Future of Insurance

Chris Bayley – Cover Genius

We were extremely focused and spotted an opportunity in a sizeable niche that was being overlooked by the large insurers. The niche we identified was car rental insurance. It’s worth US$7 billion globally, US$6 billion of which is profit.

Chris Bayley – Cover Genius.

Cover Genius is an Aussie success story and is on course to becoming Fintechs next Unicorn. They are the Keith Urban of Australia’s FinTech scene, much bigger in the US than they will ever be at home.

Over the past twelve months, Cover Genius has been gaining recognition. With accolades including ANZIIF Insurtech of the Year 2018, Smart Companies fastest growing company, KPMG’s FinTech global top 100 and Insurance Innovator of the Year at Australia’s Fintech Business Awards.

What is truly outstanding is the commercial success of Cover Genius. I caught up with Co-Founder, Chris Bayley to find out the secret to bootstrapping a global business from zero to US100m GWP in less than four years.

How did the Cover Genius story begin?

Cover Genius began four years ago with Angus McDonald (CEO and Co-Founder) and myself having this vision of empowering the world’s largest e-commerce companies to sell insurance products.

As we see it, the market is at about 1 percent penetration. Cover Genius has developed two critical technology platforms that bring connectivity to big eCommerce companies wishing to sell or optimise their insurance products. We are the pipes, not the plumber!

We see it as our job, mainly because large insurers are not that good at providing the technology to enable eCommerce partners to sell insurance. It’s difficult for them: technology platform development requires a lot of work and a skill set you will not find in a large insurer beset with legacy systems.

A sweet spot for us is global insurance wherein we combine our platform capability with extensive global underwriting capabilities (we are an authorised representative in over 60 countries). e-Commerce sites can very quickly sell insurance all around the globe from a single API call.

How many people told you that the Cover Genius vision was not possible?

Heaps. They were short conversations, but we’ve done it!

We are regulated in more countries than the largest insurers globally who all require dozens of country managers to sign off on every multi-jurisdictional deal.

Neither myself or Angus come with a traditional Insurance background, which has probably helped us in achieving what we have. Looking at Cover Genius from a traditional Insurers angle and seeing the scope of the challenge, I can understand to some extent why global insurers would think building a global platform is not possible. But we have done it in four years.

How did the idea for Cover Genius come about.

I previously ran the insurance team at Google. So, coming out of the Google business I could see the commercial opportunities for selling insurance online. It was just a matter of finding the right model.

The ancillary revenue for eCommerce sites is significant. However, it needs to be done at scale and to do it at scale you tend to need partnerships with the big e-commerce players. Initially Angus and I took a reasonably cautious approach because we were largely bootstrapped (Cover Genius is not VC funded and the small rounds to date have been funded by London-based insurance executives including Jim Sutcliffe, former Chair of Sun Life Canada and Julian Roberts, former CEO of Old Mutual).

We were extremely focused and spotted an opportunity in a sizeable niche that was being overlooked by the large insurers. The niche we identified was car rental insurance. It’s worth US$7 billion globally, US$6 billion of which is profit.

Compare that to travel insurance, US$21 billion gross globally and about US$12 billion profit. So, the car rental market is 50 percent the size of the travel insurance market. And there was no one doing it. None of the big Global Insurers had customized car rental access products. None of them were able to sign deals with the largest distributors. It was totally overlooked. And when we engaged global insurers to provide policies for our early clients, their inability to provide capacity in short time frames and other archaic processes all got in the way.

So, we took it upon ourselves to go and find smaller agile underwriters and shortly thereafter we signed a cornerstone partnership with Booking Group (the owner of Booking.com).

How did you win the largest travel site company in the world as one of your first clients?

The nature of partnerships has changed over the last five years. Startups like Cover Genius exist to resolve pain-points that are inherent for companies who would otherwise need to partner with incumbents.

If your business model is to power insurance offerings on the world’s largest e-commerce sites and you’re the world’s largest e-commerce site, who are you more likely to partner with? If you have grown an internet business to that sort of size and scale you’re looking for like-minded businesses. eCommerce businesses know inherently from their own experience and by the nature of the industry that they’re in, that it’s going to be the little guys who can make it work.

When you’re pitching your service to someone who understands you can do it – and you come with an attitude of wanting to make it happen – that’s how eCommerce companies partner.

The alternative is big corporates who put everything through an RFE process.

That doesn’t get you into the position of co-creating a solution.

It doesn’t get you into the position of aligning mutual interests.

What tends to happen is the incumbents reply, because you have not engaged the tech startups, ending with a substandard outcome. And it is a real shame, because there’s always a tech startup who wants to do it, who can do it and who won’t fail the partner.

The advantages of hiring a great team

We also have a great Tech team, many of whom were in the founding team of Viator (which sold to Tripadvisor for US$200m. )They had an excellent vision for a micro-service architecture, well before the word was coined.

The early versions of the API were very well received. The early release of our XCover platform was one of the world’s first APIs for insurance distribution. So, we were able to go from a couple of small clients in Australia to having the largest global travel sites within 6 months. We’ve increased gross premiums from a tiny amount in August 2015 to an expected monthly GWP of $30m by 2018 year end.

Cover Genius interview Tier One People

Cover Genius Co-Founders Angus McDonald (left) and Chris Bayley.

With the distribution problem solved early in the journey, what have been the challenges for the business since?

There’s all sorts of stuff. The technical challenges are interesting but they’re solvable. Scaling products, scaling technology, scaling the team etc. they are all interesting challenges.

We’ve deliberately not sought outside funding. So, we have the freedom to run an efficient, focused business and not worry about external investors. The lesson we’ve learned is it is better to have the founders running the business, not out raising money. It makes a huge difference.

Angus and I know all the internal workings of the product and operations. We know the internal workings of how we get new partners in place. The execution risk is reduced immensely.

It’s very difficult to have your executive or senior management level performing the roles which would naturally fall to founders. I think that’s probably been a cornerstone of our success, having the founders around.

What would you say is so special about the relationship between you and Angus?

Complementary skillsets. I used to think meant having someone technical and someone commercial, but we’re both commercial. I am more product focused and Angus is more partnership focused. Both of us being commercial helps in the way we communicate and how we manage our expectations.

Ultimately it is like a successful marriage. Which means making it through difficult patches and remaining close. You must keep celebrating all the little victories.

How is Cover Genius using AI and Machine Learning to grow the business at scale?

We primarily apply machine learning and data science through a part of the Cover Genius platform, BrightWrite. While our XCover platform does the connectivity, BrightWrite introduce dynamic pricing and product recommendations. These optimize a partner’s profit margin, both on premium and on the risk side. BrightWrite primarily concentrates on non-traditional ratings factors and pricing factors.  It enables partners to sell product packages where the mix of individual products is bespoke to a single user.

Brightwrite is part of XCover, our distribution platform, but the microservice approach means we also sell Brightwrite to insurers.

What does the future hold for Cover Genius?

Simple – continue to work on the original vision and expand the reach of the XCover distribution platform. We’ve set up our US office, ably led by Mitch Doust who has years of US insurtech experience. Big e-commerce partners want to sell insurance and its Mitch’s job to get those to commercial and product outcomes.

What piece of advice do you have for InsurTechs just getting started?

Follow the money. Figure out who can be a big distribution partner for your business and talk to them. Then invest in the operational and technical scale.

Want to work at Cover Genius?

Tier One People connects Cover Genius with the very best talent. We are helping with key hires across marketing, data, people and risk in Sydney, London and North America. Click here to register your interest.

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Artificial Intelligence – Is your job at risk?

Artificial Intelligence  and machine learning have advanced to a point where almost everyone in the Insurance industry is asking – ‘Is my job at risk?’

The answer? Nobody knows for sure. However, based on our extensive research and the daily discussions with insurance industry experts, expect to see the beginning of changes in 2018.

The impacts of Artificial Intelligence – Scaremongering or fact?

Many of the articles published in the media are highly exaggerated and designed to cause panic. However, AI and machine learning technology has reached a point where most traditional, task-oriented jobs are in the process of being replaced. Industries including Banking and Insurance are undergoing seismic shifts that demand new skills and a new approach to the workforce.

We recently spoke with Insurance leaders across the globe to get their views on Artificial Intelligence and the role it will play on the industry.

Here is what they had to say.

 


Mitchell Doust – Global Head of Business Development at Trov Inc.

Insurance on demandThere are huge implications for machine learning and AI that will eventuate in the next couple of years. Without a doubt, they will have a big impact on how insurers run their business.

Insurance is a data business and always has been. What’s changing is the breadth and type of data that is becoming available to insurance companies.

Insurance companies have a great capacity to analyse data and crunch numbers. Risk and pricing models and the associated skill sets are becoming outdated.

Let’s consider how an insurance company approaches underwriting and pricing. They collect a huge, historical data set and then analyse the data to create a product. Companies like Trov are very different. Using AI, we collect real-time information on how customers interact with the product. We can pull in data from multiple different sources.

So, the question we ask ourselves is ‘How can we use dynamic and real-time data to deliver better products and pricing.’

Do large Insurers have enough capability in this area? Many Insurers have closely held biases towards the historical data they collect. Sometimes they struggle to wrap their head around how they should price products for example.

The technology available will change the nature of traditional roles in claims, underwriting and actuarial. But I don’t think Artificial Intelligence will replace these roles. It is more likely the roles will continue to morph and cross pollinate.

 


Craig Ford – CEO SCOR Global Life Asia Pacific

Rather than replace people, we think we can support our clients by experimenting in areas like Artificial Intelligence and Machine Learning.

As an example, we are helping clients with text mining on claims to better analyse their data using robotics.  This gives our clients greater insight into their claims experience and history which in turn drives better focused propositions.

In Korea, we are working with an AI partner and a specialist hospital to develop a data base which can be used to develop future products covering important conditions not currently covered.

In the US we have developed an underwriting algorithm based on the use of multiple data sources replacing traditional underwriting methods.  All have been developed in conjunction with and in support of our insurer clients.  The industry really is leading the charge and demonstrating that it is determined to stay relevant – and doing a good job at it too. Our people are a huge part of the success, technology is just helping us do a better job, faster.

 


Steven Raynor – Chief Operating Officer at QBE Insurance

Artificial Intelligence and Machine Learning is having an impact in our business; however, I see technology helping our people to do their job rather than replacing them.  I don’t see the current disruption trend to be any different than what we saw 25 years ago when organisations began to digitise processes and increase the use of computers in the workplace.

We are investing in the transformation of our claims service, including the development of a new claims team in Australia, to improve the customer experience. We recognise that certain types of claims, such as householder claims, require a high level of personal contact, specialist knowledge and a rapid resolution for our customers.

The introduction of Artificial Intelligence/Machine Learning will speed up the claims process even further and we are in the process of piloting innovative technology across our business.

As an example, we have recently partnered with Risk Genius, an Artificial Intelligence/Machine Learning tool that allows the user to examine policy wordings. We have thousands of policy wordings in QBE, and without a tool like this it would be a very manual task to compare two or more policy wordings

The Risk Genius tool enables the user to instantly find the differences, which helps us create contemporary policies and release new products to market much faster. This is an example of people working with machines rather than machines replacing people.

We are also pioneering Artificial Intelligence/Machine Learning in our business to transform our capacity to assess bodily injury claims.  We have partnered with an organisation to give our claims managers access to data to better manage the claim.  This pioneering technology is something we have been using in the US, so we are excited to introduce this new way of enhancing the customer experience.

 


 

Finally, the views of an Ex- McKinsey Consultant who asked not to be named due to client confidentiality.

Artificial Intelligence is already replacing people in many insurers. I expect to see two waves of change.

The first wave of change will happen (and is happening) in contact centres. There is a rapid rate of adoption with chatbots. Go on any website of any tech company, and a chat bot will serve you. Most Insurers are in the process of adopting the technology.

 

The second wave will impact around 50% of jobs and professions.

Accounting, claims and underwriting, financial analysts, risk analysts, low-level sales, operations. This is just a sample of the roles we can expect to see impacted by AI.

Any low value, transactional role is at threat. As an example, if you are assessing low-level claims or underwriting low value, generic policies then expect to be replaced by Artificial Intelligence.

 


Whose job is safe from Artificial Intelligence?

As a recruitment business, Tier One People are perfectly positioned to assess the job trends. It appears, for the moment, AI is not leading to large scale redundancies.

If you are a specialist underwriter or actuary, then your job is safe for the next few years. But the technology is advancing at a rapid rate, even these roles could be performed by AI in the future.

The roles that will be safe are those reliant on interpersonal skills and human interaction, high-level claims, sales and relationship managers and executive or senior management roles.

 

It is not all bad news – jobs are being created by insurers.

There is huge demand for Regulatory and Compliance specialists, Software Developers and Engineers, Data Scientists, Machine Learning Specialists, Business Intelligence, Community Managers for social media, Health and Wellness experts.

At a senior level we are a seeing newly created executive roles such as Chief Customer Officer, Chief Innovation Officer, Head of Ventures, Chief Strategy Officer.

InsurTech thought leader, Matteo Carbone recently published a book titled ‘All the insurance players will be Insurtechs

The hiring trends Tier One People observe within our Insurance clients suggest Matteo is 100% on the money in his assessment.

So, rather than asking ‘Will AI replace my job?’ perhaps we should ask ourselves ‘What role can I play in an Insurtech?’

 

Insurance to Insurtech
Insurance to Insurtech

Steve Raynor is Chief Operating Officer for QBE’s Australian and New Zealand operations, he played a leadership role in the establishment of QBE’s Group Shared Service Centre in the Philippines.  He is also playing a leadership role in QBE’s adoption of digital and data & analytics as the business transforms from Insurance to Insurtech.

 

Insurance to Insurtech – Embracing the Future of Insurance.

Founded in 1886, QBE is a business that has played a significant role in Australia’s Insurance industry. QBE is one of the top 20 insurers and reinsurers worldwide. With operations in 37 countries and 16,000 employees, QBE is a truly global business.

QBE has recently committed to a new strategy that places an even greater emphasis on customer experience. The appointment of Vivek Bhatia to the role of CEO (ANZ region) a clear sign of their intent.

But is it possible for a traditional insurer to stay true to its roots with the industry facing so much change?

 

Can you share more about QBE’s strategy?

It’s a clear and straightforward strategy. QBE is putting customers at the core of every decision we make. When you break insurance down to its origins, it is all about trust.

In its current form, the origins of insurance were established in the 17th century, in coffeehouses, which were the place to find underwriters for marine insurance. Edward Lloyd supplied his customers with shipping information gathered from the docks and other sources.

The term ‘underwriter’ is said to have derived from the practice of having each risk taker write their name under the total amount of risk that they were willing to accept, for a specified premium. In exchange for the premium, the policyholder trusted that the underwriter would honour the contract in the event of a claim.

In turn, the underwriter trusted that the policyholder would act in an ethical way. All those years ago, insurance was based on people, relationships and trust, and these key elements remain core aspects of our business in QBE today.

QBE is 100% committed to building greater trust and better relationships with our customers. As a predominantly intermediated insurer, we recognise that our customers include the consumer and intermediary and we are committed to building stronger relationships with both parties.

For intermediaries, this means supporting them with great products and easy to digest information, so they can delight their customers (the policyholder.) For the policyholder, we have the opportunity to really be there in their hour of need in the event of a claim. We want to ensure this process is as smooth and easy as possible for everyone. This requires us to have open communications between policyholders, intermediaries and QBE.

QBE is investing in the transformation of our claims service, including the development of a new claims team in Australia, to improve the customer experience. We recognise that certain types of claims, such as householder claims, require a high level of personal contact, specialist knowledge and a rapid resolution for our customers. The reestablishment of this team has been received positively by our customers.

 

The introduction of Artificial Intelligence/Machine Learning will speed up the claims process even further and we are in the process of piloting innovative technology across our business.

 

The appointment of our first Chief Customer Officer in June 2017 and our continued investment in human centred design ensures the customer is woven into our leadership team meetings and is very much at the heart of our new strategy.

 

How is technology supporting QBE’s global strategy?

In 2011, QBE embarked on a global productivity strategy. Our aim was to drive efficiencies across the group whilst enabling scalable growth. At the core of the strategy was a move to a global shared service centre in the Philippines. Any transformation of this scale and nature presents challenges, but we realised significant benefits for all the hard work.

The move has driven huge efficiency gains and areas such as finance processes, data analytics and back office processing, where we have seen a significant improvement in service, quality and turnaround time.
The establishment of the service centre has enabled us to shift our culture and operate more as one global organisation.

At QBE, in recent years we have introduced tools like video conferencing, Yammer, SharePoint and Office 365 to really encourage collaboration and the exchange of ideas, which has helped us break through geographic boundaries in our business. We have a global HR team providing a global view of workforce planning and enhancing global mobility.

We are also promoting global mobility in our business and have an increasing number of examples of people who have worked in different parts of our organisation around the world. This allows us to harness that knowledge and expertise from one part of our business and deploy it anywhere in the world.

 

QBE Executives have been spending time in Silicon Valley, developing relationships and forging partnerships with emerging Insurtech players.

 

Will Insurtech result in the demise of traditional insurers like QBE?

 

Insurtech is creating jobs

I don’t see Insurtech as the end of the traditional insurance model. I believe Insurtech is augmenting the existing capabilities of insurers rather than disrupting or displacing them. People will always want to transfer risk, whether for travel, a car, a home.

However, where traditional insurers need to be wary is the change in the ownership model. As the sharing economy continues to develop, fewer people will own assets such as cars and homes, and this will undoubtedly change the nature of the things people will want to insure.

This change is top of mind for our executive team. Last year, we announced QBE Ventures, a $50m investment fund for partnerships with Insurtechs. We want to invest in Insurtech organisations that can have a meaningful impact in our business, rather than simply making financial investments in technology companies. Over the last 12 months, we have been scanning the globe looking for potential partners and investments. We take it very seriously and have had several of our Group Executive leadership team involved in the scouting and selection process.

 

There are two reasons why QBE are showing such commitment.

1. The executive team want to see first-hand the art of the possible
2. Demonstrate to potential partners how serious we are to invest in and collaborate with Insurtech organisations.

The Insurtech’s we have met have been surprised how seriously we have taken the process as they have all had experience of large corporates wasting their valuable time. We have taken the opportunity to demonstrate how important potential partners are to us. QBE look to partner with organisations who are thinking differently and can bring in fresh ideas and new ways of thinking into our business.

Will Machine Learning result in job losses?

 

 

Technology is having an impact in our business; however, I see technology helping our people to do their job rather than replacing them. I don’t see the current disruption trend to be any different than what we saw 25 years ago when organisations began to digitise processes and increase the use of computers in the workplace.

As an example, we have recently partnered with Risk Genius, an Artificial Intelligence/Machine Learning tool that allows the user to examine policy wordings. We have thousands of policy wordings in QBE, and without a tool like Risk Genius it would be a very manual task to compare two or more policy wordings. I’m sure anyone reading this who has worked in a product management or legal role in an insurer knows how difficult this exercise can be.

The Risk Genius tool enables the user to instantly find the differences, which helps us create contemporary policies and release new products to market much faster. This is an example of people working with machines rather than machines replacing people.

Insurance has always been a data business, even back in the 1700’s when insurers began underwriting ships and their cargo. Back then, the data you had on a ship, the route, the captain, the cargo, the crew was used to assess and underwrite the risk.

Data is still a precious commodity 300 years later. Now, the challenge for insurers lies in accessing and gathering the data from multiple sources; IoT devices, smartphones, social media and other sources.

At QBE we’re constantly looking for ways to enhance the customer experience using data. A great example of this is our motor telematics product targeted to younger drivers. Our InsuranceBox measures driver performance which can be monitored in real time to provide feedback to the driver. By improving driving performance, the customer can reduce their premium. We’ve found this to be of great benefit to our policyholders and a much more accurate way of assessing risk.

We are also pioneering Artificial Intelligence/Machine Learning in our business to transform our capacity to assess bodily injury claims. We have partnered with an organisation to give our claims managers access to data to better manage the claim. This pioneering technology is something we have imported from the US, so we are excited to introduce this new way of enhancing the customer experience.

 

Which skills do insurers need most in a VUCA world?

 

Recruitment for machine learningWe have invested in people with a Data Science background, Claims Analytics professionals, and people from a Machine Learning or Human Centred Design profession. With this investment in new skills come new insights. We are finding better ways to model catastrophes and we are finding examples of claims fraud we may have missed five years ago because we simply did not have the capacity.

However, in this new world, many of the existing skills insurers currently need are equally important. People with empathy, relationship management, and decision making are still a much sought-after commodity.
In our industry, hiring people with learning agility, the capacity to learn new skills, is becoming increasingly important. As our business continues to adapt to this ever-increasing VUCA (volatile, uncertain, complex, ambiguous) world, it is all about attitude and embracing our cultural values.

As an example, we have an employee who has become a role model for change. This person is an MS Excel guru and decided to create an Excel tips group in Yammer. She now has over 600 people from across the globe in QBE as members of her group. Here she is, working remotely from country Victoria, 3 days per week, and QBE employees all over the globe are benefitting from her knowledge. It is great to see examples like this where people are truly embracing the new way of working in our business.

This new way of working is a central theme of our new strategy and culture. QBE strives to be a modern and contemporary organisation, and we recognise the need to communicate in a contemporary manner. So, we have adopted the use of hashtags to communicate our cultural values. For example, instead of talking about diversity we use “#mixitup”. A key part of the diversity push is to bring in people from outside of insurance and develop our existing workforce. We’re helping our people see the change as an opportunity to learn not to be threatened.

Ultimately insurance has, and always will, be a ‘people’ business. The more engaged our people and customers are, the more successful QBE becomes. It is a virtuous circle.

Ben Webster Insured By US
Ben Webster – Insured By Us

“I’m an advocate of starting your own business and bootstrapping it. So not taking any external investment. I will always want my children to start their own business.”

Ben Webster – Insured By Us.

Ben Webster is CEO and Founder of Insured By Us, an insurtech connecting travel insurers with customers. Insured By Us has 15 brands on the platform and close to $150m GWP in only the Fifth year of operation.

Ben describes himself as a tech nerd (although he is anything but a nerd). Make no mistake, Ben is a serial entrepreneur and a pioneer in the digital space. Ben was first introduced to the world of insurance when Simon Monk hired him at Travel Insurance Direct. Back then, Ben recalls making bets on the platform selling 10 policies in a week. In 2017, the business is writing over 10 policies every minute!

A family man hailing from the Northern Beaches of Sydney, Ben breaks the stereotype of a hyped up digital disruptor. He brings a humble, fresh and unique perspective to the world of Insurance.

Ben kindly shares his journey and secrets on how to bootstrap an Insurtech.

Can you tell us more about Insured By Us?

Insured by Us is a white label travel insurance platform. Travel insurance tends to fall to the bottom of the list for general insurers, mostly due to the tight margins in travel. A motor or a home policy can make you hundreds of dollars in commission per policy and there is also an annuity stream. Using discounted cash flow models, insurers can predict, based on their churn rates, how much profit they’re going to make out of each individual customer.

Travel insurance is a one-off purchase. Consumers don’t have a lot of brand loyalty. They shop around and that means travel insurance falls to the bottom of the priority list. We built the platform based on the lessons I learned at World Nomads. It is low touch for insurers, underwriters and brands who are distributing the policy.

The Insured By Us platform allows the brands to bypass all the technical problems and focus on distribution strategy. We enable the brands on the platform to establish a distribution strategy and model that works. A brand like Woolworths is after high volume to enable cross-selling to their higher valued lines. A brand like RACV or RACQ are looking to drive benefits back to their membership base and earn solid commission as well. Some brands have broader products with features and benefits, but also a slightly higher price. That is the Insured By Us platform, we simplify distribution and make it easier for the consumer to purchase Travel Insurance.

Together with Peter Richardson, I have another business, 365 Roadside Assistance. Peter was previously part of the roadside team at ISOS so his knowledge was invaluable in this area. We are growing 365 through brokers, fleet services and retail partners like Midas. I personally like roadside because it has a nice predictable model, we know the frequency and severity of claims. Roadside is also not a regulated product, which is why insurers use it as a ‘foot in the door’ product.

In 2017 we launched a Lloyds agency called Agile Underwriting. Together with the help of Robin Barham Agile took on a slightly different model. We’re attracting underwriters by providing some equity in the business. By offering ‘skin in the game’ we can attract people away from large insurers. The Agile business is growing, and the goal is to become a $100m GWP agency within five to seven years.

We see Agile as a counterpoint incubator for the large incubators. If someone has an intuitive idea we have an AFSL, access to the Lloyds markets, access to all kinds of capacities across all lines of business. Agile is across most lines of business, even space underwriting, as this is one of Robin’s areas of expertise.

 

Can you describe working life at an Insurtech?

Since launching Insured by Us I’ve been working four days per week. The first two years I worked from home, so I could be there when our first baby was born. The structure and flexibility we offer our employees is very attractive to both women and men. Surprisingly, it is not as attractive to younger people. They don’t see the value in the flexibility and prefer to work in a place where there’s beer and vodka in the fridge, people stay back for drinks or go to the pub.

That is not Insured By Us. We always say we work to live and not live to work. Our team is distributed around the world. Remote working is the priority. In Australia, we have teams in Sydney Canberra, Melbourne and Broome, it is all about flexibility, for example our team member who now lives in Broome came in one morning and said,

‘I’m moving to Broome, my partner has got a job and we’re moving there.’

She knew her job wasn’t in jeopardy and that she could just pick up her life, move to Broome and still have a job. She wasn’t saying “I’m moving to Broome, what can we do about it?” She was just telling me she was moving to Broome. On a Friday, she packed up her house. moved over the weekend and on Monday morning she was at her desk on the Zoom. There was no productivity issue at all.

We have people in Cape Town, London, Scotland, Japan and will soon have someone in the US. Flexibility also works for the people who don’t have kids. I have someone in the team who has no kids but wants flexibility, so the last two years she’s taken a couple of months off in the middle of winter, this year she went to Thailand.

You’ve got people all over the world. What do they do?

It’s a mix. Our designer is in Japan. He moved there with his family. One of our senior developers lives in a remote part of Scotland. The team here in Sydney often call him The Code Fairy, because they go to sleep and in the morning, they wake up and he’s fixed their bugs. There was an old IBM study about developers, that if you get four hours of good flow out of a developer, in a day you’re doing very well. Having developers in time zones where they overlap is positive for our business.

Video meetings really help because you do need body language to communicate well. There’s a small amount you do miss by not having the opportunity to go to lunch or drinks after work as a team.

How do you measure the productivity?

Because we’re remote first, all systems and tools are online. It is easy to know when someone is not being productive. We use Zoom and Slack a lot. Everyone’s activity feeds into Slack, so there’s always a way to monitor what people are doing. But I don’t want to monitor what people are doing. I don’t want to hire people where I must look over their shoulder. I want to hire grown-ups who can get on with their job without me.

Do you mirror a traditional insurer in terms of structure? i.e. Claims, Underwriting, Actuaries?

We are very Developer heavy because we are a technology platform. The make-up of the team is changing as we seek to own more of the value chain. As an example, we have just built an online claim system and gradually we aim to bring more of that in-house.

‘Travel with Jane’ is one of our brands where it makes sense to own the entire customer experience. You really don’t experience an insurance product until you claim. It’s simple for us to build a slick front end and a slick purchase path. But if we don’t have a slick claims process and first-class customer engagement it’s all for nothing. Customers won’t come back and buy again.

We’re finding that when you outsource the claims function to a third-party administrator it doesn’t suit your business as well as if you bring in-house. World Nomads went through this very issue, so I’m not reinventing the wheel.

What advice would you give someone looking to leave a large insurer to join an Insurtech?

In a large insurer, you have many kinds of people. What we’re looking for, from people leaving a large insurer, is an entrepreneurial spirit. People who are frustrated with the internal structure, who want to get sh#t done and are frustrated by their current environment.

It’s not hard to find claims people who want to do claims, it’s not hard to find content and marketing people. It’s very difficult to find good developers who have any domain knowledge about insurance. It’s very, very difficult to find any actuarial skills or anyone with any data science or machine learning skills as well. These people are very thin on the ground. Someone recently fell into my lap with data science and machine learning abilities. I snapped her up as quickly as I could.

Launching a startup isn’t for everyone.

I’m an advocate of starting your own business and bootstrapping it. So not taking any external investment. I will always want my children to start their own business. My wife and I would be at dinner parties and someone would say ‘I’ve got this idea’ and I would respond ‘do it leave your job now, do it, do it, do it’ My wife would be kicking me under the table. Then we’d leave the party and she’d say ‘you know John, who you just told leave his job? He is the worst person to go into business for himself. He’s going to totally fail.’ And she was right.

I’ve learned this the hard way, going into business for yourself is not for everybody. Every day is a grey area. Some people can thrive on and hack it and other people can’t.

People come to work and they don’t realise that there’s a whole bunch of infrastructure to allow them to have a chair, a desk, a computer, the internet connected, payroll, all those things. When you start a business, some people don’t realise that you must wear all those hats until you can afford to pay someone else to wear the hat for you.

As a Tech Nerd, what are your frustrations with the Insurance Industry?

The reason Agile exists is a desire to broaden the portfolio of products away from travel. We did launch a couple of products with large insurers here in Australia. Those products were live, selling and had customers. But they were pulled from the market because of internal political reasons within the insurers.

To get those products live involved a two-year journey and after just a few months they were pulled. That is when I literally threw my toys out of the cot. I called Robin Barham, who at the time had just finished up running Arch in Australia and we formed Agile. I called him up and said ‘Robin, I’m done dealing with large insurers I need access to capacity.’ Lloyds gives us the flexibility to do really niche products.

The lack of appetite for risk from large insurers is my biggest frustration. A perfect example: Agile picked up most of a large insurer’s Aviation book, worth around $15m in premiums. This insurer was prepared to drop that business altogether.

For Agile $15m of premiums, that’s an entire business division and they we’re just going to drop it because it just wasn’t worth their time. This insurer couldn’t make it profitable even though there was only a team of two or three people working on it. I find working with large insurers and the incumbents massively frustrating. They’re so risk averse to trying new things which makes it difficult to get any venture off the ground.

What are the limitations of working with the large insurers from a technology perspective?

Legacy systems are a problem, but those challenges are solvable, if we’re collecting the right data. When we started Insured By Us we were sending data in multiple formats to multiple underwriters. Now we’ve built our own data warehouse, we give each underwriter a single feed coming from our data warehouse exclusively for their data.

From our perspective, the client owns the data and they need to get it in real time, in a raw format or they can get it in a pretty dashboard format from our live web service. Initially, this was a tricky problem to solve, but it is just data. We find it interesting that large insurers have trouble consuming data, aggregating across their book and then using the data in an intelligent way.

Why do you think there aren’t more businesses like Insured By Us?

There is a significant barrier to entry. I was fortunate in that I had domain knowledge both in insurance and in technology. I also had contacts in the industry. But the first two years were hard. We’re four years old now and I’ve only just started paying myself a proper wage and super for example. But that’s the life of a start-up. Right? I was underpaying myself for a long period of time.

Many people will point to regulation as a barrier and it is, but I’m more of the mind that regulation is a good barrier to have and that you need to earn your stripes. I don’t find regulation a big barrier, I find the appetite for risk from the underwriters is the biggest barrier. Even within the products that we’re offering now. Looking for an innovative way to sell travel insurance and getting underwriters to buy into that idea of selling travel insurance in a different way is almost impossible.

What threats do you see to your business in the next five/ten years?

I have only recently, in the last six months, started worrying about another Insured By Us coming along and leapfrogging us. That’s what worries me. I’m not really worried about a large insurer waking up and getting their tech in order because I’m not sure it is possible to be honest. Insurers are increasingly looking to partner with technology start-ups. Maybe that is the way forward for them because to get things done rapidly you need to do that outside of or at least at arm’s length from a corporate environment.

My biggest worry is another Insurtech coming up while Insured By Us becomes mired in the compliance frameworks hampering large insurers. When this happens, you get stuck and inevitably miss the opportunities to innovate.

Insurtech in China

Insurtech in China is set for a rapid rise. Craig Ford is Chief Executive Officer SCOR Global Life Asia Pacific.  SCOR has been pursuing an innovation agenda to actively support its clients as the industry enters a period of unprecedented change.  

 

Stationed in Singapore, the Fintech hub of Asia, Craig is well positioned to give a (re) insurers view of the advances made in China and the ever-expanding use of Data. Craig’s insights come backed by a global study of 8,000 insurance consumers across 14 markets commissioned by SCOR’s subsidiary, Remark (a world leader in alternative and direct distrbution) called “Life Is a Rollercoaster”.

 

What key insights did SCOR derive from the study?

 

There were 4 key insights:

 

  1. Consumer beliefs and values are changing, and the chronology of lives today is very different. Understanding the new triggers and beliefs is crucial for insurers to remain relevant
  2. Health is the new wealth and has become the key currency for customer engagement
  3. The successful convergence of automation and advice is needed to convince customers of the value of data exchange
  4. There needs to be enough choice for customers to feel empowered but not so much that it becomes overwhelming

 

Customer expectations are rising based on their interactions with other industries – reinforced by the growth and power of communication and data aggregators. In China, Tencent’s WeChat is used by a high proportion of the population as part of daily life (889 million daily users!) for social media, instant messaging and payment services.  WeChat now has access to the data of hundreds of millions of consumers and insights into their daily behaviours. More importantly for insurers, WeChat has a much deeper insight into what it is that drives those behaviours.

 

The issue for insurers is how to gain access to understanding how consumer attitudes and behaviours work. The challenge from there is in designing and adapting products that fit these new requirements. The ability to gain these insights is increasingly falling into a smaller number of company’s hands. The global tech players have insights that insurers can currently only dream about.

 

Increasingly innovation is coming out of China where everyday life has bypassed email and mobile phones. China has moved straight to smartphones and WeChat, driving a completely different customer mindset as to how they want to interact.

 

The barriers to entering the insurance industry in the past were high –  access to distribution, capital, product design, experience and data etc. Potential new entrants no longer need these, as data, or more specifically access to consumer attitudes and buying behaviours is the new currency.

 

The sheer scale of the new generation of businesses is mind-blowing.  Zhong An (formed as a combination of Ping An, Tencent and Alibaba in 2013) has to date, digitally sold over 7bn policies to some 500 million customers. We are witnessing a huge shift as consumers see how easy and effective this method of distribution is. Businesses with huge data sources are prepared to partner with insurers and figure out ways to optimise the use of their data to create better experiences for their customers.

The Top 10 companies in the 2017 Fintech100

Insurtech in China

  1. Ant Financial – China
  2. ZhongAn – China
  3. Qudian (Qufenqi) – China
  4. Oscar – US
  5. Avant – US
  6. Lufax – China
  7. Kreditech – Germany
  8. Atom Bank – UK
  9. JD Finance – China
  10. Kabbage – US

Courtesy of KPMG Fintech100

How can incumbent insurers catch up?

 

We think we can support our clients by experimenting in areas like Artificial Intelligence, Robotics and Genetic Testing to ensure we and they become increasingly relevant in the light of these new paradigms. Some of the most successful “innovations” are relatively incremental. As an example, we are exploring how genetic testing can drive better outcomes for customers at the point of a claim by optimizing and focusing the treatments they receive.

 

Insurtech China

Genetic testing has thrown up questions about ethics to Insurers. But there are also new possibilities to help and support customers.

 

We are also helping clients with text mining on claims to better analyse their data using robotics.  This gives our clients greater insight into their claims experience and history which in turn drives better focused propositions. In Korea, we are working with an AI partner and a specialist hospital to develop a data base which can be used to develop future products covering important conditions not currently covered.

 

In the US we have developed an underwriting algorithm based on the use of multiple data sources replacing traditional underwriting methods.  All have been developed in conjunction with and in support of our insurer clients.  The industry really is leading the charge and demonstrating that it is determined to stay relevant – and doing a good job at it too.

 

In your role, you cover Asia Pacific. Which country stands out in terms of innovation?

 

Of all the countries I visit, China is the stand out regarding innovation. It doesn’t have the insurer infrastructure and history of other established countries. China does have young, bright and capable people coming into an industry with data and digital distribution in abundance and a huge drive for consumer engagement.  They are happy to trial and develop products (e.g. freight insurance for the on-line sellers like Alibaba, and flight delay insurance) as simple examples with which to engage customers.

 

Moving specifically to Australia, there is a clear hunger from the industry to be at the front of the change.  As a result, there is a desire for global insights and experience that can be adapted and adopted in Australia to make insurers more relevant and effective with their customers. The industry has come from a position where it has some of the most advanced products in the world and has been a clear leader in areas such as disability income that remain in their infancy elsewhere.

 

The media is laying bare the relationship the insurance industry has with consumers. The industry is responding, and I believe will ultimately be successful given the attention and focus we see being applied.  There is no doubting the desire!

 

Insurance on demand
Insurance On Demand: The Future of Insurance 002

Insurance on demand

I welcome Mitch Doust, Global Head of Business Development with Trov, an innovative insurance on demand product and one of the most talked about Insurtechs on the planet.

 

 

 

Mitch has a unique background. When we first in 2008, he was an auditor with EY. It was very clear, even back then, that Mitch had a lot more to offer the world than reviewing financial statements! A move to Suncorp gave Mitch his first glimpse of Insurtech, as part of the Suncorp Ventures team. What followed is a global adventure and Mitch making a big contribution in the startup and Insurtech scene.

 

Can you share a little more about Trov?

MD – People know us for our insurance on-demand mobile app. It gives customers the power and capability to insure individual assets, one item at a time, in any time increment or fashion that they want.

So simply go to the app, select an item you wish to insure and turn protection on and off as and when you want. The app allows us to track the time insured all the way down to the second. Customers can, in real time, initiate, manage and cancel policies, as and when they want.

 

How did Trov begin?

MD – Trov didn’t start out with a mission to provide an on-demand insurance product. When we started five years ago, the central thesis was very much around cataloguing information about the assets people owned. Then figure out ways in which to use that information to empower our user base.

From the concept of creating value for our users, we created the mobile app. Then, started to think about how we could use that information to deliver even more value to customers. One of the things we discovered was a need from people to protect, on a small scale, physical things.

We also noticed a big shift in lifestyle and behaviours. The way emerging generations engage with insurance is different to older generations. Young people are not buying houses or cars as they used to. However, they are spending their money on things that are important to them. Today, young people tend to live a more mobile and global lifestyle.

Upon realising this shift, we set out to create a product that fits into the millennial lifestyle. Thus, the Trov product was born. Trov is live in Australia and the UK. We are about to go live in the US. The plan is to go live in Canada and Japan next year and then Germany after that.

 

We hear a lot about the Lemonade story here in Australia. There appear to be two very polarising opinions.

It’s an amazing product and will disrupt the major insurers.

Or,

Great marketing but no different to any other insurer.

 

What kind of reception has Trov received?

MD – Trov is often talked of in the same breath as Lemonade. We love what they are doing from a user experience perspective.

Both Trov and Lemonade are designing a product for a younger generation, providing access to better insurance experiences. However, Trov are approaching the problem from a different angle. Lemonade is taking a high-level view on change in the insurance business model and creating a fantastic customer experience, which is a great thing to do.

Trov has taken a different approach. Instead of using an existing insurance product we decided to create an insurance product from scratch and design it on behalf of the customer. We began by atomising an insurance product down to the smallest possible part. Our intention being to create a product that could be flexible, dynamic and relevant to customers. We wanted to design a product where we could recreate other insurance products from a fundamental version. Our theory being that once you break the insurance value chain down to the smallest possible unit, you can rebuild it in whatever form you want.

Trov’s core innovation is;

  1. A better user Experience.
  2. An underlying software platform that enables us to price and deploy risk products in real time, down to a very small unit of time.

People assume the on-demand product delivered by our mobile app is the innovation. However, the back-end platform is as much of an innovation as the product.

 

 

There is a lot of interest in the Trov model.

Who are your key partners?

MD – When Trov launch in a new market, we always require underwriting capacity as we are not a licensed insurance company. Suncorp is the inaugural insurance partner for the Australian market. And were instrumental early on in helping us to think about how we should design an insurance product and experience for customers.

Trov partner with AXA in the UK market. We have a broader strategic partnership with Munich Re which has opened the door to the USA. Munich Re support Trov in other markets and on other products.

 

How have you found the appetite for collaboration and innovation with large insurance companies?

The appetite is there. Since Trov started, the whole Insurtech scene has exploded. It’s now a massive industry, separate from the insurance industry. We have spoken with every major insurer globally. And every one of them has a desire to be innovative.

Where the rubber hits the road is in committing the resources and showing the risk appetite to innovate. Insurers are more than happy to get into a conversation about innovation, execution is far tougher. Many Insurers become constrained by their internal processes and IT systems. It takes a certain amount of will from key decision makers within these organisations to get things across the line. At certain times, you need highly respected people to put their reputation on the line.

That’s probably the biggest challenge right now.  But that is symptomatic of many industries, not just insurance.

What is your take on the role Artificial Intelligence will play in the insurers of the future?

MD – There are huge implications for machine learning and AI that will eventuate in the next couple of years. Without a doubt, they will have a big impact on how insurers run their business.

The prevalence and advancement of AI and Machine Learning technologies will only exacerbate some of these issues. There are obviously huge opportunities for these technologies to supercharge the analytical tasks that insurers already perform. However, I think the biggest threat will come from outside the insurance industry. As I mentioned before, the insurance industry and insurance companies have a strong bias towards their own data.

AI and Machine Learning will enable other companies, with access to large datasets, to find causal or correlated relationships between seemingly abstract factors and risk. It will create more effective and efficient risk measurement and pricing capabilities. Think telematics in cars. Could Tesla, as an example, provide a more effective car insurance solution than a traditional insurer.

Machine Learning techniques enable someone to extract inference from huge amounts of data without an initial hypothesis. Anyone with a big data set could theoretically unearth a better model for insurance pricing, for both old and new products.

Emerging technologies will create threats to insurers outside of the traditional competitive sphere. Insurers should be wary of companies that have access to data about how their customers behave.

 

What will happen to traditional function, claims, underwriting, actuarial etc?

MD – Insurance is a data business and always has been. What’s changing is the breadth and type of data that is becoming available to insurance companies.

Insurance companies have a great capacity to analyse data and crunch numbers. Where I think Insurers are at most risk is the models used, and the skill sets are becoming outdated.

Let’s consider how an insurance company approaches underwriting and pricing. They collect a huge, historical data set and then analyse the data to create a product. Companies like Trov are very different. We collect real-time information on how customers interact with the product. And we can pull in data from multiple different data sources.

So, the question we ask ourselves is ‘How can we use dynamic and real-time data to deliver better products and pricing.’

I am yet to see a large Insurer with decent capability in this area. Many Insurers have closely held biases towards the historical data they collect. Sometimes they struggle to wrap their head around how they should price new products that haven’t existed before and don’t have a significant historical data set behind them.

 

Out of all the countries, you visit, which country would you say is making the greatest strides in Insurtech?

MD – Insurance markets are structured very differently in almost every country. However, the two countries that stand out for me are Australia and the UK. Both are predominantly direct markets, and both have a favourable regulatory framework. The USA is very heavily regulated with a very strong broker distribution model. Making it more difficult to get your product in front of potential customers.

London is the place that stands out for me. Mainly because of the open regulatory framework, and a long history with the insurance industry. If you intend to build a new insurance product, London is perhaps the most favorable and advanced place to do it.

In London, you have access to all the major insurance companies and reinsurers. Part of the reason Trov went with Munich Re is their large balance sheet. We partner closely with the digital division of Munich Re and they have a very flexible, entrepreneurial mindset towards deploying capital.

 

You’ve worked in a huge insurer. You have spent the last few years in the Insurtech industry. Will insurers eventually be replaced by Insurtech?

MD – Over the last couple of years, we have witnessed a huge surge of capital flowing into insurance technologies. Every major insurer has a venture fund. But I still don’t think that the entrepreneurial community has figured it all out yet.

The clear majority of innovation by startups focuses on user experience. It makes sense as that’s where most insurance entrepreneurs experience the pain point. From my perspective, having come from the insurance industry, I’d like to see tech companies innovating product.

The user acquisition issue is only the tip of the iceberg. There is a propensity to focus the effort, energy and intellect spent on innovation, on one thing, in isolation. Whether that is deploying capital, managing risk, customer experience, distribution.  If all innovation focuses on customer experience for an existing product, where is the impetus for the rest of the industry to change?

The real question is not;

Will Insurtech replace Insurers? 

But

What role does a technology startup play in the insurance ecosystem?

Many people talk about disruption. Will Lemonade or Trov supplant the insurance companies? I don’t think that’s ever going to happen.

However, disruption of the value chain will happen. Insurance companies have traditionally owned the entire value chain. Now technology companies can take parts of the value chain and do a better job of it.

User experience, pricing, data, even claims management are all up for grabs. It could be any individual activity across the whole spectrum of insurance.

In conclusion, I don’t think Insurtech will replace insurance companies.

 

What does the future hold for traditional insurers?

MD – Insurance companies must ask themselves; What in the insurance value chain are we really good at?

There are very clear examples, such as regulatory licensing, access to capital, risk management and balance sheet management. Insurance companies own this space. But in most cases, they’re not the best at customer experience and they probably shouldn’t be.

The insurers who will thrive in the future are those honest with themselves and focused on their core strength. It is crucial for insurers to interact and partner with other companies providing a better solution.

By using this approach, insurers can create multiple pathways, from balance sheet capital right through to the customer. The Insurers who do this will be super successful. Nonetheless, it’s a difficult thing to do for companies who have an emotional attachment to their brand.

 

Insurtech Australia
Insurtech Australia: The Future of Insurance 001

Insurtech Australia

To launch the Future of Insurance series, we welcome Brenton Charnley who is lead and co-founder of Insurtech Australia.

Brenton was previously Head of Innovation at MetLife Australia and is now Chief Commercial Officer at CoverGenius.

 

 

Insurtech is now an industry in its own right with over $6.3bn US invested in the sector globally. Although the majority of deals have occurred in the US and Asia, Australia has a rapidly growing Insurtech scene. Insurtech Australia formally launches Thursday October 26th 2017.

 

What exactly is Insurtech Australia?

BC – We are a national, not-for-profit organisation, run for the benefit of our members and partners across all corners of Australia. Insurtech Australia is a division of FinTech Australia.

Insurtech Australia aspires to make Australia one of the world’s leading markets for Insurtech and insurance innovation.

We do this by collaborating with insurers, startups, regulators and investors to create the best possible regulatory environment, and by fostering an ecosystem of supportive partners and networks so Insurtech can thrive and grow in Australia.

 

How did the idea for Insurtech Australia evolve?

BC – Back in 2016 I was working with Metlife as Head of Innovation. I could see the changes that were happening in the insurance industry, and the potential opportunities ahead. For innovation to occur, you need to gain as many external views as possible and not look at change through the myopic lens of Life Insurance.

So I decided to set up the Meetup group ‘Insurtech Sydney’, just to encourage discussion across the insurance and tech sectors. I expected maybe ten people would show up. There were almost 300 people at the early events. Lots of interest from incumbent insurers, but there was not a great deal of representation from the tech/startup scene.

At the same time, Sarah Fountain, Senior Associate at DLA Piper set up an Insurtech Melbourne meetup, and gradually the word spread to the tech scene.

Within six months we were partnering with insurers and ecosystem partners. In March 2017, we partnered with ANZIIF and Stone and Chalk, holding the Insurtech pitch event at the ANZIIF Insurtech conference.

Insurtech Sydney became a diverse community of insurance innovation and collaboration by bringing together insurance practitioners, entrepreneurs, technologists, innovators, and industry stakeholders across Australia.

By early 2017, we had demonstrated there was a clear need for the platform across insurance and insurtech.

So we went about the process of formalising a national non-profit body. ANZIIF and everyone in the industry has been super supportive, and we are excited to be launching Insurtech Australia officially this week.

 

What is your sense as to the mood of incumbent insurers towards insurtech?

BC – Globally the mood is very positive. Investment in Insurtech has exploded over the last few years. And the largest investors are incumbent insurers, so they clearly see opportunities.

There is so much talk in the industry surrounding disruption. My take is that incumbent insurers view most tech startups and Insurtechs as enablers, not disruptors.

We can already see technology improving many aspects of the value chain and distribution model. The tech is there to empower the industry, not replace it.

And it makes complete sense. Most Insurtechs have to partner with underwriters as they are not regulated or licensed.

 

How is the Australian Insurtech scene stacking up on a global scale?

Insurtech AustraliaBC – If we look at global funding, according to CB Insights only 1% of that has come to Australia. Many of the major VC firms are US-centric, and it is a massive market. So of course, a VC will invest in the largest market. The biggest Insurtech deals last year were Zhong An in China (US$931m) and Zenefits in North America (US$584m).

Australia doesn’t have a big enough market (yet perhaps?) to attract that type of investment.

However, when we compare Australia globally against other metrics, we are quite advanced. Australia is quite far ahead of North America for example on digital/online distribution. Australia is moving on to what I call innovation 3.0

 

What is innovation 3.0?

BC – Put simply, it is a world in which we are not just replicating old processes and digitising them. An example may be an online application for a policy. The customer has the same experience, they just don’t have to post the application in the mail.

Innovation 3.0 is a world where protecting your assets, insuring your health, your life, your holiday can happen in real time, on-demand at the push of a button. Innovation 3.0 is creating an environment where insurance is bought NOT sold. The insurance product is integrated into the asset/thing to which we seek to protect.

 

It is a very exciting time to be involved in Insurance right now. What are the key objectives of Insurtech Australia?

BC – Insurtech Australia is here to support and grow the Insurtech community and help the entire insurance ecosystem thrive. We are involved with technology startups, hubs, investors, brokers, advisers. Insurtech Australia is there for the benefit of both the insurtech members and corporate partners.

There is a lot of change ahead so we provide an environment where ideas and relationships can incubate and be nurtured and ultimately succeed.

We see Australia as the ideal mini-market for global insurers to launch new products, new ideas and new initiatives. So our goal is to make Australia one of the world’s leading markets for Insurtech and insurance innovation.

Insurtech Australia seeks to advocate on behalf of its members and partners and become the champions of change with the regulators. Australia has to accommodate new technologies, new models and innovative ways in which insurers can manage their capital if we are to compete in a global market. That being said, we must ensure that we retain a strong regulatory environment that continues to protect the consumer. Insurtech Australia seeks to work with the regulators to create the environment where insurtech innovation can thrive.

 

Insurtech Australia

Insurtech Australia formally launches 26th October. Learn more about the organisation and membership – 

http://insurtechaustralia.org

 

 

 

 

Matt Baxby Revolut CEO

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