The vast majority of insurtechs want to collaborate with the established industry, but they believe incumbents are not doing enough.

The first survey of the local insurtech ecosystem, produced by EY in collaboration with Insurtech Australia, found 90% of respondents aim to enable or support the existing insurance industry. However, 81% of insurtechs believe insurers are not responding quickly enough.

“This research underlines the fact Australia’s emerging insurtech ecosystem is looking to enhance rather than disrupt the industry,” Insurtech Australia CEO Simon O’Dell said.

“Yet despite wanting to help, founders and their teams are struggling to gain traction with large insurance companies, and many are getting a warmer response abroad than at home.”

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