Top 4 exciting companies blending insurance with FinTech in Australia
By Edil Corneille
Insurance technology or InsurTech aims at improving the current insurance industry model by enabling customers greater access to the knowledge of products so that they can make optimal decisions. According to a report released by Ernst & Young, Australia (EY Australia) and Insurtech Australia, only 50 per cent of the Australian insurance sector believes that enough is being done to maximise the value of InsurTech collaborations and drive real digital innovation across the industry. The third annual survey of Australia’s InsurTech ecosystem found that while partnerships between incumbent insurers and InsurTechs are becoming increasingly common, 80 per cent of insurers are currently collaborating with an InsurTech, but most are still occurring on a small scale, for specific point solutions within individual pockets of the business.
The report by EY Australia and Insurtech Australia apprises that to move to the next stage of optimisation and fully harness the benefits, insurers will need a clear, holistic digital strategy and an implementation roadmap that addresses legacy technology issues. A subset of financial technology (FinTech), InsurTech replaces legacy systems and brings in digital innovation in the insurance sector for efficient administration, claims, pricing and underwriting agility. Mentioned below are the 4 Australian companies that are transforming the sector with their offerings and developments.
AXE Group
This Sydney-based company is an insurance solution specialist and is said to process over $7 billion in policies and claims every year. Developed over 16 years, Axe Group’s core product, Axelerator, is a modular and fully flexible software platform designed specifically for insurers. It supports all aspects of insurance processing – life and general insurance for new business and policy administration, as well as claims management. Axe Group’s clients include AIA, BNZ, Callibre, Macquarie Bank, CommInsure and Hannover re. The company creates profitable solutions to support all business needs.
Axelerator provides hundreds of modules that can be rapidly assembled and configured to suit the unique set of products, processes and technology that each company has. Axelerator has a range of sophisticated capabilities beyond core insurance processing functionality that tailors products and processes through configuration and rules – not code.
Bravura
Bravura Solutions is a provider of software solutions for the life insurance, wealth management, and funds administration industries. The company’s software solutions enable clients to increase speed to market, provide a seamless digital experience and address ongoing changes in financial services regulation. Backed by over 30 years of experience, its on-premise, managed, hosted and cloud solutions are used by financial institutions globally. Bravura supports clients with a team of more than 1,400 people in 12 offices across Australia, New Zealand, United Kingdom, Europe, Africa, India and Asia.
Bravura was established in 2004 via a management buyout of the wealth management business unit of CSC Australia. In 2010, the wealth management and life insurance software solution Sonata was launched. NZ life insurer Partners Life became the first Sonata client in 2011, writing its first million dollars in premiums within three weeks of going live on the platform. The Sonata platform is a modern, policy administration solution that enables businesses to automate processes. It provides significant efficiency and flexibility to meet evolving customer needs and keep pace with regulatory changes.
In July, Bravura extended its long-standing partnership with New Zealand outsourcer, Trustees Executors, which includes an upgrade to the latest version of Bravura’s Sonata platform.
Huddle
Huddle started selling insurance in Australia in 2016. Huddle has mentioned that it pays out over $1 million in claims each month. The company is working with customers and third parties. Over 35,000 Australians are said to have already experienced Huddle’s car, home and travel insurance offering. Huddle is powered by Sydney-based Open, an advanced insurance platform.
Open powers the end-to-end insurance experience for brands, brokers and insurers globally. Open is a financial services company that builds and manages infrastructure for the global insurance industry. The company helps brokers, brands and insurers offer their customers a choice of tailored products, managed through online journeys, and backed by a team of insurance experts. Open provides global connectivity so that products can be up and running in minutes.
Insured By Us
This travel insurance platform has a record $100 million in gross written premiums to date. Its IBU platform takes care of quotes, policies, claims and compliance, while the sales can be tracked via a dashboard. For Enterprise customers, every feature is modular and can be used in any combination, with a single installation. From standalone, function-specific implementations to full platform deployment, requirements can be customised. The travel insurance technology company can help startups to start selling travel insurance and boost their revenue with a partner program that rewards a startup’s referrals. Startups have to plug into Insured By Us’ platform to start earning. Insured By Us will take care of the policies, quotes, claims and compliance while startups earn 10 per cent of each policy sold.
For Mediums, Insured By Us supports them full stack tech and uncompromising compliance management. Customers’ travel insurance needs can be serviced with branded travel insurance, seamlessly integrated with the Medium’s digital ecosystem.
In the Enterprise category, the platform helps with customised solutions made possible by technology, systems and API. A dedicated team with compliance, security, data warehousing and policy administration is built in. An API is a software intermediary that allows two applications to talk to each other. All IBU features are available via API.
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