Australian insurer IAG has become the nation's first company to launch an insurtech hub in Singapore, where it hopes to take advantage of the country's "favourable regulatory agenda". The move follows IAG's launch of a AUD75m (£46m) venture capital fund to invest in start-ups. "We are very excited about Singapore and its vibrant startup scene," said CEO David McMahon. The insurtech sector is worth around AUD2.19bn, nevertheless about 75% of global insurers say there has been a lack of digital innovation. The Monetary Authority of Singapore, with which IAG already has a relationship, recently published proposals for simplifying regulation for venture capital funds.
Australian insurer IAG has become the nation's first company to launch an insurtech hub in Singapore, where it hopes to take advantage of the country's "favourable regulatory agenda". The move follows IAG's launch of a AUD75m (£46m) venture capital fund to invest in start-ups. The hub, called Firemark Labs, is an incubator for start-ups and research and technology providers creating customer-focused products and services. The insurtech sector is worth around AUD2.19bn, nevertheless about 75% of global insurers say there has been a lack of digital innovation. The Monetary Authority of Singapore, with which IAG already has a relationship, recently published proposals for simplifying regulation for venture capital funds.