Half of NZ InsurTechs have been formed with the intention to improve customer experience and engagement, says InsurTechNZ which is part of New Zealand Financial Innovation and Technology Association (FinTechNZ).
This detail is to be included in the InsurTech Landscape report, a collaboration between EY and InsurtechNZ, that is to be published in February 2019.
Other key findings to be highlighted in the report include:
- 57% of NZ InsurTechs plan to grow internationally within 12 months.
- More than half (63%) of NZ InsurTechs, or 16 new InsurTechs, were founded last year.
- There is opportunity for increased collaboration between incumbents and InsurTechs. This has not yet been fully realised.
- Future trends involve leveraging digital technologies such as AI and blockchain.
- There is a very strong focus on platform solutions and the role technology enabler companies have to play.
InsurtechNZ grew out of the Insurance Working Group that was created by FinTechNZ in response to interest from the insurance industry. Of the 150+ FinTechNZ members and 1,000 contacts, a recent survey revealed that 30-40% had an active interest in insurance.