Company Research Report: Open Insurance Technologies Pty Ltd

Company Overview

Name

Open Insurance Technologies Pty Ltd

Mission

To harness data and partnerships to deliver the best insurance experiences.

Founded

2016 by Jonathan Buck and Jason Wilby.

Key People

Co-founders and CEOs: Jonathan Buck, Jason Wilby.

Chief Product Officer: Rishin Patel.

Chief Operating Officer: Nathan Amaral.

Chief Commercial and Insurance Officer UK: Sam Hoppe.

Chief Commercial and Insurance Officer ANZ: Bayne Carpenter.

Chief Financial & Risk Officer: Rob Warren.

GM Data Product: Sarith Fernando.

GM Growth ANZ: Ben McLoughlin.

GM Product and Proposition UK: Romain Gregoire.

GM Technology: Lisa Zhu.

GM Product: Isaac Donnelly.

GM Commercial: Tony Lee.

Non-Executive Directors: Richard Enthoven, Jason Graham, James Cameron.

Headquarters

Sydney, Australia. Additional offices in London, Auckland, Queenstown, Melbourne, and Sunshine Coast.

Number of Employees

140+ team members.

Revenue

No information is available.

Known For

Open Insurance is known for offering digital-first car, home, travel, and landlords' insurance products through proprietary technology platforms, focusing on smart, intuitive insurance experiences.

Products

Car Insurance

Description: Offers embedded car insurance with comprehensive, Pay-As-You-Drive, and third-party property damage options.

Key Features:

Comprehensive insurance with theft and accidental damage coverage.

New for old car replacement up to three years.

Fast claims technology powered by AI.

Customisable optional extras like excess-free windscreen and hire car coverage.

Pre-filled forms for fast insurance quotes.

Home and Contents Insurance

Description: Digital-first home insurance for homeowners and renters with various levels of covers and smart extras.

Key Features:

Flexible levels of cover.

Bundle options for combined home and contents policies.

Discounts for customers with smart home devices.

Fast, simple online policy management.

Pre-filled forms for seamless experience.

Local 24/7 emergency assistance.

Travel Insurance

Description: Digital-first travel insurance with multiple coverage levels and optional extras.

Key Features:

Range of coverage levels and smart options like instant flight delay benefits.

24/7 emergency assistance and medical support.

Simple digital medical assessment tool.

Fast claims with InstantClaims™ technology.

Landlords Insurance

Description: Insurance for rental and investment properties.

Key Features:

Coverage for deliberate damage, loss of rent, rent default, and natural disasters.

Sustainable product upgrades if homes need to be rebuilt.

Simple 24/7 online management and claims.

AI-powered claims technology.

Local support for emergency assistance.

Recent Developments

New Partnerships

1. Slingshot: Became the first in New Zealand to bundle power, mobile, and insurance.
2. Bupa: Launched a partnership to provide car, home, and travel insurance.
3. Tapi: Partnered to offer Landlord’s House Insurance for rental properties managed by real estate agencies.
4. InsurancePoint: Joined with loans.com.au to provide car finance faster through connected insurance.

Awards and Recognition

Australia’s 7th fastest growing company: Australian Financial Review Fast 100 2021.

#5 in SmartCompany Smart 50 2021.

#24 in Deloitte Fast50 Australia 2021.

Global InsurTech 100 2021: FinTech Global.

Winner of several awards: Including OpenCX™, Good Design Awards Australia 2020, Defiant Ones, Pause Fest Australia 2021, and Excellence in InsurTech, FinTech Australia Finnie awards 2021.

Key Innovations

Advanced AI-Powered Claims Technology: Improved models for instant claims processing.

Open Data Integration: Utilized for personalized pricing, pre-filled insurance forms, and seamless insurance quotes.

Expansion

Operations expanding to New Zealand, UK, and soon Europe.

Acquisition of SO-SURE to strengthen presence in the UK market.

This report provides a comprehensive overview of Open Insurance Technologies Pty Ltd, covering key aspects such as company information, product offerings, and recent developments based on available data.