IAG sets up InsurTech hub

IAG is establishing an InsurTech hub in Singapore, the first Australian insurer to create such a centre in the country. The hub will serve as an incubator for IAG to work with Asian-based start-ups and research and technology providers to develop customer-centric products and services. It has been reported that the hub will be called the Firemark Labs. IAG mentioned its decade-long relationship with the Singapore central bank, MAS and a regulatory regime that offers tax incentives and collaboration opportunities as some of the reasons for setting up the hub in Singapore. Julie Batch, chief customer officer at IAG, says that the insurer has had a long-term presence in Singapore, having established IAG Re Singapore in 2006. Batch said, "Singapore is recognised as having one of the most developed fintech landscapes with a growing InsurTech scene."