PolicyStreet, the insurtech firm headquartered in Southeast Asia, has received the Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission (ASIC), allowing it to operate in Australia.
The AFSL will enable PolicyStreet to offer financial solutions for insurance to both Australian wholesale and retail customers. The company also offers customized employee benefits, insurance aggregation, and embedded insurance.
PolicyStreet’s expansion into Australia will provide the company with a competitive age and boost innovation in the insurtech industry in Australia, offering a wider range of insurance options and better prices for insurance clients.
Yen Ming, PolicyStreet’s co-founder and CEO, their company’s digital-first platform and data-driven approach to underwriting have earned the trust of businesses and consumers in Southeast Asia. Ming expressed excitement about expanding PolicyStreet’s presence not only in Australia but also in other locations. He considers Australia a mature and well-regulated market and believes that PolicyStreet’s customer-centric insurance approach, combined with their digital capabilities, will appeal to Australian customers.
There will be an amid significant growth in the insurtech sector in the country, with more companies using digital solutions to enhance customer experiences and reduce costs. Based on the report performed by KPMG, insurtech investment in Australia increased by 13% to reach $44.1 million in the first half of 2021, compared to the previous year.
The entry to the Australian market reflects its ambition to expand its global footprint, with plans to expand into additional international markets in the future.