- The Insurtech Gateway hits Australian soil; launching a new incubator, led by Australian entrepreneur Simon O’Dell and backed by Envest.
- Gateway Australia will fast-track the 12-month insurance provider authorisation process to two weeks, in addition to providing insurance capacity and investment.A high-touch program aims to ignite entrepreneurship within the Australian insurance market.
- With a relatively small consumer market, Australian founders think global from day one and as such are ideally aligned to the Gateway’s proposition of aiding international scaling.
- The Insurtech Gateway are exploring further local partnerships in Asia, N.America and Central Europe.
What is the Insurtech Gateway?
Insurtech Gateway, the London-based insurtech incubator that recently closed the first tranche of a new £30M investment fund, announced the launch of its first international program: Insurtech Gateway Australia.
The only FCA authorised independent incubator + fund, the Gateway is the fastest place to build and launch an insurtech idea. The insurance industry has so many barriers to entry, founders often run out of energy and money just trying to get in. The Gateway is a one-stop-shop for founders, where they can get underwriting paper, investment capital and advice on how to design and build their startup, all surrounded by great insurance partners. The Gateway fund supports the portfolio post incubation, to Series A and beyond.
Since launching in the UK in 2017, it has helped foster the growth of emerging insurtech leaders, including ByMiles (as featured in The startups 100, 2019), FloodFlash, Digital Asset Services, Humn, and Insurdata.
“The Gateway are our insurance sherpas, guiding us through the wilderness of insurance”Mark Musson, co-founder, Humn.ai (Gateway portfolio company)
Global launch platform hits Australian soil
Insurtech Gateway Australia will be led by Australian entrepreneur Simon O’Dell and backed by Envest. Working with early stage startups, the Insurtech Gateway Australia incubator will offer fast-track access to local and international markets through a high-touch 12-week program and ongoing support.
Using the Gateway’s tried and tested model, Gateway Australia will provide pre-seed funding, and create a hands-on, bespoke program for incoming startups. Working with various industry partners to offer authorisation and operating support, increase insurance capacity and build connections with potential customers. Beyond the core team, startups will be supported by a global network of mentors.
Insurtech Gateway Australia expects to welcome its first startup in the coming months, with several founders already in discussions about joining the program. Beyond incubation, graduates will also have access to both the Gateway Fund and Envest. Envest have over 20 traditional insurance businesses in their portfolio with 5 insurtechs, having supported 10 of these businesses as startups.
Simon O’Dell, CEO, Insurtech Gateway Australia commented: “Insurtech is a fast-growing part of Australia’s fintech eco-system, but bringing new ideas to market can be extremely challenging due to complex regulatory hurdles and access to customers. We are rolling out a proven model to rapidly accelerate the development process for Australian insurtech startups.
Insurtech is a fast-growing part of Australia’s fintech eco-system.
“The Gateway will turbo-charge the success of our best insurance technology-focused entrepreneurs. For example, we can reduce the 12-month authorisation process to provide insurance products in as little as two weeks. While we have access to two funds in the Gateway Fund and Envest , it is the smart and strategic value behind this capital that will determine success in today’s competitive environment, and we aim to build a business around that ethos,” he said.
Insurtech Gateway co-founder Stephen Brittain said: “We share a belief that high scale insurtech businesses will come from Australia. We’re trying to keep up with the ambition of a country that thinks globally from day one and was the home of startups like Trov, Atlassian and Xero. The Gateway will connect Australian entrepreneurs with a global network of ambitious founders and investors. This is just the beginning; we’re going to expand into Asia and other key international markets”.
We’re trying to keep up with the ambition of a country that thinks globally from day one and was the home of startups like Trov, Atlassian and Xero.
Greg Mullins, Partner of Envest said: “Australia should be exporting our greatest entrepreneurial talent and building more global insurtech businesses. The London Insurtech Gateway team are an impressive bunch. They have the runs on the board. They know how to discover and develop success in the UK and we have been able to achieve that on a traditional basis here. We want to be part of the insurtech revolution and help drive that here in Australia. We are proud to be supporting the launch of the Gateway here in Australia; now, our founders will truly have world-class resources to help them compete with the best.”
The London Insurtech Gateway team are an impressive bunch.
Insurtech Gateway Australia will be headquartered in Stone and Chalk Sydney, with offices in Queensland.