Blue Zebra is aiming to achieve $1 billion in annual turnover and the insurtech underwriting agency is counting on technology and innovation to reach the goal. 

Co-founder and MD Colin Fagen says the agency, since its launch in 2018, has made it a point to constantly invest in its Blue Leopard end-to-end systems platform and other digital assets. 

Initially the agency said it aimed to bring personal lines back to brokers and tap into technology to drive efficiency. In the last few years the business has added commercial products to its offerings. 

At present Blue Zebra has a current turnover of $240 million and just over 40 staff, half of whom are IT specialists. 

“We have the systems, people and processes to make continual gains on cost and efficiency while concurrently delivering new products to market quickly,” Mr Fagen said. 

“It’s a key strategic advantage. Our momentum will continue to build now we have a critical mass of GWP.” 

Mr Fagen’s comments come ahead of his participation at the World Insurance Congress in Melbourne from August 30 to September 1. 

He is expected to discuss innovation in one of the sessions titled “Never hesitate to innovate: developments in insurance products and systems.” 

According to the former QBE executive, established insurers are encumbered by legacy systems that are often 20-30 years old. 

These systems are hard to upgrade, hobbling insurers’ ability to keep up with new entrants who are more nimble because they are not having to deal with dated technology. 

“As insurance prices go up, driven by reinsurance rates and inflation, more nimble competitors chip away at the big players. They have the ability to adapt and move quickly,” Mr Fagen said. 

He says many big insurers have difficulty innovating because middle managers “want to keep their kingdom and can’t or won’t change”. 

Mr Fagen’s session is on the final day of the conference at the Melbourne Convention and Exhibition Centre. 

Environmental, social and corporate governance (ESG) and other key topics such as ransomware, sustainability and disruption will also dominate discussions during the three-day World Insurance Congress, in line with the conference’s theme “Insurance Upside Down”. 

The Australian Insurance Law Association (AILA) is hosting the event, the flagship conference of the International Insurance Law Association. 

AILA says the conference, held every four years, has only taken place in Australia once, in Sydney in 1994.