Technology platform, LifeBid, is advancing to the next phase in its journey with news it is soon to commence a pilot testing program for its inforce policy data management capability. This pilot program is one of a raft of developments that LifeBid has been progressing in recent months, prompting the release of the following update from the firm’s Founder, Brett Wright:
Following the successful capital raise in October 2023, we have made significant strides in platform development and solidifying our operational and security foundations.
These accomplishments reflect our commitment to product development, cybersecurity and delivering a quality technology solution.
Shareholder and Operational Highlights
- Investor Representation:
- The concept of an industry life insurance advice utility that is used and owned by many, is a key pillar of the philosophy of LifeBid as it is important to achieve a win-win for all stakeholders in the life insurance sector, from clients and advisers through to insurers and licensees.
- We now have 147 investors who represent over $700,000,000 in premium, ~450 advisers, ~900 support staff, and approximately 104,000 clients, with an average premium of approximately $6,750.
- It’s pleasing to see that our capital raise attracted investment from some of the largest advice providers in the country including groups like MBS Insurance and Invest Blue, with many small to medium sized practices from across the country participating too.
- Industry support also came from service providers who operate within the industry, but who aren’t necessarily advisers, licensees or insurers themselves.
- Investor Profile of Advice Practitioners:
- 52% holistic advisers.
- 39% risk specialists.
- 9% investment & super specialists.
Cybersecurity Achievements
- Achieved ISO 27001 certification, a significant milestone in our cybersecurity efforts – Check our certification here by searching LifeBid in the “Organisation Name” field: https://register.jasanz.org/certified-organisations
- Successfully passed 3 independent audits ensuring compliance and best practices in cybersecurity.
- Conducted penetration testing with a successful outcome.
- Zurich/OnePath, TAL, MLC Life Insurance, PPS and NEOS, like all insurers, adhere to high levels of cyber security and ensuring we meet their standards now and into the future is key to the success of LifeBid’s industry risk advice utility.
Governance and Appointments
- We have strengthened our governance structure by appointing:
- Invest Blue to LifeBid’s Board of Advice, one of Australia’s largest financial advice businesses, who currently have over 300 employees, including 128 advisers around Australia.
- Rob McAdam to LifeBid’s Board of Advice and as Chief Information Security Officer (CISO) Consultant.
Rob is a seasoned security professional with a career spanning over three decades.
Commencing in 1990 with the New South Wales Police Force, he transitioned to IBM after eight years, where he managed a sizable team for the Sydney Olympics.
Following this, Rob assumed the role of Program Manager for Penetration Testing, Managed Firewalls, and Intrusion Detection Systems across the Asia Pacific at IBM’s Security and Privacy Practice.
In 2002, he founded Pure Hacking, a leading Australian penetration testing company recognised for its impartial authority in security. Under his leadership, Pure Hacking expanded its services globally and received accolades, including listings in the Deloitte Fast 50 and BRW Fast Starters. In 2014, Pure Hacking was sold to PS&C, leading to Rob’s involvement in various strategic activities until 2017.
In 2017, he established CXO Security, a consultancy serving executive suites on security matters which was sold to Sekuro, an end-to-end cybersecurity solutions provider.
Since Sekuro, Rob has engaged in board positions and investments in cybersecurity providers and products.
Product and Technology Focus
We have been focusing on delivering four key streams of work:
- Cybersecurity Accreditation & Insurer Due Diligence: Continuously improving our security protocols to meet the constantly evolving industry standards and regulatory requirements.
- Insurer Policy Data Integration:
- Collaborating with our platinum insurer partners to integrate policy data securely and efficiently.
- Central to the success of policy data integrations between insurer and LifeBid systems, is the integrations working without the need for screen scraping, password sharing, removal of 2FA or other unsafe cyber security practices.
- Note from LifeBid’s Platinum Insurer Partners:
“MLC Life Insurance, TAL, OnePath and Zurich continue to work constructively to provide secure data integrations in a format that will enable LifeBid to provide its proposition to the adviser market. By working with technology platforms like LifeBid, we can create more efficiency for advisers and improve data flow to the advice community.”
- User Onboarding Processes: Streamlining the onboarding experience to ensure ease of use and efficiency for advisers and licensees.
- Initial Product Release: We were extremely pleased with the support shown from the advice community and the overwhelming feedback was that in force policy management was the highest priority. In response to this and in agreement with our insurance partners, the focus for LifeBid has been on the delivery of LifeBid’s policy data capability through integrations, ensuring that the foundational policy data requirements are met for a successful initial product release.
Looking Forward
- We will continue to focus on optimising cybersecurity measures and integration capabilities with insurers.
- Our upcoming initial product release is a key milestone, and we are committed to ensuring its success.
- We anticipate post-launch growth as we deepen our partnerships and expand our client base.
We thank you for your continued support and are excited for what is next for LifeBid and our valued investors, partners, stakeholders and the wider advice community.
Kind regards,
Brett Wright
Founder and Director
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