Winning entries from the annual insurtech competition will help address key challenges in the insurance industry
SYDNEY, Oct. 4, 2022 /CNW/ – DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services company, today announced the launch of the DXC Invitational across Asia Pacific as part of its global insurtech competition, aimed at bringing the latest innovations to the insurance industry.
The DXC Invitational, established three years ago in Australia encourages late-stage startups and scaleups with existing, market-ready products or solutions relevant to the insurance industry to enter the competition.
In particular, DXC is keen to discover solutions that improve customer experience, increase efficiencies and support compliance across the distribution value chain and lifecycle of a policy, including prevention and claims management.
While not a pre-requisite, DXC is also seeking solutions that can integrate with DXC Assure, its integrated software solution that helps insurers enable a digital customer experience, and can accelerate the consumption of technology and new data sources to support the latest insurance products.
“Realizing the power of outside-in innovation, DXC launched the DXC Invitational to yield joint solutions by bringing out the best in some of the industry's top talent in the startup community. The competition has been a stepping stone for insurtechs, with a number of them going on to collaborate with DXC and gaining access to new markets and resources across the globe,” said Michael Neary Regional General Manager, Insurance, Asia Pacific at DXC Technology.
In partnership with Insurtech Australia, a national, not-for-profit organisation fostering collaboration with industry, partners and insurtech in Australia, this is the first time DXC will be extending the competition across the Asia Pacific region, welcoming entries from Singapore, Malaysia, Thailand, Philippines, Indonesia, Vietnam, Greater China, India and Japan, in addition to Australia and New Zealand.
“Insurtech Australia is delighted to collaborate with DXC for another year to bring innovation to the insurance industry. I am excited that this year, the competition will be expanding across the Asia Pacific region. This initiative demonstrates that DXC is committed to supporting both the insurance industry and insurtech community, to hopefully help change the way in which customers are serviced and the landscape of insurance into the future,” said Insurtech Australia CEO, Simone Dossetor.
Another unique aspect of this year's program is our collaboration with UTS Startups, an initiative by one of Australia's leading universities to inspire and develop the skills, knowledge and confidence amongst students to be entrepreneurs and support them at scale. UTS has a significant portfolio of startups that have the ability to bring innovation to the industry and will be encouraging its ecosystem to apply for this competition.
“DXC has a wonderful track record of helping startups grow and find their customers, and I couldn't be more excited to be working with them on this wonderful opportunity for startups in the insurance industry said Murray Hurps, Director of Entrepreneurship, UTS.
UTS Startups will also help DXC bring the pitch sessions to life via a virtual stream across Asia Pacific for the industry to see the latest innovations in insurance. “The insurance industry is undergoing a state of transformation with insurers looking for innovative solutions to improve overall customer experience and engagement. It is important we maintain the momentum this program has created as it provides us with an opportunity to take fresh ideas to our customers. Every entry in the DXC Invitational competition demonstrates the potential innovation that can be achieved in the insurance sector,” added Neary.
Since the competition was launched, DXC has collaborated with Australian insurtech firms, including 1Wordflow, Mapcite, Daisee, Guroos and Springday.
DXC Invitational applicants can enter their submissions in one of two categories:
- Category 1: The Digital Insurance Ecosystem
- Category 2: Enriching the Insurance Experience
Applicants will have the opportunity to participate in workshops consisting of technical tutorials, business guidance and sales coaching led by DXC. This will assist in preparation for the final presentation and demonstration of the applicant's working solution to the judging panel.
The judging panel, composed of clients, industry experts and DXC's leadership team, will select a winner from each category. Each winning team will receive an invitation to partner with DXC globally, gain access to DXC's customers and deploy their solution across regions.
Applications for DXC Invitational must be submitted online; and winners will be announced on 20 October 2022.
(Disclaimer: The above press release comes to you under an arrangement with PRNewswire India and this publication takes no editorial responsibility for the same)