IAG to set up Firemark Labs in Singapore

The move not only entails tax incentives for the company, but also collaboration opportunities

IAG to set up Firemark Labs in Singapore

Insurance News

By Mina Martin

Following its launch of a $75 million venture capital fund to invest in start-ups in December, an Australian insurance giant has announced that it will launch an insurtech hub in Singapore.

IAG will set up the insurtech start-up called Firemark Labs, in Singapore, which will act as an incubator for the company to work with Asian-based start-ups and research and technology providers to develop customer-centric products and services.

“Singapore is recognised as having one the most developed fintech landscapes with growing insurtech scene,” said Julie Batch, chief customer officer at IAG to Australian Financial Review.

“We are the first Australian insurer to launch a space dedicated to insurtech in Singapore and will join a network of global innovators with hubs set up in the technology hotspot.”

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Batch added that setting up a hub in Singapore not only entails some tax benefits, it may also be of interest to the fintech industry due to the forward-thinking nature of the city-state’s regulatory regime, AFR reported.

“They’ve put us in touch with one or two companies that are looking for insurance partners to build out new products, so we already feel like we’re hitting the ground running a little bit,” she said.

James Orchard, EGM of innovation for IAG, agreed and also noted that the Monetary Authority of Singapore (MAS) has a “favourable regulatory agenda” and provides companies with networking opportunities.

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