As the popularity of Insurtech continues to grow, the first not for profit (NFP) association has been established, dedicated to insurtech and further insurance innovation.
Insurtech Australia is being created as a standalone division of Fintech Australia, the association for Australian fintech startups.
Insurtech Australia states that its mission is to foster a diverse community of insurance innovation and collaboration, to help Australia become a world leader for Insurtech.
The NFP will look to support the diverse Australian Insurtech Community such as Insurtech startups, insurers, investors, and more as a national, not-for-profit member organisation.
It will also collaborate with insurers, startups, regulators and investors to advocate for the best possible regulatory environment, and foster an ecosystem of insurtech innovation.
According to CBInsights, Insurtech startups attracted around USD $1.69bn in 2016, with only 1% of this coming to Australia.
Insurtech Australia lead and co-founder Brenton Charnley said the aim of the association was to boost Australian insurtech companies and help them develop a strong identity in the global market.
"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."