A major disruptor in the Australian insurance industry is set to enter the UK and European markets despite business uncertainties due to the Brexit move.
Ensurance, an insurance broker, underwriting agency and IT provider, has announced that it will launch its operations in Britain in August.
The company said it will raise AU$3 million in capital to fund its expansion in the UK, Europe and Australia.
Ensurance said its UK operations will provide a strategic entry point into the European Union and that both markets represent a significant opportunity for the company.
“Our expansion into the UK is an important milestone for the company as the country is recognised as the global hub for the insurance industry. Some of the world’s leading insurance companies are headquartered there,” said Stefan Hicks, Ensurance managing director.
The industry disruptor is expanding globally amid its robust growth in Australia, where about 500 insurance policies are now being sold through its online platform every month.
“What is just as significant for investors is that our international expansion is built on our strong and growing domestic operations,” Hicks said.
“We are constantly adding new insurers, products, and distribution partners to our network,” he added.
Hicks also said they will make “a number of exciting announcements over the next few months.”
Founded in 1998, Ensurance has developed solutions to provide general insurance products through real-time, online digital distribution and media channels.
It enables financial institutions to own an insurance brokerage solution without the heavy capital investment required to build the infrastructure.
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