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Insurtech Australia launches

With insurtech starting to enjoy rapid growth in Australia, Insurtech Australia has announced its formation as a new industry association dedicated to the advancement of insurance innovation and insurtech startups.

Insurtech Australia is being created as a standalone division of Fintech Australia, the association for Australian fintech startups. As a national, not-for-profit organisation, it will focus on representing insurtech startups, insurers, reinsurers and brokers and other insurance related disciplines, such as health, wellbeing, data and analytics, machine learning, IoT and telematics.

Founding members include a cross-section of industry, technology and startup experts, with launch partners including Tank Stream Labs, York Butter Factory, FinTech Australia, and ANZIFF, and foundation partners: QBE, Macquarie Bank, MunichRe, TAS, EY, AUB Group, The Fold Legal and Stone & Chalk and other partners including: Suncorp, IAG, Envest, RAC Insurance and Oliver Wyman with more to be announced at a launch event in Sydney on Thursday 26th October. 

Founding insurtech members includes Cover Genius, Swarm, Flamingo, Audeamus Risk, Friendsurance, Evari, Inside Mind and Insured By Us with a key initiative for the coming year to identify and promote other Australian insurtech startups.

According to CBInsights, Insurtech startups attracted around USD $1.69bn in 2016, with only 1% of this coming to Australia. Insurtech Australia wants to help build Australia’s insurance innovation eco-system – bringing together industry and startups to foster new ideas.

Brenton Charnley, Lead & Co-Founder of Insurtech Australia, says a key aim is to see Australian insurtech companies succeed on the global scale and for Australia to become a world leader for insurtech.

"We want to make Australia one of the world’s leading markets for insurance innovation. Insurtech is a rapidly growing sector worldwide, and Australia has the ideas and skills to compete. Insurtech Australia’s mission is to foster a diverse community of insurance, startup and technology leaders to help Australia become a world leader for insurtech. We want to encourage people to work together and to create an ecosystem of supportive partners and networks to help insurtech thrive and grow in Australia," said Charnley.

The origins of Insurtech Australia can be traced to the increasing demand for meet-ups and related industry events that have attracted hundreds of participants across Sydney, Melbourne and other capital cities across Australia. Insurtech startup members of Fintech Australia will be granted immediate membership of Insurtech Australia, while corporate partners and industry members can join separately.

Danielle Szetho, CEO, Fintech Australia said that the creation of a new peak body for the insurtech sector, was a logical next step.

“Fintech Australia is delighted to be supporting Insurtech Australia. Insurance is a multi-billion dollar industry, with massive potential for new ideas and technologies. By creating a clear focus point for Insurtech policy and bringing together people from the startup and corporate sectors to collaborate, Insurtech Australia will play a vital role in creating the insurance industry of tomorrow,” she said.

Taken from Insurtech Australia Media Release 23 October 2017

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