Insurtech Australia has welcomed Swiss Re as its newest Gold Partner as the Zurich-based reinsurer says technology can help reduce underinsurance.

Expectations for fast, intuitive and streamlined digital experiences affect “the entire insurance value chain” and so technology “opens up new opportunities to close existing and potential protection gaps, which widen due to lack of affordability, awareness, trust, or too much complexity,” Swiss Re said.

Data analytics and the increasing digitisation of insurance play a role in “seizing on these opportunities and providing new digital insurance solutions to consumers around the world,” it said.

Last month, Insurtech Australia welcomed KPMG as a new ecosystem partner and insurtech Coverpay as a new member after a recent capital raise ahead of launching its “buy now, pay later” insurance proposition to market.

KPMG said insurtechs are helping drive a shift from legacy systems into new operating platforms, enabling “next generation” claims management and compliance, enhancing customer experiences, and developing new partnership ecosystems.