As the CEO of Insurtech Australia since May 2019 – and one of the organization founders – Rita Yates is extremely apt to identify which areas of the insurance industry benefitted most from integrating insurtech solutions in 2020.
In Australia, Insurtech is a rapidly evolving space, particularly with the virtual shake-up that occurred as a result of remote working requirements brought about by the pandemic.
2020 has seen insurtech continue to grow in Australia as company resources are increasingly focused on digital transformation.
“There are two segments that stand out for me.” She shares, “The first is the claims process, an area in which many insurance companies are exploring better digital solutions. It’s really proven to be a make-or-break proposition at times, since customers are increasingly demanding very capable digital processes when going through the claims cycle.”
Rita mentions, “The second area that took off during the pandemic was virtual assessment tools”. “These solutions are tools for such things as risk and damage assessment, and the fact that they can be operated effectively remotely has allowed them to prove their worth during COVID-19,” she noted.
“During COVID-19, technology-based businesses have had a bit of an advantage in adapting to what the world has required, and they have proven to be more resilient than those that don’t have technology as a building block.”
Though investment in Australian insurtech companies dipped globally in the second quarter of 2020, Yates says these numbers have stabilized and even recovered in the months since. Driving this investment in growing insurtech businesses, and helping them to scale, is something that Insurtech Australia has focused on this year and looks forward to advancing in 2021.
“The ecosystem here in Australia is starting to mature, and we’re looking to utilize this and to continue to create more tangible opportunities for incumbents to work with, partner with and invest in insurtech startups,” Yates said.
Though the next year looks set to provide opportunities for more face-to-face meetings among industry stakeholders, Insurtech Australia’s approach will stay digital-first to begin with to allow for more equitable access and enhanced cooperation, including with international community partners such as Insurtech Insights and the Global Insurtech Alliance.
“There will be an eventual transition back to more in-person events and initiatives throughout the year,” Yates said.
“However, we’ll have a continued focus on our digital channels and sharing the stories of our members and partners through these challenging and changing times, while our busy virtual events calendar will ensure that networking, education and connection remains a priority.”
What would you say the benefits are for an InsurTech venture to be part of an organization such as InsurTech Australia?
We know from reports such as startup genome that the local ecosystem around startups is one of the key indicators that can have a significant positive effect on growth. All initiatives we focus on at Insurtech Australia whether it be events, education, reports, our international delegation or the many connections we make are all about providing tangible opportunities to both our members and corporate partners to help them move into the future of insurance.
What do you see as the most important qualities for an InsurTech venture in today’s ecosystem?
Making sure they have product market fit and their proposition solves a real problem in the insurance world.
About Rita Yates
Rita has been the CEO of Insurtech Australia since April 2019 with the mission of helping Australia become a world leading Insurtech ecosystem, having previously been on the founding leadership team and Advisory Committee.
Prior to this role, Rita worked for three years as the Head of Corporate Partnerships and Insurtech Lead for Stone & Chalk, Asia-Pacific’s largest Fintech hub.
In that role Rita worked with over 25 large corporate partners in the financial services space, with the goal of bridging the gap between the startup ecosystem and corporate Australia, whilst promoting growth and commercialisation for the fintech and insurtech startup community.
Rita has years of experience spanning insurance and financial services as well as health and not-for profit industries. She also sits on advisory committees for CEBIT, Antler Australia and AILA Techhub.
About Insurtech Australia
Insurtech Australia is the national, not-for-profit industry association dedicated to fostering startups and innovation in Australia’s insurance sector. As the CEO, I am responsible for supporting the growth of the industry and all ecosystem partnerships including startups, insurers, reinsurers, brokers and other insurance related entities.
