07 May Insurance state of play: conference shines spotlight on industry’s digitisation
Members of TAS’ executive team attended ANZIIF’s second Insurtech Conference held in Sydney last week to learn how technological change is transforming the sector and understand the abundant opportunities that digital disruption presents.
Partnering with Insurtech Australia and FinTechNZ, the two-day regional conference brought together technology and insurance leaders to find unique and innovative ways to collaborate.
The thought-provoking event, which concluded with a robust panel discussion on the industry’s transformation, touched on topics such as the insurtech ecosystem, the importance of working collaboratively and the impact of disruptive technologies on the sector.
Five key learnings included:
Emergence of blockchain: Blockchain and Smart contracts have potential application across the insurance and claims management industries as it’s a decentralised ledger that could streamline the claims process. Blockchain is a big game-changer that everyone should be paying attention to.
Artificial Intelligence shake up: Perhaps unsurprisingly, 85 per cent of our interactions with a company will not involve a human by 2025. Artificial Intelligence is set to reshape the insurance sector as virtual assistants aim to bring back the one-to-one customer experience. Technology change in this space is already being adopted, as seen with omni-channel digital employees that can help your customers navigate self-service tasks through voice, chat and video in the most natural and human way possible.
The rise of wearable devises: Wearable technology has the potential to revolutionise the way people monitor and manage their health. Wearable technology will affect everything from liability, fraud management and data analytics. Wearable technology is an evolving space that brokers will need to adapt to in order to keep up with customer needs.
A values-based culture: It’s important for industries to promote customer-oriented behaviours internally to innovate and future-proof businesses. Life insurance company, MetLife shared their core culture values which span curiosity, expansivity, experimentality, velocity and bravery.
Defining digital insurers: With an abundance of technology solutions on offer, the insurance industry is often confused as to what technology to implement and when. Digital insurers combine a range of technologies across their value chain such as drones and satellites, blockchain, telematics and the Internet of Things.
The insurtech space is navigating some interesting times, with many opportunities and accompanying challenges afoot. While the definition of what constitutes an insurtech company still leaves some confused, it is important for companies to look within and identify whether they are in fact technology companies or not. If not, they might want to engage Fintech companies to assist delivering instant technology solutions to the business.