PolicyStreet, a Malaysian insurance coverage know-how startup, has secured regulatory approval to launch operations in Australia, reported BusinessToday.
The licence by the Australian Securities and Investments Fee (Asic) will permit the agency to interact in providing recommendation and providers for normal insurance coverage merchandise to each retail and wholesale clients.
With its growth into Australia, PolicyStreet hopes to spur extra competitors and innovation within the insurtech sector.
It seeks to collaborate with Australian companies seeking to develop in Southeast Asia, particularly Australian small and medium-sized corporations (SMEs).
PolicyStreet co-founder and CEO Yen Ming stated: “PolicyStreet’s digital-first platform and data-driven method to underwriting have received the belief of companies and customers in Southeast Asia, and we’re thrilled to broaden our footprint in Australia and past.
“Australia is a mature and well-regulated market, and we imagine that our customer-centric method to insurance coverage, coupled with our digital capabilities, will resonate properly with Australian clients. The chance to broaden our operations in Australia presents a mutually helpful relationship between the completely different markets we serve.
“Other than bringing tailored insurtech options to a wider viewers in Australia, we are able to higher innovate and push the boundaries of insurtech inside Southeast Asia by leveraging insights and knowledge on upcoming tendencies from its Australian operations.”
PolicyStreet is claimed to work with over 40 life, normal and takaful insurance coverage suppliers throughout the globe.
Its product and providers embody embedded insurance coverage, customised worker advantages, monetary consulting, and insurance coverage aggregation.
Based in 2017, the insurtech raised $6m (MYR25m) in a Sequence A funding spherical in September 2021.
It counts Altara Ventures, Auspac Ventures, Gobi Companions, PitchIN, KK Fund and Spiral Ventures as its buyers.