apacciooutlook logo
25 Most Promising Insurance Technology Solution Providers

Ensurance: Empowering the Australian Insurance Eco-System

Stefan Hicks,Managing Director

Transformation and flexibility are paramount in today’s age of competition. Hence, adapting and aligning with the disruptive technologies rather than sticking on to the traditional methodologies is the key to organizational success. As a result, every industry is abruptly aligning itself with the new fangled technologies to satisfy the needs of a customer. In fact, the global insurance industry that until now was ill at ease with the existing methodologies and its indecisiveness towards adopting advanced IT solutions is reviving its processes to step up the ladder. This calls for an industry expertise that can instruct and explain the benefits of embracing IT and initiate their journey of digitally transforming the insurance industry. Indeed, many consumers do not solely rely on insurance companies, and personally conduct research to identify and purchase their own insurance policies through digital mediums. To help these consumers move away from their outmoded methods and be ready for the upcoming digital disruption, a well-competent organization, Ensurance was incepted. The company breaks down the most complicated issues faced by the insurance industry. Acting as a projector to the industrial demands and how Ensurance caters to the solutions, the Managing Director of Ensurance, Stefan Hicks says, “Where simplification, automation and decreasing compliance costs in the transaction is of utmost importance to the industry’s consumers, brokers and insurers, Ensurance has created its own innovative IT platforms for addressing all of these issues.” The company creates and re-engineers an insurance transaction that is attractive to all parties.”

Evolution of the Insurance Pioneer

Success in the business world can be highly elusive. Only a handful of organizations that have a clear roadmap and strong entrepreneurial zeal can walk the path of success. Founded in 1990 as a General Insurance brokerage firm, Ensurance has evolved both geographically and technologically. The long years of extensive spectrum of insights has anchored deep down into the insurance giant, helping them to master and upgrade themselves to an advanced Insurance solutions providing organization. Originating from Perth, the organization shifted its base to Sydney in 2003. The company’s decision to outsource the development of its own tailored software to increase in-house efficiencies helped it to attain success in 2008. Stefan elaborates, “It was a major success that allowed the company to dramatically reduce staff, whilst growing its revenue.” From there it was obvious that the company should develop its front facing solutions and help clients to have 24-hour access to the company’s products and services, Ensurance develops advice driven IT solutions. This, in turn massively decreased the acquisition costs through automated administration.

It was a major turntable event for the company as they shared huge resources behind the development of a global leading IT platform that now provides multiple quotes, usually within two minutes, from multiple insurers, bound, paid and documented usually within 7-10 minutes. As all compliance is automated, therefore, dramatically reducing associated costs. With their success graph scoring high, the company got enlisted on the Australian Stock Exchange in 2015 with the functionality of the parent company split into three entities – the brokerage (retail), an underwriting agency (wholesale) and an IT company that develops all of the innovated IT solutions. The long period of almost 26 years of market exposure and research, has endowed upon the organization ample industry insights.

Overcoming Hurdles One at a Time

Exploring any new arena comes with its own share of hurdles; be it an organization or a customer. Ensurnce, is no exception to this rule. Since the laying of its first bricks, Ensurance has been working to overcome two set of problems – one faced by the company itself and the other faced by their clients. Handling both the set of challenges gave them enough insight and experience to mature and be industry-configurable. Ensurance's largest hiccup has been the constant fight to become the trail-blazer in the market, which they achieved from their extensive market experience of 25 plus, and with the efficient implementation of their strategy along with the dated IT solutions currently employed by the global insurance market.
The other set of hurdles came while resolving clients’ issues. Ensurance addressed each of them and paved successful pathways in their unique way. Firstly, Australia has a restricted number of insurers who are averse to embracing third party strategies and IT platforms to protect their current market share. Being a solution to the matter, Ensurance decided to open its own underwriting agency and import its own insurance products from Lloyds of London. This partnership boosted the organization to be at the frontline of the Australian insurance industry and also be a leading provider on a global scale, as their clients on national and global scale became confident about that the organization has adequate product content to commercialize its innovated IT solution.

Successfully dealing with emerging price driven aggregator platforms on the global scale has been another roadblock in the organization’s journey. Highlighting Ensurance’s consumer purchase dynamics, Stefan says, “In order to provide the necessary IT and license infrastructure to white label partners with financial institutions with simple low cost solutions, Ensurance provides the revolutionized solutions through its broking subsidiary.” The broking company’s duty is to represent its clients. Therefore, Ensurance developed advice driven policy comparison platforms, instead of the common international price based platforms.

Ensurance reverse engineered the entire transaction to ensure it provides the consumer with a complete, simple and friendly user experience.

Another challenge in Esurance’s way has been the reluctance showed by insurers to leave behind age-old IT methodologies and infrastructure. Ensurance has invested in an intricate solution which maps data. In collaboration with the Underwriting Agency, the company engineers high-end insurance products which have been successfully operating for the past 30 years in mapping the break out of calamities. Peter further explains, “By innovating in our own insurance products through employing sophisticated software that has mapped catastrophe events for the last 30 years, Ensurance sells and prices its own branded insurance products down to street level.” For an instance, it helps in calculating individual flood premiums knowing if the applying risk is on the high or low side of the road. Bush fire, storm surge and cyclone are few among them.

Lastly, the insurers have always been reluctant to pass control of the transactions, especially for retail and domestic businesses. They had the reins of pace and direction of IT innovation in their hands. Ensurance has been successful in bypassing this forced adoption by developing its own dynamic modern solutions which controls the purchase transaction from the consumer and redirecting it to its partnering insurers.

A diversified insurance solutions provider, Ensurance keeps minute notes of their clients’ business necessities and rating principle, and takes measures accordingly. As Stefan says, “Ensurance reverse engineered the entire transaction to ensure it provides the consumer with a complete, simple and friendly user experience.”

The employment of cloud technology and their distinguished IT experts act as a catalyst for the organization. Elaborating further Stefan says,“Embracing cloud technology enables the company to scale its operations to any size, whether locally or on a global basis.” Recruiting the company’s IT experts internationally produces world class code development and the efficient use of Business Intelligence. This sets Ensurance apart from its competitors with its first to market advantage in the digital disruption of general insurance.

Ensurance has elevated their industry standards with its client-friendly insurance advices, and by controlling their entire transaction and insurance policies.Spreading out of its parent location,the company has recently ventured out to the UK,a step that ascertains its future growth prospects.