Having itself launched last October, Insurtech Australia has partnered with a number of global counterparts to launch the Global InsurTech Alliance (GITA), an international network looking to facilitate global collaboration and connectivity in the insurance technology space.
Joining the Australian organisation in launching the international body are InsTech London, Insurtech Asia, and FintechNZ.
Brenton Charnley, Insurtech Australia CEO, said, “The development of the global insurtech ecosystem with international partners reflects the rapid evolution underway for a sector little changed in over two centuries. In just a few years, there has been a rapid emergence of new technologies and Insurtech activities across the insurance value chain.
“As a global network of organisations dedicated to supporting insurtech, GITA will help facilitate new opportunities for Australian startups and offer enhanced collaboration opportunities to our corporate supporters.”
With GITA to make its first appearance at an international roadshow across Singapore, Malaysia, Thailand, and Germany facilitated by Insurtech Asia in March, the members of the global network will look to collaborate on industry analysis and insights, make introductions and create opportunities for members and partners.
“Insurtechs’ major successes to date have largely been driven by successful partnerships between insurtechs, insurers and re-insurers,” said Charnley.
“[GITA] has the potential to be a key driver of global partnerships. This initiative will support our members and partners, and we look forward collaborating with our GITA cofounders in the UK, Asia, and New Zealand, as well as welcoming other insurtech ecosystem partners to the alliance.”
Insurtech Australia was launched in October as a standalone division of Fintech Australia, with Fintech Australia CEO, Danielle Szetho, saying the establishment of a new body for the insurance sector was a “logical next step” after having seen a growing interest in and demand for meetups and related industry events around Australia.
With support at launch from partners including QBE, Suncorp, and IAG, the launch of Insurtech Australia came as data from CB Insights shows Australian startups attracted just one percent of the almost US$1.7 billion invested in insurtech startups in 2016.
In looking to further this, the organisation has added Simon O’Dell to its ranks as COO, and signed on a number of new corporate partners including DXC Technology, RAA Insurance, and Gallagher Insurance Brokers.
Startup Daily had a chat to Dan Taylor, GM of Innovation at life insurer TAL, about what innovation looks like in the insurance space on a recent episode of the Startup meet Corporate podcast.
Image: Brenton Charnley.