Insurtech Gateway Australia has been granted $250,000 over two years by the Federal Government as part of an incubator support initiative.

The group is a replication of the UK Gateway model that has successfully incubated more than 13 companies.

Insurtech Gateway Australia CEO Simon O’Dell says the group has some “very exciting” projects in incubation, including a pay-as-you-drive motor insurance offering and a bushfire risk modelling tool.

“We also have a strong pipeline of opportunities, and this grant provides our portfolio founders with greater certainty,” he said.

Links to the UK and plans to looking to establish roots in the US and Asia will ensure Australian founders are presented with the best opportunity to realise global scaling into a sizeable market.

The Government says the grant will allow Insurtech Gateway, which has offices in Coffs Harbour, Sydney and Brisbane, to establish itself and then help other suitable start-ups to implement pilots and become successful businesses.

“The Gateway incubation model helps insurtechs fast-track their entry to the market, removing the traditional barriers to entry in a highly regulated market and providing founders with mentoring, seed funding and access to insurance providers,” Mr O’Dell said.

“We have discovered some brilliant founders and are backing them to bring disruptive new solutions to the Australian market.”