Credit Clear share price jumps on insurer demand

10 October 2022

Shares in ASX-listed Credit Clear spiked 18% last week after it revealed it signed four contracts with car insurance clients.

The insurtech entered new agreements with Zurich, Aioi Nissay Dowa and another motor insurance specialist last month, and expanded an existing relationship with a fourth large insurance group.

It expects to announce more insurance clients in the coming months.

Credit Clear – a finalist in the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIIF) industry awards – offers products based on AI models, automation and predictive analytics. It recently developed an at-fault third party claim system for car insurers in collaboration with a large Australian insurer.

The automated digital self-service system asks whether customers accept fault and are insured, exchanges documentation and sets up payment arrangements.

Collection of excess payments from the first party insured is also in development.

A September case study at an insurer found the digital workflow was completed in 13 days from third-party claim initiation to payment, without human contact.

Credit Clear says thousands of active payment plans have already been established via its platform. The business is also exploring expansion in the UK, South Africa, New Zealand and other markets.

Paul Dwyer, Deputy Chair and founder at PSC Insurance Group, joined the Credit Clear board last month.