3 InsurTech companies making waves in the Australian market
By Leandra Monteiro
InsurTech is the combination of insurance and technology and aims to make current insurance models more efficient. Australia’s strong financial services industry has made FinTech an already popular industry.
As a result, it comes as no surprise that in the past few years Australia’s InsurTech industry has witnessed a boom. Focused on supporting product and distribution innovation, pricing agility, smarter loss prevention as well as organisational efficiency, InsurTechs in Australia hold the key to helping incumbents accelerate their transformation to become digital insurers. Australia provides a good nurturing ground for companies looking to invest in InsurTech.
According to a report by EY titled, ‘An assessment of the Australian Insurtech ecosystem’, the InsurTech ecosystem in the country is evolving and growing to meet the changing insurance demands. Additional, in the last year, the number of InsurTechs operating down under has grown by 53%.
Here are 3 Australian InsurTechs making waves in the industry:
Cover Genius: Cover Genius provides an insurance distribution platform designed to protect the customers of e-commerce companies. The company was founded in 2014 and is headquartered in Sydney, Australia
Cover Genius’ technologies include XCover, a distribution platform providing coverage for any line of insurance in any country, language and currency. XCover was developed after the early success of Rental Cover in the mobility space.
Claims are handled by XClaim, its API for real-time payment of approved claims. It handles tens of thousands of instant claim payments in 90+ currencies via bank transfer, and it also allows partners to choose to remit via store credits, e-wallet and card top-ups.
handdii: handdii is working towards saving insurance companies significant claims costs, while producing satisfied customers at the same time. At handdii they are on a mission to put the control back into the hands of the customer and help trades excel at the work they do. Their product focuses on a specific problem area in claim fulfilment and property repair.
handdii is a platform where contractors can easily connect, engage and promote their businesses, insurers can experience reduced cost and customers can get their property insurance repairs done easier and cheaper.
In Aug 2019 handdii closed $1.5M Seed Capital Raise. Seed investors include Scale, Greenlight Re, John McBain AO and KTCGE Investments. Early 2019 handdii was supported by the Australian Government Department of Industry, Innovation and Science through a commercialisation grant as part of the Entrepreneurs’ Programme and was selected as one of the top ten startups to take part in the 2019 Hartford InsurTech Hub accelerator. handdii has insurance clients in Australia and the United States.
Integrity Life: Based out of Pyrmont, Integrity was created out with an aim to fundamentally disrupt the industry and improve life insurance in Australia. By blending its expertise with technology, the company is creating products that are easy to understand and simple to use.
Integrity has eliminated claim forms for almost all claims and replaced them with a tele-claim process that allows it to collect the information it needs for a claim quickly and with less follow ups for additional information. The company has even extended this to generating fully personalised treating doctors report questionnaires so that a busy doctor can provide information on a claim without having to wade through pages of questions.
Integrity has access to more than $180 million in capital, both equity and debt. The company’s investors include four funds under the discretionary management of London-based firm Leadenhall Capital Partners and Japanese life insurer Daido Life Insurance Group.
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