be to say that `Change is a Constant.’ Our strategy has always been to roll out our products in a MVP (Minimum Viable Product) form and quickly look to adapt through constant feedback from our brokers. We initially focused on creating Personal Lines products in the first year, with our Commercial products developed in the past six months. We have now delivered seven products to the market:

– Householders, Landlords and Private Motor
– SME Business Insurance, Commercial Motor, Cyber and Personal Accident & Sickness (through `Blue Point’)

In the three and a half years since Blue Zebra sprang to life, we have had more than 50 system upgrades, signed up more than 380 broker organisations comprising 10,500 users and typically have more than 1000 brokers transacting with us each and every day.

In addition, it was always our intention to focus strongly on the automation of our own business processes. As we have scaled, we have built technology to support finance, claims, underwriting and analytics. Aside from the service benefits to our broker and insurer partners, in the end, this means our cost base is set up to compete well in the long term with more established insurance businesses.

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

During the past 12 months, we have changed our primary underwriter relationship. This has involved a great deal of pricing calibration, as we have significantly changed our risk appetite and target markets while looking to improve the underwriting result of our Personal Lines portfolio.

We are now completing our platform rebuild, which has been planned for some time. This will be seamless as far as our clients are concerned. This upgrade will enable real-time changes to our platform in a number of areas, including underwriting questions, referral rules, new data fields, documentation, pricing and our product suite.

Our technology is already being utilised by carefully selected insurance businesses via Platform as a Service (PAAS). Our offering is quick and cost-effective to deploy, and this re-platforming will enable our PAAS to be expanded to help deliver their products to market within 30 days.

How does Blue Zebra Insurance give back?

The central tenant of our business philosophy is to have constant communication with our clients – our brokers – to enable their best opportunity to compete for tomorrow. We will often look to adapt our methods and technology to improve a broker’s operations. Our experimentation and continual investigation are designed to provide our brokers with the opportunity to grow their organisations and customer base.

What is Blue Zebra Insurance’s biggest challenge in today’s market?

The market always delivers challenges, and the more dynamic it is, the better, in our view. There are a number of challenges developing on different time horizons. We have relentlessly driven digital delivery, with the foundation stone of effective use of external data. This has been supplemented by AI/machine learning techniques being employed in our back-office activities. This is critical for us to be able to compete with the multi-distribution insurers, who are driving more innovation into their direct businesses, in a relative sense. Our ability to drive forward is occasionally slowed by the delivery systems at the brokers’ end, so one of our challenges is working closely with their technology and delivery plans in order to jointly compete at the same speed.

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

Thanks for the opportunity to share our journey so far – we see it as just the beginning of something big!

Thank You.

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