Brought to you by:

Ensurance takes on ‘disruptor’ mission

Broker and insurance technology innovator Ensurance sees itself as an “industry disruptor” shaking up Australia’s general insurance market.

MD Stefan Hicks says its IT division, part of the Ensurance Underwriting group, is meeting the needs of tech-savvy consumers as the industry undergoes “a flux of digital change which is going to adjust extremely fast from here globally”.

“Investment into fintechs [financial services entrants that offer innovative products and services] globally is going to permanently change the way general insurance is bought and sold in a very short number of years,” he told insuranceNEWS.com.au.

“Ensurance’s strategy is to be at the pointy end of this shift, and it is rapidly becoming a main player in this field due to its considerable investment in IT, re-engineering the buying process and longstanding partnerships.”

Mr Hicks says the company has successfully developed an advice-driven IT platform that is already changing the way most insurance products are sold.

The platform currently offers more than 20 product classes from QBE, Liberty International Underwriters, Berkley, Ensurance Underwriting, Munich Re-owned HSB Engineering Insurance, Chubb and Protecsure.

Multiple quotes can be obtained, bound and purchased with each process taking five minutes on average.

Ensurance has an underwriting arm, an IT solutions division and broking business.

Mr Hicks says the industry has been slow to respond to evolving consumer demands, creating a void that Ensurance intends to fill.

“There is now a considerable gap that has presented itself that Ensurance plans to address and implement in the procurement of general insurance.”

Over 2000 policies were sold via the platform in the half-year to December 31 2015, up sharply from 340 in same period of 2014.