DXC Technology has teamed up with local fintech accelerator, Stone & Chalk, with the launch of a national competition aimed at boosting growth and innovation among Australian start-ups in the insurance sector.
The so-called DXC SpringBoard competition invites late-stage startups to pitch their solution to a panel of senior leaders from insurance and technology companies.
At the same time, the local arm of the global integrator has been named as a founding partner of Insurtech Australia, an industry association designed to support insurance industry startups and innovators. Stone & Chalk is also a fellow founding partner.
DXC’s new initiative is not only likely to give the integrator the chance to tap into local insurance tech innovation but, according to Stone & Chalk CEO, Alex Scandurra, it could give Australian start-ups the chance to make it big.
“DXC has an incredible insurer client base globally, and the DXC SpringBoard program has the potential to help startups fast-track their propositions to market, and we’re honoured to support DXC with this initiative and to help build Insurtech in Australia,” Scandurra said.
For DXC Technology Australia and New Zealand managing director, Seelan Nayagam, the fresh focus on local insurance technology start-ups represents a way for the company to boost technology innovation and take-up in the insurance sector.
“The pace of change in the insurance sector is being shaped by increasing regulatory compliance, rising operational costs and reduced profitability, changing demographics, declining customer loyalty, ageing infrastructure and the disruption of new entrants,” Nayagam said.
“This means today’s insurance companies need to leverage new technologies and disrupt the way they operate before being disrupted. We are confident that initiatives such as DXC SpringBoard and our partnership with Insurtech Australia will help accelerate positive change and growth across the industry,” he said.
The competition categories highlight the role DXC expects to play on the technology side of things. One of the two categories start-ups can compete for involves either an existing solution to plug into DXC Technology’s Digital Insurance as a Service (DIaaS) platform.
The other category, meanwhile, involves a standalone solution for insurers with a focus on prevention, remediation and customer engagement.
Applicants will also have the opportunity to participate in workshops consisting of technical tutorials, business guidance and sales coaching led by DXC Technology and Stone & Chalk.
The winning team from each category will be awarded with cash prize of $4000, the option to partner with DXC Technology and the chance to present at DXC’s ‘Thrive on Change’ Insurance Industry Conference in March.
Applications close on Friday, 26 January 2018, and winners will be announced at the conference in March.