’Australia presents a unique opportunity for UK and European insurtechs and new MGAs,’ says chief executive
Insurtech Upsure and Australian broker network CBN have joined forces to help UK insurtechs and MGAs expand into the market down under.
The partnership, which came together in April 2023, will give companies access to a network of brokers as they work through their registration in Australia with CBN and Upsure.
It will also provide insurtechs and MGAs access to all underwriters in Australia and Lloyd’s of London agencies.
Speaking exclusively to Insurance Times, Matt Almond, co-founder and chief executive of Brisbane-based Upsure, said: “Australia presents a unique opportunity for UK and European insurtechs and new MGAs.
“We’re excited to help bring new capacity online not just for our clients, but for the almost 600 brokers part of the CBN network.”
The process for applying will be run on a case-by-case basis – CBN and Upsure have formed a panel to review these applications.
Once approved, the insurtech or MGA selected will work closely with the duo on their launch to market.
Almond said there could be a “barrier to entry” in terms of how firms would launch in Australia.
“There is a bit of a barrier to entry in terms of how insurtechs are going to launch here and get direct access to market,” he added.
”It is such a massive country with such a diverse group of people and clients.”
He continued: “The UK has been on its radar for the last 12 to 18 months.
“There are different requirements from a governance perspective, the FCA has a stricter launchpad over in the UK as opposed to the regulators in Australia.
“A lot of insurance in Australia is written out of Lloyd’s of London and the London market.”
More capacity
Meanwhile, Andrew Birt, co-founder of Upsure, said that the partnership with CBN will help UK based insurtechs or new MGAs “land and expand in this growing market”.
Read: Isle of Man Financial Services Authority set to launch new innovation hub
Read: Insurance sector needs to embrace those who fear innovation
Explore more insurtech-related content here and discover more news analysis stories here
He said Upsure would be working with insurtechs and MGAs to help get their go-to market strategy right, while CBN would act as the distribution channel.
“It’s about bringing more capacity and innovative capacity through customers and the CBN broking network,” Birt added.
“We are really excited about all the different coverage gaps because there’s been a hard market in the last few years.
“But, a lot of innovation that has happened with MGAs in the last few years has plugged a lot of those coverage gaps.”
No comments yet