Insurtech White Paper Part III: Segments and Players in the Australian Insurtech Market

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Insurtech White Paper Part III: Segments and Players in the Australian Insurtech Market

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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