Singapore insurance cooperative, NTUC Income, through its digital InsurTech accelerator Future Starter, has partnered with corporate innovation consultancy and start-up accelerator, Collective Campus, to identify Australian and New Zealand (ANZ) start-ups to solve selected real business problems at the Singapore insurer.
An open innovation initiative, Future Starter offers the start-up community and innovators from around the world the opportunity to share their ideas, develop proof-of-concepts (POCs) and deploy 'live' trials with NTUC Income.
With local ANZ Insurtech companies such as Cove Insurance, Coverhero, Huddle and Cover Genius making waves in the Oceania region, NTUC Income sees great potential in leveraging their capabilities and captialising on innovations to be at the forefront of the insurance industry, rather than be disrupted by it.
“By extending our reach and partnership with a regional network of official accelerators and VC partners, Income, through Future Starter, aims to leverage the collective strengths of our partners and accelerate our efforts to become an anchor player in the TnsurTech ecosystem. We are confident to see high-quality proof-of-concepts (POCs) via Collective Campus within an accelerated time frame and together, we look forward to strengthening Income as a digital insurer,” said Mr Peter Tay, Chief Operating Officer of NTUC Income.
Future Starter comprises of an online application process and pitch event at Collective Campus. Start-ups which are successful at the Future Starter pitch event will be invited to undertake a POC in Singapore, partnering NTUC Income and funded by the company.
“It’s great to see companies like Income put their money where their mouth is when it comes to open innovation and working with start-ups. By establishing clear ways for start-ups to engage with them, it not only saves the start-ups’ time by not barking up the wrong tree, but also offers a streamlined way for new innovations to be brought into the organisation. It’s a real win-win”, said Sean Qian, COO & co-founder of Collective Campus.
On why a Singaporean insurance company would be interested in working with start-ups from Australia and New Zealand, Brenton Charnley, chairman and co-founder of Insurtech Australia, says “Australia’s InsurTech ecosystem is strong and growing fast. In just a few years, Australian’s InsurTech ecosystem has grown to over 50 InsurTech companies, with 65% of them already enabling the insurance industry value chain and they are ready to deepen collaboration with more companies. Now is the perfect time for insurers to work closely with the Australian and New Zealand IinsurTech industry and collectively take new products to market and/or use technology to improve their businesses.”
Australian and New Zealand Insurtech start-ups working across artificial intelligence, machine learning, big data and security are encouraged to apply to the programme by 15 July at startupchallenge.collectivecampus.io