Insurtechs can lead the way in helping major insurers develop loss prevention solutions, an expert says.

Accenture’s Insurance Lead Australia and New Zealand Marianne Hutchinson says insurers are increasingly looking to engage with customers to minimise damage across a range of sectors.

“Insurers are thinking about what they can do and who they can partner with in terms of prevention,” she told insuranceNEWS.com.au.

“That’s where a lot of insurtechs are looking to play, and a number of them are out there already.”

Ms Hutchinson says examples include flood mitigation, wearables in the life insurance and workplace injury space, connected devices in the home which can alert customers to break-ins or water leaks, and telematics in motor insurance.

“Telematics has not taken off in Australia as it has in other countries but we might still see some plays in that space, with the gamification of technology leading to a shift in mindset.”

Ms Hutchinson believes large insurers are increasingly willing to partner with insurtechs, and COVID has led to an acceptance that digital transformation can occur in “bitesize pieces”.

“There is a recognition that you can achieve a lot without having to sit in a room debating it for a long time,” she said.

“And insurers are recognising that insurtechs are not the enemy – they are part of the solution.”