Big opportunity for insurance fintech startups

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Big opportunity for insurance fintech startups

DXC SpringBoard is looking to reward innovative companies that are developing systems for the insurance industry.

IT services company DXC Technology, in collaboration with fintech accelerator Stone & Chalk, is running a national competition for late-stage startups developing systems that will benefit insurers.

DXC SpringBoard has two categories, one for systems that work with DXC's digital insurance as a service platform, and the second for standalone products.

The expectation is that entrants will have a focus on prevention, remediation and customer engagement.

Workshops – including technical tutorials, business guidance and sales coaching, led by DXC Technology and Stone & Chalk – will help entrants prepare for the final presentation and demonstration of the applicant's working solution to the judging panel, which will include representatives from DXC, Stone & Chalk, IAG, AIG, other insurers and industry associations.

The winner in each category will receive a cash prize of $4000, an opportunity to partner with DXC Technology, and the chance to present at the company's Thrive on Change insurance Industry conference in Sydney on 7 March 2018.

Applications are open until 26 January 2018.

In related news, DXC has become a founding partner of insurance industry innovation association Insurtech Australia, alongside AUB Group, EY, Macquarie Bank, Munich Re, DLA Piper, Stone & Chalk, TAS and QBE.

“The pace of change in the insurance sector is being shaped by increasing regulatory compliance, rising operational costs and reduced profitability, changing demographics, declining customer loyalty, ageing infrastructure and the disruption of new entrants,” said DXC Technology Australia & New Zealand managing director Seelan Nayagam.

“This means today's insurance companies need to leverage new technologies and disrupt the way they operate before being disrupted. We are confident that initiatives such as DXC SpringBoard and our partnership with Insurtech Australia will help accelerate positive change and growth across the industry.”

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