PolicyStreet, an emerging InsurTech company, has been granted the Australian Financial Services License by the Australian Securities and Investments Commission (ASIC).
The license allows PolicyStreet to provide and offer financial product advice and services for general insurance products to Australian retail and wholesale clients, marking a significant milestone in the company’s regional expansion plans.
The InsurTech company’s technology-driven approach and expertise in personalised insurance solutions aims to disrupt the traditional insurance industry and drive down costs while also providing more tailored and flexible products to meet the specific needs of businesses and consumers.
Expanding into the Australian InsurTech space, PolicyStreet said it stands to become a trusted and licensed partner for Australian businesses seeking to expand their footprint to Southeast Asia.
This can benefit the Australian small medium enterprises (SMEs), given that SMEs account for 97.4% of all businesses in Australia and contribute, by revenue, 32% to the country’s economy.
PolicyStreet is also committed to helping its existing Southeast Asian business partners expand to Australia by seamlessly integrating offerings from Southeast Asia into Australia.
The company’s entry into the Australian insurtech market is expected to increase competition and drive innovation, leading to a wider variety of insurance options and better prices for businesses and consumers seeking personalised and embedded insurance products.
Yen Ming, co-founder and chief executive officer of PolicyStreet, said, “PolicyStreet’s digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we’re thrilled to expand our footprint in Australia and beyond. Australia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers.”
Last year, Hillridge, a Sydney-based AI crop insurance platform, raised $2.3m in seed funding as it plans to expand its weather insurance platform to southeast Asia.
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