US-based DXC Technology, an IT services provider listed on the New York Stock Exchange, announced today the launch of its annual contest for promising insurtechs, including those from Australia and New Zealand.

The third edition of the global DXC Invitational will be held virtually in light of the current restrictions on air travel because of the coronavirus pandemic, with applications to be received by June 21.

DXC has partnered with Insurtech Australia and Sydney-founded collaboration platform CoVentured to reach out to the local start-up community.

The competition has been a stepping stone for Australian insurtechs, with a number of them going on to collaborate with DXC Technology and gaining access to new markets and resources. These include Mapcite, GUROOS, Daisee, Springday, 1WordFlow and Perx Health.

“Insurtech firms who have a technology that improves mental health and wellbeing, enriches the industry, challenges the status quo or improves the experience for insurance consumers should be participating in DXC Invitational,” DXC Australia and New Zealand GM Insurance Michael Neary said.

“DXC Invitational provides a perfect platform to identify startups with market-ready innovative solutions that can be integrated with DXC’s offerings or used directly by our clients.”

Insurtech Australia says general insurers have stepped up the use of digital tools to work around the lockdown measures that were imposed in March, and this contest is another good opportunity for insurtechs to demonstrate their value-add.

“The pandemic has in some cases seen incumbents refocus on their digital transformation strategies,” CEO Rita Yates told insuranceNEWS.com.au today. “I think, if anything, there is a general consensus in the general insurance market that there has actually been more investment and more time put towards executing digital transformation in the medium term.

“So any opportunities such as the DXC Invitational that provides insurtechs with the chance to not only gain exposure but also engage with insurance incumbents is hugely valuable.

“And it aligns very strongly with our mission at Insurtech Australia. It’s important because it helps our insurtechs to scale and grow and find new partners.”

She also thanked DXC for supporting the local insurtech scene. Such support is critical since many Australian insurtechs are “enablers” that are looking to work with insurers.

“The success of our ecosystem relies on that collaboration,” she said. “My hope is that we will have a lot of interest from local insurtechs this year. We have seen some good outcomes based on previous insurtechs that have been involved with the contest.”

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