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Insurance Advisernet

Innovation launchpad seeks brokers’ bright ideas

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A new scheme has been launched to breathe life into insurance brokers’ innovative business ideas and counter the threat of industry disrupters.

Brokers can apply to the InsurePitch panel, conceived by Premium Funding Director Ross Hayward, and the best business concepts will be given capital, business support and technology resources to take their idea to market.

Crucially, they will also be able to tap into an existing distribution network of more than 1000 brokers and their clients, provided through the panel members.

As well as Mr Hayward, the panel includes Ebix MD Leon d’Apice, PSC Insurance Group MD Paul Dwyer, Ausure MD Troy Brown, Insurance House Group MD Jay Fereday, Resilium Insurance Brokers MD Greg Arms, and Hollard Group Director Richard Heilig.

Mr Hayward told the scheme’s main purpose is not to make money, but to help the industry as it comes under increasing threat from disruptors.

“The industry is changing, and insurance brokers are not immune to the rising challenges posed by direct insurers and insurtech players,” he said. “Brokers who don’t adapt and use disruptive technology are going to lose out.

“Technology and automation are keys to competing against these new entrants, and now is the time to disrupt the disruptors.

“If people have an idea that can help streamline and automate processes for brokers and their clients, or can help them generate new business or increase revenues, come and talk to us.

“We know there are smart ideas and brilliant people out there, but they might not have the time, resources or distribution to launch a product into the market.

“InsurePitch will give the right ideas access to not only capital, but also a large network of brokers in Australia.”

Click here to apply before October 31.

More details in our regular bulletin on Monday.