Fintech Australia launches insurtech group

24-Oct-2017

By Sarah Kendell

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Fintech start-up association Fintech Australia has formed a new division specifically for insurance technology or ‘insurtech’ start-ups as the sub-sector continues to grow in the local fintech market.

The group said the founding members of Insurtech Australia included start-up incubators such as Tank Stream Labs and York Butter Factory, as well as established names in the insurance industry such as QBE and Munich Re.

Start-up firms in the insurance space that were already members of Fintech Australia would be granted automatic membership to Insurtech Australia, while industry and corporate members could join separately.

The group said while insurtech start-ups attracted around US$1.7 billion in funding last year, just 1 per cent of that had flowed to Australian firms, making it crucial that the local industry lobbied for further support from venture capitalists.

Insurtech Australia co-founder Breton Charnley said the group wanted Australia to become a world leader in insurtech.

“Insurtech is a rapidly growing sector worldwide and Australia has the ideas and skills to compete,” Charnley said in a statement.

“Insurtech Australia’s mission is to foster a diverse community of insurance, start-up and technology leaders to help Australia become a world leader for insurtech.”

He added the group wanted to bring together an ecosystem of supportive partners to help insurtech thrive and grow in the local market.

Fintech Australia chief executive Danielle Szetho said the industry association was delighted to be supporting its new division.

“Insurance is a multi-billion-dollar industry with massive potential for new ideas and technologies,” Szetho said.

“By creating a clear focus point for insurtech policy and bringing together people from the start-up and corporate sectors to collaborate, Insurtech Australia will play a vital role in creating the insurance industry of tomorrow.”

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