London-based Insurtech Gateway has launched in Australia, its first foray outside the UK.

Prominent “techpreneur” Simon O’Dell will lead the incubator’s program to nurture promising start-ups as Insurtech Gateway Australia CEO.

The business will have its headquarters in the Sydney office of fintech hub Stone and Chalk.

“Insurtech is a fast-growing part of Australia’s fintech ecosystem, but bringing new ideas to market can be extremely challenging due to complex regulatory hurdles and access to customers,” Mr O’Dell said.

“We are rolling out a proven model to rapidly accelerate the development process for Australian insurtech startups.

“Insurtech Gateway Australia will turbocharge the success of our best insurance technology-focused entrepreneurs.”

The business is a joint venture between the UK parent and a consortium of local investors including Envest, an investment firm focused on the insurance industry.

The incubator aims to have four to six start-ups graduate from its program over the next two years. Start-ups in the program will be given pre-seed funding, a bespoke plan to grow their operations and support from a global network of investors and established players.

Insurtech Gateway in the UK has enjoyed rapid progress since its launch in 2017. It recently raised £30 million ($53.8 million) in the first tranche of an investment fund and has helped a number of insurtechs make inroads in the industry.

“This is just the beginning,” co-founder Stephen Brittain said. “We’re going to expand into Asia and other key international markets.”