Queensland-based Ivory Insurance has been granted a general insurance (GI) licence from the Australian Prudential Regulation Authority (APRA) – the first new GI licence to be approved by the regulator in decades. This significant development marks a new era of accessible, innovative insurance solutions for small and medium-sized enterprises (SMEs). At InsuredHQ, we are proud to be part of this journey, offering our technological support to Ivory Insurance’s ambitious endeavor.
Ivory Insurance's achievement in securing a general insurance license from the Australian Prudential Regulation Authority (APRA) is a landmark event. Michael Tuffy, CFO of Ivory Insurance, encapsulates this achievement:
"InsuredHQ's advanced platform was pivotal in our successful launch in Australia, setting a new standard for operational excellence in insurance."
This milestone underscores Ivory's dedication to filling the gap in the market with robust and tailored insurance services.
Their focus areas, including professional indemnity, IT liability, and general liability insurance, are a response to the nuanced demands of Australian SMEs. Ivory's ethos revolves around not just selling insurance products but creating meaningful solutions that resonate with the dynamic needs of modern businesses.
At InsuredHQ, we have had the privilege of providing the technological platform and OpenAPIs that supported Ivory’s strategic launch. Our collaboration is built on a shared vision of using technology to revolutionize the insurance sector. Jon Davies, CEO of InsuredHQ, notes,
"Our partnership with Ivory is a testament to our commitment to harnessing technology for innovative insurance solutions."
Our insurance administration software and open APIs have been integral to Ivory's operations, handling complex products and large volumes while ensuring precise reporting and accounting. We take pride in our behind-the-scenes role that has contributed to Ivory's successful market entry.
As we celebrate this milestone, we also look forward to what the future holds. We look forward to seeing Ivory Insurance thrive in the Australian market, and we are proud to support this fantastic team and business.