Australia’s QBE Insurance Group plans to invest up to A$50 million ($37 million) in insurtech companies in 2017, according to AM Best’s May 16 Asia-Pacific Weekly.
The move is part of the insurer’s plan to cope with a changing market environment.
In a speech at QBE’s annual general meeting, QBE CEO John Neal reportedly said that the company has screened more than 200 insurtech companies with solutions that looked beneficial to its business.
The list has been narrowed down to seven companies with funding expected later this year.
“Our bias is towards analytics, digital and Internet of Things solutions, which we believe can add value to our underwriting and claims processes, providing efficiency and service benefits for QBE and for our customers,” Neal said.
“Over the coming months, following due diligence, I expect we will form initial partnerships with three or four insurtech companies,” he added.
QBE believes that most insurtech companies need to use the knowledge, experience and expertise of established insurers to succeed.
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QBE Insurance Group, Insurtech, Australia, Asia Pacific