According to the CEO, the $250,000 grant will mainly go towards the incubation programme’s operational expenses to help them grow and execute on the business model that has been proven in the British market, where Insurtech Gateway has successfully incubated over 13 start-ups.
Backed by equity investment business Envest, Insurtech Gateway Australia is currently incubating three insurtechs – getting each of them ready, and setting them up for success, for their respective product launches sometime between May and July next year.
As for Envest’s role, the Insurtech Gateway Australia chief executive highlighted how important it is to have the investor in their corner.
“They’ve spent a long time bringing to market and helping to back more traditional insurance businesses, and behind the curtain of every insurtech is a lot of traditional insurance DNA.”.
For O’Dell, the federal grant helps validate what Insurtech Gateway Australia – which at present has offices in Sydney, Brisbane, and Coffs Harbour – has set out to do.