Insurtech Australia brought together startups, early-stage investors and business leaders in Sydney to debunk investment myths around early-stage insurance ventures and what defines an insurtech startup.
Insurtech Australia is a national, not-for-profit organization, aiming to support the insurtech community and ecosystem in Australia.
It acts as a focal point to promote collaboration between startups, insurers, regulators, and other stakeholders within the insurtech sector. Insurtech Australia facilitates networking, mentorship, and knowledge sharing, helping to foster innovation in the insurance industry.
The organization plays a critical role in advancing the growth and development of the insurtech landscape in Australia, highlighting the country’s commitment to digital transformation in insurance.
The Australian insurance market is worth $100 bn annually and $7 trln worldwide, offering a massive opportunity for startups.
Simone Dossetor, CEO of Insurtech Australia, the not-for-profit industry association for insurtech startups and insurance industry innovation, said insurtech can be any venture that uses technology to deliver a service related to insurance.
This means insurtech is a diverse sector, touching adjacencies like climate and property, just to name a couple of intersectionsSimone Dossetor, CEO of Insurtech Australia
“In Australia, our insurtechs are known for building sophisticated technology that is proven in the local market and easily scalable across other developed and emerging economies,” she said.
Tetiana George is an Insurtech Australia director noted that insurance is a well-defined market in Australia, with 200 APRA registered underwriters and managing general agents, plus 11,000 brokers. She added that most insurtechs qualify for ESVCLP investment structures and industry sales cycles are standard for B2B businesses.
TOP 10 insurtechs in Australia, based on total funding raised
- Cover Genius – Headquartered in Sydney, it has raised around $165.1 mn. The company is known for its insurance distribution platform, with products like XCover, RentalCover, and XClaim.
- Socotra – Located in Bondi Junction, NSW, Socotra has total funding of $93.9 mn. It provides digital platforms for insurance companies to enhance product development and customer experience.
- dacadoo – Based in Sydney, with a funding of about $113.5 mn, dacadoo operates a digital health engagement platform.
- Instanda – A London-based company with an office in Eight Mile Plains, QLD, Instanda has raised $73.1 mn. It offers a no-code platform for creating and launching insurance products.
- Honey Insurance – Headquartered in Surry Hills, NSW, with funding of $40.5 million, the company specializes in home insurance and utilizes smart technology for protection.
- FloodMapp – Based in Brisbane, QLD, and has raised $9.8 mn. It specializes in real-time flood forecasting and inundation mapping.
- Daisee – Located in Sydney, NSW, with funding of $8.8 mn, Daisee uses AI for conversational analytics in the insurance sector.
- Upcover – A Sydney-based company with total funding of about $4.8 mn. It offers an API-based platform for commercial insurance distribution.
- Handdii – Based in Melbourne, VIC, handdii has raised $4.5 mn and operates an online marketplace connecting insurance clients with contractors.
- Kanopi – Also based in Melbourne, VIC, with total funding of $5 mn, Kanopi operates a digital platform that connects insurers to their clients.
These companies are notable for their use of technology to revolutionize various aspects of the insurance process, from customer engagement and policy management to risk assessment and claims processing.
by Peter Sonner