BizCover Named Among Australia’s Top Private Companies by Deloitte

BizCover was named as one of six top-performing private Australian businesses in Deloitte Australia’s 2024 Best Managed Companies awards.

A fully online business insurance provider with an agile, local team and a proprietary Insurtech insurance platform, BizCover has been recognised by Deloitte within their ‘Best Managed Companies’ awards program for their organisational success and achievement in the highly competitive insurance market.

The ‘Best Managed Companies’ awards program was originally developed by Deloitte to highlight the role of private companies in Australia’s economic growth. Every year, Deloitte’s selection for awards candidates aims to spotlight who they regard to be ‘key innovators and major contributors’ to Australian industries. 

The assessment process involves independent judges reviewing applicants based on four core pillars: strategy, culture and commitment, capabilities and innovation, and governance and financials

Aussie insurers who are fighting back

Australia’s insurance industry has faced increased scrutiny recently, with market experts reporting that the industry itself was valued at just under AU$100 billion in 2024. The sector is primarily dominated by larger corporations, which often leaves consumers and business owners with limited options. Many Australians feel that they may not be getting the best value for their insurance needs, whether it’s car, home, or public liability insurance.

This is why independent insurance providers like BizCover are well-placed to introduce meaningful changes to the system. By offering more flexible and modern services, privately managed insurance providers like BizCover contribute to diversifying Australia’s insurance landscape, providing additional options for small businesses and enhancing the customer experience.

Earlier last year, Richard Joffe of Honey Insurance also recognised BizCover as a key competitor to the larger, dominant players in the insurance industry. In providing Australian business owners with a greater range of options for insurance, providers like BizCover aim to address pricing concerns and offer alternative options to consumers, seeking to foster more competitive practices in the industry.

BizCover: Exploring new possibilities with Insurtech

Alongside bringing a healthy dose of homegrown competition to Australia’s insurance market, BizCover has also been recognised for making strides in Australia’s own growing fintech sector, thanks in part to the development of its innovative Insurtech business insurance platform.

The BizCover platform was designed to provide business owners with a transparent way to compare their package options and tailor policies to suit their unique insurance and risk management needs. The total ease of use of this platform and the ability to tailor servers for specific markets has resulted in BizCover’s Insurtech offering to expand out into South Africa’s own insurance landscape.

Working closely with local underwriters, BizCover’s Insurtech platform has demonstrated a strong capability to simplify the processes of finding and managing insurance cover in both national and global markets using a fully decentralised, online model that keeps business insurance cover accessible and cost-effective.

With over 260,000 small businesses insured through its platform globally and 1.7 million policies processed using this proprietary technology, the BizCover model of online insurance claims is proven and prepared for expansion into other markets worldwide.

What recognition from Deloitte means for BizCover

Since the establishment of the award in 1993, the Best Managed Companies awards program signalled the innovations of privately held companies worldwide.

“The Best Managed Companies program celebrates the passion, resilience, and focus on sustainable growth that are hallmarks of Australia’s leading private businesses,” says Natalie Faull, Deloitte Private lead partner and Best Managed Companies Asia Pacific leader.

“These businesses are purpose-driven, disciplined, and industry-leading. They are confidently navigating the future and setting an inspiring standard for success among private businesses in Australia.”

Winners of the Best Managed Companies award are also provided with access to business coaching from leading business advisors, networking opportunities via invitations to exclusive events, including premium sponsor events, and other branding and promotional opportunities designed to elevate their company further.

BizCover CEO Michael Gottlieb had this to say on the company’s success in Deloitte’s 2024 Best Managed Companies program:

“This recognition from Deloitte and the Best Managed Companies program is a powerful validation of BizCover’s commitment to innovation, strategy and business excellence. We’re extremely proud to be Australia’s leading InsureTech business and one of six companies recognised as key contributors to Australia’s economic growth.”

Why secure small business insurance with BizCover?

With a small team of staff and a fully online service model, BizCover is able to keep its services agile and accessible for small business owners, working to offer insurance policies with competitive premiums and balanced excesses. This added accessibility has made BizCover a strong option in Australia’s ecosystem of business insurance providers.

Alongside supporting Australian small business owners in saving both time and money when shopping around for insurance online, BizCover also takes pride in being a resource hub for small business owners nationwide. Their website features a wide range of industry factsheets, checklists, industry news updates, and other resources to support business owners across all backgrounds and sectors.

With their future-ready digital infrastructure, realistic price promise, and lasting commitment to providing value to Australia’s rich community of small business owners, BizCover is well-positioned to continue its role as a leading small business insurance provider in Australia.

Investing involves risk, and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.