The general insurance industry in Australia is worth an estimated $40 billion, and is a sector that is considered ripe for digital disruption.
Ensurance (ASX: ENA) is bringing change to the sector, proudly wearing the mantle of industry disruptor. Ensurance has created a proprietary platform that makes buying insurance online quicker and easier, and is leading the charge in automating online insurance broking.
The company has developed real-time, online digital distribution channels for general insurance with multiple insurers, along with solutions to provide general insurance products through digital media channels, with a focus on both local and international markets.
The Ensurance Group owns three distinct businesses: an insurance brokerage, an underwriting agency and an IT company.
ENA has developed unique software that allows customers to utilise the power of on-demand web services whilst enjoying the benefits of broking advice and product diversity.
“We are well-positioned to capitalise on the massive digital disruption that this industry will experience in the short to medium term,” said Managing Director Stefan Hicks, a 30-year insurance industry veteran.
“The financial services sector, and in particular insurance, is expected to experience the most significant disruption of all industries. This is because the Australian industry has been slow to capitalise on distribution innovation and is under-invested in terms of meeting customers’ demands around the purchase of insurance products.”
Ensurance’s underwriting agency deals with Australian insurance brokers on a wholesale basis, and has attained Cover Holder Status with Lloyds of London which allows the company to construct and import innovated products into Australia.
Ensurance offers a range of insurance products – from home and contents insurance, through to commercial insurance products for both corporate and SME businesses.
The Group has a number of insurers on its platform.
For example, on the company’s homeensureonline.com.au platform, customers are able to quickly evaluate and purchase one of 11 most popular household insurance products offered by three insurers.
Ensurance is achieving rapid growth in the number of white label partners on its platform.
White Label is the term used when a third party uses the Ensurance digital platform and rebrands it to make it appear as if it is their offering. It enables businesses to sell insurance products through the group’s easy-to-navigate platform.
“We find that companies in a range of sectors are looking for ways to offer a better service and experience to their clients, and increase their revenue at the same time.
“For example, it is a natural fit for mortgage brokers to sell home and contents insurance to their clients, or real estate agents to offer landlords insurance to customers who are buying an investment property,” Mr Hicks said.
In late 2016, Ensurance announced it has established European operations as part of its global growth strategy.
Headed by insurance heavyweight Tim James, the European expansion will be managed by newly established, wholly-owned subsidiary Ensurance UK Ltd, headquartered in London. The Ensurance UK Ltd business will initially specialise in the construction and engineering industries, which will build on the skills sets of the UK-based executive team and the Ensurance business has in these sectors in Australia.
The move sends a clear signal that Ensurance has its sights firmly set on disruption of the insurance market on a global scale, revolutionising the way insurance is bought and sold.