Property technology – or ‘proptech’ – is a catch-all phrase used for any technology designed to streamline processes and create better customer experiences in the world of real estate; from the construction and sale of property, to managing and maintaining buildings.
IAG Firemark Ventures has recently invested in propper, an Aussie proptech startup which uses technology to provide property management and maintenance services at a lower cost and deliver a better standard of customer service than traditional models.
This investment will provide IAG with access to unique data assets and insights, helping to build a detailed understanding of the property and create new ways to support our customers. By investing in this digital platform, we aim to enhance the experience for NRMA Insurance customers.
"The propper platform will help us to engage with existing customers – and new digital-first customers – in a meaningful way to deliver further value for their insurance needs."
IAG Firemark Ventures Managing Partner
IAG Firemark Ventures Director Scott Gunther said the investment offers many benefits for our customers.
“propper uses technology to de-risk property investment – for both landlords and renters who are looking for places to live. The proprietary data, collected via the propper platform, will help us to engage with existing customers – and new digital-first customers – in a meaningful way to deliver further value for their insurance needs.
“We’re excited to work with the team at propper to realise the full potential of this investment and roll out the benefits to our customers in both the short and long-term,” Mr Gunther said.
propper CEO and Founder Ash Frenken said IAG’s investment will help the company realise its ambition to scale up its business, launch services in new markets and bring further benefits to Australian property investors and renters.
“Our platform and unique operating model enables us to deliver an industry leading renting experience for both our landlord and tenant customers right across Australia. We’re excited to partner with IAG, as this partnership will see us collaborate on new innovative products that will further enhance the customer experience, while also driving long-term customer growth and business efficiencies that will ultimately accelerate our path to becoming the leading property services company in Australia,” Mr Frenken said.
As part of propper’s commitment to deliver a superior property management service that truly helps its customers maximise their investments, in 2019 propper launched propper Maintenance – a wholly-owned subsidiary of propper. Its customers receive access to their fully licensed and highly skilled trades at rates that are below market, while providing guarantees over both job quality and completion speed, which are common pain points for both tenants and landlords serviced by the incumbent property management model. In late 2019, propper Maintenance launched Handyplan exclusively to propper customers. Handyplan allows propper owners to enjoy the peace of mind of being covered for the costs of property maintenance and repairs, as well as preventative maintenance like gutter cleaning and pest control, in exchange for a low monthly fixed fee with no contract or long-term commitments.
IAG Firemark Ventures, IAG’s corporate venture capital fund, invested in propper as part of its mission to partner and invest in businesses with the potential to reinvent the insurance experience.