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IAG opens Sydney innovation hub

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IAG has opened its “innovation incubator” in Sydney as it continues to push customer-led and data-driven growth.

The insurer says Firemark Labs will connect IAG with external partners “who can help… design new customer experiences for today and tomorrow”.

Partnerships have already been established with the University of Sydney, cyber-security start-up UpGuard and rental platform Snug.co.

Firemark Labs Sydney is within IAG’s head office. The incubator has capacity for more than 100 people.

 “The future of customer experience will be shaped through new technologies, capabilities and a willingness to experiment,” IAG Chief Customer Officer Julie Batch said.

“Firemark Labs Sydney will link us to Australia’s entrepreneurial community and enable our business to work with the people and partners who can help us challenge the status quo and innovate for our customers’ changing needs.

“It is critical to our growth strategy that we build and connect with innovation ecosystems that bring together universities, entrepreneurs and business, along with the regulators and government, who can help us evolve.” 

 Earlier this year IAG opened Firemark Labs Singapore. Last year it established Firemark Ventures, a $75 million fund to invest in start-ups and businesses that have potential to disrupt the value chain.

Firemark Labs Sydney and Singapore will be supported by Firemark Ventures.

The name Firemark refers to fire-proof metal plaques used in the 18th century to show a building was insured. IAG says this evokes a time “when insurers were shaping the future of modern industry”.