QBE has shortlisted seven insurtech start-ups for partnerships and expects to finalise agreements with three or four as part of a potential $US50 million ($66.8 million) investment program.

“We screened more than 200 companies with solutions that looked beneficial to our business,” CEO John Neal told the annual general meeting in Sydney last week.

“Our bias is towards analytics, digital and Internet of Things solutions, which we believe can add value to our underwriting and claims processes, providing efficiencies and service benefits for QBE and for our customers.”

Mr Neal says due diligence will take place in coming months, while detailed discussions with the shortlisted companies have been well received. “Many of these companies are not well placed to ‘disrupt’ any element of the insurance industry on their own, requiring the knowledge, experience and expertise of established players to succeed,” he said.

QBE is also working to ensure continued access to the European Union after the UK leaves the bloc.

“We need to prepare our business for this reality, and we are doing so on the assumption the existing access arrangements enjoyed by UK-domiciled insurers to the other 27 European Union countries will not be preserved,” Chairman Marty Becker said.

“We are well advanced with our plans and negotiations for the establishment of a new location for our EU business, and expect to have a solution in place for 2018 renewals.”

Brexit affects QBE Insurance Europe and QBE Re, while the company’s Lloyd’s business will be a subject to a separate response plan from the market.

QBE told investors it is performing in line with company guidance for the year.

“While we don’t provide formal quarterly updates, our internal review of first-quarter performance continues to indicate our ability to execute against these targets,” Mr Neal said.