The general insurance industry, estimated to be worth $40 billion, is being disrupted by an ASX-listed company – both on the local and global scale.
Ensurance Group, owner of three distinct businesses: an insurance brokerage, an underwriting agency and an IT company, is bringing change to the sector with a string of digital services and offerings.
ENA has introduced a proprietary platform that makes buying insurance online quicker and easier; a real-time, online digital distribution channel with multiple insurers; and a unique software that provides customers with the power to use on-demand web services while enjoying the benefits of broking advice and product diversity, TechInvest reported.
“We are well-positioned to capitalise on the massive digital disruption that this industry will experience in the short- to medium-term,” said
Stefan Hicks, ENA managing director and 30-year industry veteran.
“The financial services sector, and in particular insurance, is expected to experience the most significant disruption of all industries. This is because the Australian industry has been slow to capitalise on distribution innovation and is under-invested in terms of meeting customers’ demands around the purchase of insurance products.”
Ensurance’s underwriting agency has acquired Cover Holder Status with Lloyds of London, allowing the company to construct and import products into Australia, the report said.
The industry disruptor offers a variety of insurance products – from home and contents insurance, through to commercial insurance products – to corporate and SME businesses.
Ensurance has also teamed up with a growing number of white label partners on its platform to enable companies in a range of sectors “to offer a better service and experience to their clients, and increase their revenue at the same time.”
“For example, it is a natural fit for mortgage brokers to sell home and contents insurance to their clients, or real estate agents to offer landlords insurance to customers who are buying an investment property,” Hicks explained.
Ensurance is set to revolutionise the way insurance is bought and sold not only locally, but also on a global scale, as it announced in late 2016 that it set up its European operations in London as part of its global growth strategy.
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