Ebix Australia has appointed Philip Fourie as its new managing director, following the recent death of long-serving head Leon d’Apice.
In his new role, Fourie will oversee operations across both Ebix Australia and Ebix New Zealand, and will additionally serve as chief executive officer for Ebix South East Asia.
With more than 30 years in the insurance technology market, Ebix Australia plans to continue its focus on providing digital solutions tailored to the evolving demands of insurers and brokers.
The company said it was committed to continuity in customer relationships and its investment in technology to address emerging needs within the sector.
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The company’s announcement of its new leadership comes at a time when the global insurtech market is experiencing steady growth, particularly among early-stage and mid-stage companies focused on scaling their technology offerings.
Global insurtech investment is projected to reach US$4.2 billion by the end of 2024, according to data released in “The State of Global Insurtech” report, developed by Dealroom.co, Mundi Ventures, and MAPFRE.
Through the first three quarters, the sector received approximately US$3.2 billion in venture capital funding, with further growth anticipated in the fourth quarter as Series B and Series C rounds advance funding for growing startups.
Javier Santiso, CEO of Mundi Ventures, said the insurtech sector is showing signs of stabilisation following recent market fluctuations.
He added that while the industry’s rapid growth has moderated, investments are returning to early-growth companies, with a particular emphasis on Series B funding.
However, late-stage insurtech companies face a different landscape, with lower funding rates for Series D and later rounds, reflecting heightened scrutiny from investors around valuations and profitability. In response, several late-stage ventures are focusing on refining unit economics in preparation for potential IPOs over the next few years.
The report also identified business-to-business software-as-a-service (B2B SaaS) as a prominent area of focus for insurtech funding, with B2B SaaS firms receiving 43% of insurtech investments this year. These companies typically offer digital solutions for underwriting, claims, risk management, and administrative tasks that support operational efficiency in the insurance industry.
Yoram Wijngaarde, founder and CEO of Dealroom.co, emphasised that insurance remains an extensive industry that, until recently, has been slow to change.
“Insurance is a vast industry that has been largely unchanged for hundreds of years. It remains a huge target for tech efficiency and scale, but one that has been difficult to crack,” he said.
