NIBA / Special Feature
“I’m generalising here, but in Europe, big businesses are much more strategy based and driven from the top down. In Australia, the c-suite delegates more, and then you’ve got political issues that happen in large organisations – the person heading up technology has their space to look after, the person leading customer service has their space to look after. Ambition and innovation are the losers.” From an insurtech perspective, Csanki says the responsible solutions are out there, and Australian companies have to accelerate on enterprise-wide on AI now to get to the next chapter. The Australian Insurtech As of March 2025, 293 insurtechs were headquartered in Australia and New Zealand. However, of those 293, only 20% are funded – highlighting a significant challenge in securing investment, and the major competition for funding when it’s available. Scene – and How it Compares Globally
“One of the limitations is, it's harder for startups here to get funding than, for example, in the US,” says Dossetor. “Generally, it’s family and friends, bootstrapping to build a solution. It's harder to get venture capital; they have to go internationally to achieve scale. So that's one of the challenges.” Insurtech Australia’s 2025 report, Insurtech Down Under – Trends, Tech and Triumphs , details an investment shift from speculative deals to structured growth. Adrian McGarva, Managing Director Director of PFS Consulting, which worked with Insurtech Australia on the report, says, “With the shift toward structured, financially disciplined deals, investors are backing scalable solutions that deliver compliance, operational efficiency, and enhanced customer experience. Brokers are well- positioned to benefit from this evolution, especially those who embed digital quoting, onboarding, or claims tools into their processes. Over time, we’ll likely see the mainstreaming of Insurtech partnerships that support brokers in reducing friction for clients and driving service innovation.” That mainstreaming of insurtech partnerships is beginning to happen with greater regularity in the US, says Thomas Robinson from USA Insurtech Insights, which organises insurtech events in the US, UK, and Hong Kong. Robinson shares that insurtech funding in the US comes from venture capital, and says that the market is evolving and maturing at pace. “Whereas in the not-too-distant past, attendees at insurtech events were primarily from tech roles, the events are now attracting a wider, C-suite audience,” he says. That’s interesting, bearing in mind Csanki’s observations of differing leadership styles and levels of involvement. In the US, as a result of this direct contact with the C-suite, and a subsequent broader understanding of insurance companies’ needs, insurtech companies are increasingly joining forces to offer more holistic solutions.
That’s proving easier said than done however – certainly in the opinion of Sharyn Csanki, Managing Director of Raedan AI, the Australian distributor of global platform expert.ai. Csanki, who has worked across multiple sectors before getting involved in the Australian insurance industry more than 12 months ago, says Australia’s lagging behind in tech and AI implementation. “I’m really concerned for my country sometimes,” she says. “There is a reluctance to implement tech AI, due in part to a fear of regulatory risk. We’re seven to 10 years behind Europe in doing this. I recently saw a use case presented as ‘new’ which was something implemented in Europe in about 2018. “For people who work internationally, Australia really is a slow adopter – however, once one goes, others will follow.” Csanki points to differences in how businesses are generally led in Europe compared to Australia, too.
46 / INSURANCE ADVISER AUGUST/SEPTEMBER 2025
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