Home INSURANCE Insurance Quote : IAG backs Tic:Toc in $54m raise to disrupt insurance

Insurance Quote : IAG backs Tic:Toc in $54m raise to disrupt insurance

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Insurance Quote : IAG backs Tic:Toc in $54m raise to disrupt insurance

Insurance quote

“Valuations will go up and down based on business performance and market conditions,” Mr Baum told The Australian Financial Review.

“In our circumstance, the business performance has offset the market conditions and we’ve had a great opportunity to raise capital from amazing supporting long-term shareholders that are at a fair price.”

The funding will extend Tic:Toc’s runway before an expected IPO but Mr Baum said a possible ASX listing was not likely until 2024 or 2025.

“I think you’ve got to assume it’ll be a couple of years before the IPO market is really conducive to fast-growth technology companies again.

“But we are very well positioned to continue our strategy through that period, given our really strong balance sheet,” he said.

In the 12 months to June 30, Mr Baum said revenue grew 79 per cent year-on-year to $22 million, off the back of strong industry traction with 17 enterprise customers, including two of Australia’s largest five banks, which are using Tic:Toc’s technology.

Mr Baum said Tic:Toc has been working on the ability to add insurance products into the platform that uses the data it collects while approving a customer a home loan to offer a quote home and contents insurance.

“If you know about the property and the family, the only attribute that you don’t have – and that you need to know to offer insurance – is about the contents.

“If you think about the application journey it is very simple us to ask a customer if they would a quote for home and contents insurance.”

Mr Baum explained that information could be delivered to IAG via an API, with the insurer generating a quote that comes back to the Tic:Toc platform.

Scott Gunther IAG Firemark Ventures General Partner said Tic:Toc’s business model had been proven out by the number of enterprise customers coming onboard over the past 18 months.

“Australia is rich in fintech and insurtech start-up success stories, and Tic:Toc still has so much more to offer in this part of the financial services sector. There is a bright future ahead,” Mr Gunther said.

– The author was paid for a freelance assignment by Tic:Toc before joining the staff of The Australian Financial Review.

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