The local insurance industry must get to grips with changing technological times, according to QBE CEO Australian Operations Terry Ibbotson.

Speaking at the Australian and New Zealand Institute of Insurance and Finance Victorian Annual Luncheon on Friday, he said insurers face inevitable change driven by factors that include technological change and the ever-increasing influence of Generation Y.

“The Baby Boomers were the first big population bubble,” he told delegates. “Generation Y is the next big bubble.”

He says one-stop insurance bundling, widespread internet buying and changing ownership structures within the industry are just some of the changes likely to occur within the industry by 2020.