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Australian insurtech sector poised to scale: new survey finds partnering with insurers to become mainstream within three years

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Only half (50%) of the Australian insurance sector believes enough is being done to maximise the value of insurtech collaborations and drive real digital innovation across the industry, according to a new report released today by Ernst & Young, Australia (EY Australia) and Insurtech Australia.

The third annual survey of Australia’s insurtech ecosystem found that partnerships between incumbent insurers and insurtechs are becoming increasingly common – 80% of insurers are currently collaborating with an insurtech – but most are still occurring on a small scale, for specific point solutions within individual pockets of the business. To move to the next stage of optimisation and fully harness the benefits of insurtech, insurers will need a clear, holistic digital strategy and an implementation roadmap that addresses legacy technology issues.

Pivotal areas that Australian insurers, insurtechs and insurance industry providers agree are ripe for digital innovation include efficient administration, claims, pricing and underwriting agility, and developing new products to deliver differentiated customer propositions.

Andrew Parton, EY Oceania Insurtech Leader said: “While it’s pleasing to see more collaboration and partnerships occurring, most Australian insurers are still only using insurtech tactically, rather than trying to develop a more strategic whole-of-business digital ecosystem.”

“For the sector to fully realise the transformative potential of insurtech, insurers will need to move beyond random acts of digital and put the right infrastructure in place so that their legacy systems can connect with new technologies and support plug-and-play integration capabilities,” Mr Parton said.

“Over the next few years, we are likely to see the sector moving beyond simple alliance models. In fact, our research shows that the Australian insurtech ecosystem may look quite different in three years’ time, with 58% of insurers anticipating a high level of acquisition activity as they seek to obtain their own capabilities in this space. Fifty-eight percent of survey respondents also expect to see consolidation of insurtech providers during the same period.”

“Currently, 63% of insurers have current partnerships with between 1 and 3 insurtechs, but only 14% are partnering with 5 or more. This will change over the next few years as insurers seek to increase their number of insurtech partnerships to broaden their digital ecosystem and extend insurtech use across their entire value chain. However, such innovations will rely on insurance processes being able to easily interact with external APIs, cloud-based systems, and IoT devices and sensors. Digital enablement platforms could provide a short-cut to making these connections and support the transition from old to new distribution channels, without needing to entirely replace core legacy systems,” Mr Parton said.

Rita Yates, Insurtech Australia CEO said: “It is positive to see that the majority of the industry agrees that insurtech will play a major role in helping incumbents become more digitally capable in the future, and that incumbents and insurtechs were both aligned in this level of thinking.”

“It is clear that insurtechs in Australia offer a wide range of potential solutions. We now have a real opportunity to optimise future partnerships so that their value can be realised at scale. In order to do this, a clear understanding is needed of what elements are critical to get right during the partnership process,” Ms Yates said.

Source: https://australianfintech.com.au/australian-insurtech-sector-poised-to-scale-new-survey-finds-partnering-with-insurers-to-become-mainstream-within-three-years/

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Australian FinTech – Connecting the Australian FinTech industry to the world

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“SilverRail Technologies is disrupting to the transport industry and we see the impact when entrepreneurs bring a new model to market. The guys at Australian FinTech are close to the dynamics of the finance space, keeping an eye on the next disruption.”

Source: https://australianfintech.com.au

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Duena Blomstrom

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INTERNATIONAL KEYNOTE SPEAKER, AUTHOR, INFLUENCER, CREATOR OF EMOTIONAL BANKING™, FOUNDER and CEO of PeopleNotTech

Duena is the author of the book “Emotional Banking: Fixing Culture, Leveraging FinTech and Transforming Retail Banks into Brands”. She is a serial entrepreneur and intrapreneur, a mentor for start-ups, a LinkedIn Top Voice, named an industry influencer in most lists, a Forbes contributor, a blogger with cutting-edge, unconventional and unapologetic opinion style, an international keynote speaker at industry events, the inventor of the EmotionalBanking™ and MoneyMoments concepts and the Co-Founder and CEO of PeopleNotTech Ltd – a software solution provider revolutionizing the organizations of companies that need to use technology and new ways of work focused on the concept of Psychological Safety in high performing teams.

Over the past 18 years, Duena has worked with multiple large organizations in particular banks, be it to assist them in their digital strategy or to help them transform. With a background in Psychology as well as Business, Duena is on a crusade to see lasting, meaningful and profound change in the way organizations work. In banks’ case this means she is intensely passionate about getting them to embrace the concept of “Emotional Banking” -or how to redesign around Money Moments not financial products- but is chiefly working with various organisations on deep cultural change programs that enable them to become true technology driven, leverage Agile and put Experience at the heart of the proposition to build strong brands that deliver by focusing on their people.

Duena delivers different, entertaining, engaging and thought-provoking keynotes internationally and occasionally leads panels and fireside chats on topics ranging from FinTech, Digital, CX and Innovation to the bigger themes of the Future of Work, Technology, Psychological Safety and Agile as they reflect in Employees Engagement and Organizational Psychology and Design and has a strong following of 200k+ subscribers and followers on Twitter and LinkedIn.

Cover of book Emotional Banking - Fixing Culture, Leveraging Fintech, and Transforming Retail Banks into Brands by Duena Blomstrom
Click here to read more from Duena on Forbes.com

LATEST BLOG POSTS

TESTIMONIALS

“Duena always has new, fresh and thought provoking content!”

“We had Duena as our Keynote Speaker twice – there was never a bored face in the audience and the feedback reflected that”

“Duena was a keynote speaker at our annual conference and our audience loved her! Both Duena and her team are the utmost professionals and it was a pleasure to deal with them for the preparation of her visit“

“Both chairing a panel and as a keynote speaker, Duena has delivered. Delegates came interested and left fascinated. Looking forward to working together again.”

“Our board had executive briefing fatigue and we searched for the most innovative content and most comprehensive expertise packaged in a dynamic way which is what we found with Duena Blomstrom’s presentation.”

TOPICS DUENA SPEAKS ABOUT

BANKING AND FINTECH:

  • “How to put Emotion back in Banking and create true Money Moments™”
  • “Emotional Banking™- Financial institutions need to investigate customers’ feelings about their money and they need to do it NOW”
  • “FinTech – not the cure-all it says on the box”
  • ”Everyone is a Challenger when you’re a bank” – GAFA, digital experiences, Open banking and the unhappy consumer

FUTURE OF WORK AND TECHNOLOGY:

  • “#VUCA is here: will you bend and win or break and vanish?”
  • “Psychological Safety – Silicon Valley’s Secret Sauce”
  • “Team = Family. Psychologically Safe teams can make magic and move mountains together.”
  • “Servant Leadership and The Emotionally Intelligent Leader”
  • “What are you afraid of? – Impression Management and the fear of appearing incompetent, intrusive, negative or ignorant stops us from being courageous and speaking up at work”
  • “DevOps is the future of HR”
  • “Wake up or rest in peace” – Companies winning today use technology and work in different new ways that make them money and their employees happy. Everyone else is still in the 60s structure of paper-pushing offices. Change or face extinction.

AGILE:

  • “You can’t have the WoW without the WoT – Succeed with Agile only if you change mentalities”
  • “Agile as a religion not a re-org exercise”;
  • “Technology is meaningless and customer-centricity dead without Agile”
  • “Digital Excellence and Innovation – It’s all about the People, not the Tech”
  • “Agile from the heart not a consultancy PowerPoint”
  • “Knowledge, Passion, and Courage – Sine qua non conditions to utilizing Tech and making your Digital customers happy”
  • “Time to ditch Agile “transformations”

BOOK DUENA TODAY

RECENT TALKS

BANKING: MONEY 20/20: https://youtu.be/TzNq5AS4ems

FUTURE OF WORK: SIBOS Future of Work Panel: https://www.youtube.com/watch?v=IC0YI8mQSlM&feature=youtu.be&fbclid=IwAR00JUGgWGhfm1effIBCj2TR3vhCQQVCREZQjYux0RNRa-3aVLPYSafQZu8

BANKING: Design and EMOTIONAL BANKING: https://www.youtube.com/watch?v=h8o9yJ3InYU

AGILE AND PEOPLE

LUXEMBOURG: It’s all about the people, not the technology

Fireside chat about People and Security: https://ytcropper.com/cropped/rR5c0a64d960449

Interview about Emotional Banking:
https://www.finbizness.com/2018/11/26/banks-use-tech-to-design-customer-experience-but-ignorant-of-human-feelings-duena-blomstrom/

Webinar: https://www.brighttalk.com/webcast/13689/303693?utm_campaign=knowledge-feed&utm_source=brighttalk-portal&utm_medium=web

Interview: https://www.youtube.com/watch?v=se3tQSaH-a0&t=839s

BBC Interview: https://drive.google.com/file/d/1d9aTwXlKEZbjjXsLwXeGVXg4VgvpqYnX/view?usp=sharingLatest Breaking Banks: Minute 19:50 to 43:23 – https://drive.google.com/file/d/1z6VD0z1g2NXf11gz8Qx8rhwolypXJWl3/view?usp=sharing

To have Duena delight your audience email BOOKINGS@DUENABLOMSTROM.COM

Source: https://duenablomstrom.com

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