Auckland-based Simfuni has won the Financial Service Council of New Zealand’s innovation of the year award.  

The business – which won the Australian and New Zealand Institute of Insurance and Finance’s insurtech start-up of the year prize in 2024 – was up against Nib, AIA, Lifetime Retirement Income and MAS at the council’s annual excellence awards last week.

“We’re incredibly proud of this win,” Simfuni said. “It’s further validation that our customer-centric payments and policy administration software is delivering real value to insurers and their customers.”

Simfuni launched a customer payment offering in 2023 and has since added a policy management platform that helps streamline operations, migrate closed books to reduce costs, grow portfolios and meet regulatory requirements.

It closed a $NZ3 million ($2.73 million) venture capital raise last month led by Icehouse Ventures.

CEO Shaun Quincey says that by transforming outdated systems into a single platform, Simfuni also helps insurers “drive persistency and retention through better customer experiences that keep policyholders engaged and loyal”.