Australian insurance companies – the leaders in 2021

Read more: IBM: insurers must work with insurtechs

EY worked closely with Insurtech Australia to gather responses from insurance companies, insurers and other service providers to uncover their thoughts on the state of the insurance and insurtech sectors in the country.

Most interviewees agreed that it is time to scale up partnerships to take advantage of opportunities in ‘ripe for innovation’ areas such as efficient administration, pricing and underwriting agility and new developments. products.

“As the platform economy matures, insurers will move beyond simple alliance models and develop the infrastructure to support the plug-and-play and cross-platform integration capabilities to create true ecosystems, ”added Parton. “One of the key ingredients here is putting the right infrastructure around the existing systems, so that insurtech can connect to the business.”

Parton also noted that “deploying insurtech on a large scale is the only way to keep up with rapid technological developments and meet growing consumer expectations.”

Read more: What will it take to soften the insurer-insurtech relationship?

Top ten insurance companies in Australia

To find out which Australian insurance companies are taking advantage of these partnerships or forging their own path, Insurance Business referred to data from the Crunchbase business information website. We then ranked the companies based on total investments up to October 1, 2021. All of the companies on the list are members of Insurtech Australia.

1. Cover the genius
Total funding: $ 94.9 million (approximately $ 131.6 million)
Number of investors: 4

The Sydney-based insurance company recently made headlines after securing $ 100 million from investors in its most recent funding round. The company, which provides an insurance distribution platform designed to protect customers of e-commerce companies, said the amount raised will be used to fund its global expansion. Its products include XCover, which offers personalized insurance in different countries, and XClaim, an API that provides instant claims payments in over 90 currencies through a range of payment methods, including wire transfer, store credit, recharge card and digital wallets. . The company has offices in New York, San Francisco, London, Amsterdam, Tokyo, Singapore, Seoul, Kuala Lumpur and Manila.

Read more: Insurance start-up Cover Genius increases valuation to $ 1 billion

2.dacadoo
Total funding: $ 71.1 million (approximately $ 98.7 million)
Number of investors: 3

Based in Zurich, Switzerland, dacadoo develops and operates a mobile-focused digital health engagement platform that helps people lead healthier, more active lives through a combination of motivational techniques using the science of behavior, online games, social media, artificial intelligence and automated coaching. The firm’s platform is available in 15 languages ​​and can be integrated with client products via its API. The company has partnerships with several health and life insurers, health and wellness service organizations and various businesses around the world. Its Australian office is in Sydney.

3. Socotra
Total funding: $ 43.9 million (~ $ 61 million)
Number of investors: 15

Socotra, based in San Francisco, Calif., Offers a technology platform that enables insurers to accelerate product development, reduce maintenance costs and improve the customer experience. Its cloud-based solution unifies key industry processes including underwriting, pricing, policy management, claims, billing, and reporting. The company recently opened its first international office in Australia and has a partnership with the country’s largest general insurer, IAG.

Read more: IAG unveils the technology behind the Poncho Insurance offer

4. Snapshot
Total funding: $ 28.1 million (approximately $ 39 million)
Number of investors: 4

Based in London, England, Instanda has offices in Europe, North America, Latin America and Australia. Insurtech provides a code-free design platform based on a powerful set of insurance-specific compute, processing, and workflow capabilities that enable insurers to build, configure, and launch products online. Instanda’s client list includes brokers, carriers and MGAs.

5. Honey insurance
Total funding: $ 15.5 million
Number of investors: 15

Honey Insurance uses smart technology to protect households from “preventable accidents”. Based in Surry Hills, NSW, the insurance company offers insurance coverage against theft, natural disasters, accidental damage, reconstruction of property and liability, among others.

Read more: Honey Insurance receives $ 3 million investment

6. Daisee
Total funding: $ 8.8 million
Number of investors: 1

Sydney-based Daisee uses artificial intelligence to perform conversational analytics that assess and rank all interactions, making it easy for insurance companies to know what to focus on when improving the customer experience. Its programmable dashboard platform replaces the traditional paper dashboard with an automated digital solution. The platform can be configured to filter questions based on the type of call or team the agent is in to ensure they are rating the appropriate quality for customer interaction.

7. Aventus
Total funding: £ 2.6million (approx. $ 4.8million)
Number of investors: 4

Aventus offers an insurance platform that enables brokers, carriers and MGAs to create a seamless customer experience across any line of insurance. Insurtech merges customer relationship management and policy administration to enable users to speed up processes and increase profitability.

Read more: Launch of a new underwriting agency Stella Insurance in Australia

8. FloodMapp
Total funding: $ 1.4 million
Number of investors: 4

FloodMapp specializes in rapid real-time flood forecasting and flood mapping to provide a longer warning time that can potentially save lives and reduce associated damage and financial loss. The Brisbane-based insurance company is among the first in the world to offer this type of predictive flood mapping technology.

Read more: New Insurtech FloodMapp Could Save Insurers Millions in Claims Assessment Costs

9. KOBA insurance
Total funding: $ 1 million
Number of investors: 1

Victoria-based KOBA Insurance says its mission is to help more than 10 million Australians lower their annual premiums by only charging them for what they use. The insurance company uses a pay-per-view platform, which means policyholders will only be billed each month based on their trip.

Read more: KOBA Insurance Raises $ 1 Million in Recent Crowdfunding Round

10. Zemble
Total funding: $ 862,600
Number of investors: 1

Formerly ClaimSpace, Sydney-based Zemble offers a white-label web collaboration tool that enables insurers to create flexible and personalized digital experiences for clients and external stakeholders. The insurance company’s configurable and user-friendly platform streamlines and automates the heavy parts of administering the complex interactions with claims and complaints to deliver customer data to its clients.

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