Australia’s growing insurtech sector attracting international interest with collaboration levels on the rise
Australia’s insurtech sector has evolved significantly over the last year, with the number of insurtech companies active in the market increasing by half.
Australian FinTech partners with Fintech insurance provider Tower Insurance
Noticing a growing need for fintech companies in Australia to seek out quality insurance, Australian FinTech has partnered with Tower Insurance.
Trust deficit means fintechs will fly
Leading fintech founders believe the fallout from The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is a great opportunity for them to wrest market share from the major banks. They believe their existing focus on customers is a serious competitive advantage they can exploit as mainstream financial services businesses reposition their operations subsequent to the release of the final report last week. Jason Wilby, director of insurtech Huddle Insurance, says for too long, there has been an imbalance of power in the financial services sector. “Now is the time for new and emerging fintechs to flip the financial services industry on its head, for the […]
What is Insurtech and what do I need to know about it?
There’s no doubt about it, technology permeates through almost every aspect of our lives. Think about your morning routine alone. For many that involves waking up to an alarm, checking the news and weather, and perhaps even boiling a smart kettle for that first cup of coffee – all with the help of a smartphone. The point is that technology is not only everywhere, it shapes our behaviour and will, in all likelihood, continue to do so in the future. And the same thing is true of insurance. Emerging insurance technology, otherwise known as Insurtech, is already reshaping parts of the insurance industry, just as Fintech (financial technology) is pushing […]
Fintechs ‘hit wall’ in industry engagement
Fintechs still struggle to reach out to insurers and the wider financial services sector, according to the third annual EY FinTech Australia Census. The proportion of fintechs that consider building partnerships with incumbents a key external challenge has increased to 46% from 40% last year. “Many fintechs report that the major financial services organisations remain difficult to engage with and slow to act,” the census report says. “Some talk of having ‘hit a wall’.” Legacy structures and mindsets are among the barriers fintechs face. The industry’s frosty reception may force fintechs to seek alternative partners in the UK and other countries. “Since the first edition of the census, major institutions […]
Moneytech forges partnership with Factfin
Moneytech will partner with insurtech start-up Factfin to give SMEs better access to working capital. A specialist trade and debtor finance business, Moneytech has provided $2.5 billion in finance to SMEs since it began in 2003. Access to capital continues to be difficult for SMEs in the wake of tighter capital requirements under Basel III. According to Moneytech chief executive Hugh Evans (pictured left), this is set to be challenging in the shadow of the banking royal commission. Evans expects further tightening in the sector following the public inquiry with an even more conservative approach to lending standards, a view already shared by Small Business and Family Enterprise Ombudsman Kate […]
Australian start-up to take world-first small business insurance technology global
Dynamic Australian insurtech, Evari Insure, has announced the establishment of a London office as it prepares to take its game-changing small business insurance product global. The international expansion into the world centre of insurance was announced on Monday by the Hon Julie Bishop MP as she officially opened Evari Insure’s national headquarters in Perth. It’s another significant milestone for the company that in under two years has gone from the three founders working around a kitchen table to a 20 plus workforce, premises in the heart of the Perth CBD, a partnership with RAC Insurance and acknowledgement as one of MYOB’s fastest growing partners for 2018. There’s also strong international […]
ANZ’s OnePath lists OneCare on HUB24
ANZ’s OnePath has made its OneCare life insurance available through HUB24, providing advisers and their clients with a greater selection of insurance products. OneCare offers advisers a comprehensive range of insurance cover that can be tailored for clients’ needs throughout their different stages. For the past two years, OnePath has won The Consumer Choice Awards Best Turnaround Time Award and Claims Team of the Year, supporting its best in class commitment to claims service and support. According to ANZ’s Head of Life Insurance Gerard Kerr, OneCare’s flexible structure and easy accessibility provides advisers and their clients with a true lifetime insurance solution. “With OneCare now available on the HUB24 platform, […]
