IAG has announced the launch of a new Sydney-based innovation incubator.
Called Firemark Labs Sydney, the incubator follows a similar launch in Singapore earlier this year, and has seen the insurer partner with several organisations such as the University of Sydney, cyber security firm UpGuard and rental platform Snug.co, which will work within the lab on new projects.
“The future of customer experience will be shaped through new technologies, capabilities and a willingness to experiment,” Julie Batch, IAG chief customer officer said. “It is critical to our growth strategy that we build and connect with innovation ecosystems that bring together universities, entrepreneurs and business, along with the regulators and government, who can help us evolve.”
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The pair of lab locations follows the 2016 launch of IAG’s Firemark Ventures, a $75 million fund to invest in and partner with start-ups and established businesses that have the potential to distrust the insurance value chain.
“We’re embedding innovation within the business so that our people are empowered to move faster, be bolder and more imaginative no matter what their role,” James Orchard, IAG executive general manager for innovation said. “Through taking an open approach to innovation, we’re strengthening our internal culture and building new and improved experiences for our customers.”
The lab was officially opened by Matthew Kean, New South Wales minister for innovation and better regulation. The space, at IAG’s head offices in Sydney, has a distinct start-up feel.
With capacity for more than 100 people from both within the organisation and from external partners, there are currently several start-ups working at Firemark Labs Sydney on a host of new insurance projects. While the idea of Firemark Labs may be forward thinking, the name references the history of the insurance industry.
The term firemark refers to a fire-proof metal plaque used in the 18th century to show that a building was insured.
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