InsurTech has always actively promoted the importance of market collaboration as a conduit for improving customer outcome. We are not alone in this view and indeed many insurers seek to improve customer outcome also achieving this to a greater – or lesser degree.
To be slightly provocative here; this is a message for Insurer Incumbents;
In my view, core sectors of the wider insurance services sector are lacking insight, agility and capability to truly respond to their rapidly changing customers’ needs exposing them to a lack of customer trust, consequently facing increasing industry regulation – but also giving away competitive advantage to sharper players who offer more agile, customer centric solutions in this rapidly evolving digital age.
Why do I comment on this? Well simple really; InsurtechNZ and our partners seek greater participation from Insurers (and their distribution partners) to share the challenges, jointly develop business solutions and grow a vibrant eco-system of InsurTech innovation. While no one is saying this is easy, it is happening. From our viewpoint, we have noticed that some of the top performing and most trusted brands are active participants in the InsurTech network. I think this is a telling point.
Right now the NZ Insurtech ecosystem is growing rapidly, offering tailored ‘Made in NZ, for NZ solutions’. By our own research a mere 20 companies have raised approximately $40m in funding in just two years with nearly all these providers focused on delivering customer centric solutions. Importantly it is worth highlighting that virtually all the technology solutions and/or platforms are designed to augment and add value to Incumbent Insurers.
We would like to ask you as the reader, to invite your friends, colleagues and even ‘challengers’ to get involved in the InsurTech agenda.