IAG is to open an insurtech innovation hub in Singapore under plans to partner with start-ups and emerging businesses on new products and services.

It says the hub, called Firemark Labs, will be supported by the insurer’s $75 million venture fund, set up in December.

“Singapore is recognised as having one of the most developed fintech landscapes with a growing insurtech scene,” IAG COO Julie Batch said.

“We are the first Australian insurer to launch a space dedicated to insurtech in Singapore and will join a network of global innovators with hubs set up in the technology hotspot.”

Firemark Labs’ opening is supported by the Monetary Authority of Singapore as part of broader efforts to promote a culture of innovation in the financial sector.

IAG EGM Innovation James Orchard says the group can’t innovate alone, “so we are looking forward to working with entrepreneurs, technologists, researchers and problem-solvers based in Singapore who will bring a global perspective and new ways of working to our business”.

IAG says changing lifestyles are affecting how products are purchased amid “faster, simpler and more digital” trends.

Firemark Labs will operate from a space within IAG’s Singapore office.