IAG sets up Sydney-based incubator

Insurance Australia Group has launched its second innovation incubator hub called Firemarks Labs. 

Based in Sydney, the hub will link the business with partners who can help the insurer develop customer-focused products and services. 

Earlier this year IAG opened its first insurtech hub, also called Firemark Labs, in Singapore. 

IAG has already partnered with several organisations, including The University of Sydney, cyber security start-up UpGuard and rental platform Snug.co, who will work within Firemark Labs on new projects.

“The future of customer experience will be shaped through new technologies, capabilities and a willingness to experiment,” Julie Batch, IAG chief customer officer (pictured right) said.

“Firemark Labs Sydney will link us to Australia’s entrepreneurial community and enable our business to work with the people and partners who can help us challenge the status quo and innovate for our customers’ changing needs,” she said.

Firemark Labs will also enable IAG’s stable of brands, including NRMA Insurance, CGU, SGIO and SGIC, to draw-on external expertise and resources to spark new ideas that will enhance customer experience.

“We’re embedding innovation within the business so that our people are empowered to move faster, be bolder and more imaginative no matter what their role,” James Orchard, IAG executive general manager for Innovation (pictured left), said. 

In 2016, IAG launched Firemark Ventures, a $75-million fund to invest in, and partner with, both start-ups and established businesses that have the potential to disrupt the value chain. Firemark Labs Sydney and Singapore will be supported by Firemark Ventures

FireMark Labs has the capacity for more than 100 people from within and outside IAG to work together in the space.

Upcoming Events
Australian Banking Innovation Summit 2020
Sydney, NSW, Australia
See all upcoming events
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance