The life insurer has secured funding from a global investment manager to expand its operations in Australia and double down on its ‘digital led’ philosophy.
In a statement released on Thursday, Integrity Life said it had completed a $43 million capital raising, with the majority of funding coming from Swiss asset manager Schroders.
“There was a strong interest in the raise that took place before and during COVID-19,” the insurer said.
“Given the instability of the global economy, this significant investment is being viewed by the market as further endorsement of the importance of Integrity’s digital-led positioning.”
The insurer said the funds would be used to support the expansion of its operations and the continued development of its digital-led insurance offering.
“We’re thrilled to have the confidence and backing of Schroders, who have recognised that our approach to life insurance in Australia is changing the game,” Integrity chairman Eric Dodd said.
“Our ethos of ‘digital when you want it, human when you need it’ allows us to marry the convenience of technology with an empathetic approach that guides everything we do.
“In an industry that is crying out for innovation, we’re excited that this injection will enable us to bring more Australian firsts and step-change improvements to both the financial adviser and customer experience.”
The news follows the March retirement of chief executive Chris Powell from Integrity, which was founded in 2018.
Mr Dodd said the start-up insurer was “on a growth trajectory” and excited about its future in the local market.
“Despite the backdrop of COVID-19 and a possible global recession, our low-cost operating model and flexible technology systems give us a significant advantage to adapt and pivot to keep pace with change,” he said.
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