Three insurance providers have joined the ranks of Australia’s fastest-growing technology companies.

Ranking in the 2018 Deloitte Technology Fast 50 Australia Awards were Cover Genius (11th), boasting a 538% revenue growth from 2016 to 2018, BizCover (46th), with 111%, and Kogan.com (50th), with 96% revenue growth over the last three years.

Kogan.com also ranked ninth in 2018 Deloitte Technology Australia Leadership Awards.

“This year’s list tells us that we are going to see further challenges to traditional finance models from the fintech sector and serious growth in AI development, in 5G telecommunications, and in the implementation of cloud-based business systems,” said Josh Tanchel, Technology Fast 50 lead partner. “The cloud is leading to greater processing and network capacity and increasingly businesses are looking to maximise those efficiencies.”

The Deloitte Technology Fast 50 Awards provide international recognition for Australian innovation, with the winners gaining automatic entry into the Deloitte Asia Pacific Technology Fast 500 program. The awards are supported by ASX and DLA Piper Australia.