A new industry body aimed at representing and advancing Australian insurance technology start-ups has been launched.

Founding members of the new body include businesses from across the insurance market, including Macquarie Bank, QBE, ANZIFF, IAG, Suncorp, RAC Insurance, Tank Stream Labs, MunichRe and The Fold Legal.

InsurTech Australia was created as a “stand-alone division” of FinTech Australia, and will focus specically on representing the various parties involved in the insurance technology market, including “InsurTech start-ups, insurers, reinsurers and brokers”.

"We want to make Australia one of the world’s leading markets for insurance innovation,” said InsurTech Australia lead and co-founder Brenton Charnley.

“InsurTech is a rapidly growing sector worldwide, and Australia has the ideas and skills to compete. Insurtech Australia’s mission is to foster a diverse community of insurance, startup and technology leaders to help Australia become a world leader for insurtech.”