While Australia has also been casting itself as hub for start-ups, recently broadening the scope of its own "regulatory sandbox" regime, Ms Batch says more work can be done on encouraging entrepreneurship throughout the country. Asian insurer IAG has become the nation's first company to launch an insurtech hub in Australia , 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 IAG , 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. IAG , with which IAG already has a relationship, recently published proposals for simplifying regulation for venture capital funds.
Asian insurer IAG has become the nation's first company to launch an insurtech hub in Australia , 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 IAG , 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. IAG , with which IAG already has a relationship, recently published proposals for simplifying regulation for venture capital funds.