Rita Yates, the co-founder of Insurtech Australia, has joined the board of advice of start-up company LifeBid.

Founded by Brett Wright, LifeBid says it is partnering with the life insurance industry to build a digital advice, product distribution and data platform aimed at cutting complexity and costs by up to 90%.

“In an industry that is very much ready for innovation and disruption, it is exciting to see what the LifeBid platform offers to consumers to make life insurance access easier and more affordable,” Ms Yates said.

Mr Wright told insurtechLIVE attendees recently that a decline in the number of life policies indicates “we’ve got a real relevance issue in our industry” and that he intends LifeBid to transform life insurance as Xero had transformed accounting.

Six of the nine main life insurers back LifeBid, he says.

“It is frustrating to think about just how complex and expensive it has become for consumers to access good quality life insurance advice and cover, and how hard, unprofitable and risky it has become for advisers and life insurers to help everyday Australians protect their incomes, families and businesses.

"We are fortunate to have a strong team and board of advice, who have extensive experience spanning insurtech, reinsurance, life insurance and M&A. We are starting in Australia and have global ambitions.”