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Insurance customers are 'demanding different'

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Customers are demanding different products and services from the evolving insurance industry, US-based insurtech expert and author Rob Galbraith says.

Mr Galbraith was a keynote speaker at the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) Insurtech Conference in Sydney last week, which was held in conjunction with Insurtech Australia and Insurtech NZ.

Mr Galbraith told delegates customers want “a whole host” of new exposures and digital experiences,

But the human element must not be forgotten. “[Customers] are also going to want human interaction at a time of loss, so it’s really a mixed model that I think will push our industry forward in the future,” he said.

Insurtech Australia CEO Rita Yates says the conference is an example of the collaboration which is vital to the insurtech sector.

“I really think our ecosystem comes down to collaboration,” she said.

“At the end of the day, any opportunity where insurtechs can meet up with incumbents and discuss and explore how a potential collaboration could benefit each other’s businesses is incredibly important to the continued growth and success of our community.

“In the past 12 months we have seen our entire ecosystem start to evolve and mature. We have also seen a lot of growth in our ecosystem – we now have 61 insurtech organisations as members here in Australia, which is a huge increase from two years ago.”

ANZIIF CEO Prue Willsford says the conference has thrived since its inception, and serves to bring together leading industry innovators.

“Since we began the conference four years ago, we have seen significant collaboration and maturity from insurtech start-ups and incumbents,” she said.

“Our audience understands both insurance and insurtech ecosystems, which has allowed us to showcase a more advanced and sophisticated program than ever before.”