Insurance

Jun
21

Huddle Money raises $6m to create peer-to-peer bank

Sydney-based fintech start-up Huddle Money will emerge from so-called stealth mode this week after securing $6 million backing for its bid to take on traditional banking services with peer-to-peer offers. The company, founded by expat Brits Jonathan Buck and Jason Wilby has been self-funded for the last year, but has closed its first funding round, which was led by Hollard Australia managing director Richard Enthoven. Huddle Money is the latest in a growing band of fintech start-ups to set their sights on opening up new options for consumers in a market that had previously been dominated by large institutions. It says it will do this by challenging existing business models […]

DETAIL
May
30

Swipe right to protect: Trov launches world-first on demand insurance

  Trōv, a company that is reinventing insurance for the mobile generation, and leading insurer Suncorp Group, today announced the limited launch of on-demand insurance in Australia, beginning with coverage for common electronics. For the first time ever, people can now turn insurance on – or off – for individual items entirely from their mobile device. The claims process is facilitated by an automated bot and live chat, which means making a claim is as simple as sending a few texts. Trōv Protection is only available via the Trōv app and is a first for the Australian market. “Trōv was built to empower the mobile generation to protect the items that […]

DETAIL
May
09

Fintech a $US1 trillion fight

Consultants Oliver Wyman has been talking to banking clients all around the world over the past few months about the concept of “modular financial services”. It’s the coverline adorning one of the firm’s latest research pieces on the impact of information technology on the future of banking. Even as the equity prices of US fintech poster children like Lending Club and OnDeck are pummelled as capital markets reassess valuations, incumbent banks around the world show no sign of losing interest in fintech. Indeed, if the interim results of three of Australia’s big four banks last week were any guide, thinking about fintech in the C-suite is only accelerating. The earnings […]

DETAIL
Mar
29

Reinventure backs Flare HR to disrupt default super

Westpac Banking Corp’s venture capital fund Reinventure Group has taken a stake in Flare HR, a start-up that has built software that promises to enhance company engagement with employees and disrupt the $9 billion default superannuation market. Reinventure Group has invested more than $1 million in a recent seed fundraising round by Flare, which has spent a year building a cloud-based platform that will launch in May. The Sydney-based company has a dozen full-time staff working in the fintech hub Stone & Chalk and expects to grow to 30 people over the next six months. Flare’s software, which manages the on-boarding of new employees and various human resources functions including […]

DETAIL
Mar
25

Insurers brace for mega fintech shake up

The insurance industry has largely remained the same in the past 100 years, but the sector is in for its biggest shake up as investors continue to pump billions of dollars into “insurtech”, fuelling sweeping changes through technology. Insurance is the second most disrupted industry today thanks to a growing number of start-ups and technology companies eyeing slices of the insurance pie. Research from PwC found that the global insurance industry ranked second only behind media and entertainment as the industry that is most significantly affected by technological change. And Australia, where the general insurance market is dominated by players such as Suncorp Group, IAG and QBE Insurance Group, is […]

DETAIL
Mar
21

Bravura Solutions: Technology Provider of the Year

Congratulations to Australian FinTech company Bravura Solutions who have won the Technology Provider of the Year at the FStech 2016 awards. Bravura Solutions Pty Limited is a trusted provider of software solutions for the wealth management, life insurance and transfer agency industries, underpinned by functionality rich technology that enables modernisation, consolidation and simplification. Now into its 16th year, FStech Awards took place on 17 March at the London Marriott Hotel, Grosvenor Square. Lloyds Banking Group, Misys, VocaLink, Barclays, LV=, SWIFT and Bank of America Merill Lynch were among the winners last time around. At the 2015 FStech Awards, over 450 of the financial services sector’s best and brightest were out in […]

DETAIL
Oct
23

The FinTech future is here

Viewing the below chart of web searches, you could be forgiven for thinking that fintech has only really emerged in the past year. But the financial services sector has been innovating with technology for centuries – so why has it got so big recently? Source: Google The coming together of financial services and technology is nothing new. It will come as no surprise to know institutions have been using technology to improve their middle and back offices for as long as computers have been around. We used to call this banktech. In fact, banktech can be traced back to the 18th and 19th centuries when traders would use carrier pigeons […]

DETAIL
Jul
31

IAG makes ‘smart move’ to name Peter Harmer as innovation boss

Insurance Australia Group has appointed former commercial insurance boss Peter Harmer as chief executive of its new digital innovation hub, as the $14.4 billion insurer ramps up its technology drive. Source: IAG makes ‘smart move’ to name Peter Harmer as innovation boss

DETAIL