Insurtech White Paper Part III: Segments and Players in the Australian Insurtech Market
This report is the final report in a series by Venture Insights on the disruption in Insurtech, following on from reports on the global landscape and aspects of the Australian landscape.
The trend of incumbent insurers in Australia losing ground to challenger brands has been well-established, but the rise of insurtechs – startups which deploy new technologies to challenge incumbents, act as technical enablers to incumbents or act as platforms / aggregators – is a key development in the last five years. The progress of insurtechs has depended substantially by which segment they play in, with general insurance being the most heavily targeted, followed by health and life insurance. This report explores this uneven penetration, highlights key startups in each space and looks at initiatives by incumbent insurers.
Contents
Key takeaways
Refresher: the Australian insurance industry
The story of insurtech in Australia: general and health insurance lead, with growth in life insurance lagging
Deep dive: Insurtech in general insurance
Deep dive: Insurtech in health insurance
Local insurtech activity in health insurance
Deep dive: Insurtech in life insurance
Insurtech activity in the Australian life insurance market has been limited by the level of regulation & significant barriers to entry
Insurtech activity in the Australian life insurance market has been limited by the level of regulation & significant barriers to entry
General insurance
List of charts/tables
Figure 1. Annual revenue of Australian insurance sectors, AUD billion
Figure 2. Venture Insights – Australian insurtech market projections by segment
Figure 3. Share prices of market leaders in general insurance industry vs. ASX200, 2011-2018
Figure 4. Market share of general insurers (with >2%), 2019
Figure 5. Insurance sector focus, Australian insurtechs, 2019
Figure 6. Market leaders in general insurance – activity in insurtech and innovation
Figure 7. Market share of health insurers in Australian market (above 2%)
Figure 8. Rate of health insurance premium growth vs wages & health expenditure, 2011-2019
Figure 9. Market leaders in health insurance – activity in insurtech and innovation
Figure 10. Market share of life insurers (2% or higher) in Australia, by total assets at June 2019
Figure 11. Market share of life insurers (with 2% or higher) in Australia, by net policy revenue (2018-19)
Figure 12. Market leaders in life insurance – activity in insurtech and innovation Insurer