Insurtech PolicyStreet receives Australian Financial Services License | Insurance Business Australia
PolicyStreet has received the green light to operate in Australia by obtaining the Australian Financial Services License from the Australian Securities and Investments Commission (ASIC).
PolicyStreet works with businesses and consumers in Australia and Southeast Asia. It works directly with more than 40 life, general, and takaful providers globally. Its products and services include embedded insurance, customised employee benefits, financial advisory, and insurance aggregation.
The Australian Financial Services License will allow PolicyStreet to provide and offer financial product advice and services for general insurance products to Australian retail and wholesale clients.
Expanding into Australia, PolicyStreet expects to increase competition and drive innovation in the Australian insurtech market, leading to a wider variety of insurance options and better prices for businesses and consumers seeking personalised and embedded insurance products.
“PolicyStreet's digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we're thrilled to expand our footprint in Australia and beyond,” said Yen Ming, co-founder and CEO of PolicyStreet.
“Australia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers.”
PolicyStreet continues business in Southeast Asia
PolicyStreet said it remains committed to its existing Southeast Asian business partners.
The company, which recently rebranded, said it hopes to work with Australian businesses seeking to expand into Southeast Asia, including Australian small and medium enterprises (SMEs), which account for 97.4% of all businesses in Australia and contribute (by revenue) 32% to the country's economy.
“The opportunity to expand our operations in Australia presents a mutually beneficial relationship between the different markets we serve,” Ming said.
“Aside from bringing tailor-made insurtech solutions to a wider audience in Australia, we can better innovate and push the boundaries of insurtech within Southeast Asia by leveraging insights and data on upcoming trends from its Australian operations.”