A decade-long relationship with the Singapore central bank has resulted in IAG becoming the first Australian insurer to set up an insurtech hub in Singapore, under a regulatory regime that the company says offers tax incentives and collaboration opportunities not always found in Australia.

Following IAG's launch of a $75 million venture capital fund to invest in start-ups in December, the Australian insurance giant has revealed it will launch an insurtech hub in Singapore called Firemark Labs. It will act as an incubator for IAG to work with Asian-based start-ups and research and technology providers to create customer-centric products and services.