POWERED BY MOMENTUM MEDIA
Insurance industry open to disruption: Capgemini
Much like the rise of fintech in Australia, insurtech presents a range of technology-related opportunities which highlight the need for traditional insurers to ensure returns on investments in innovation, according to Capgemini.
In the ‘Capgemini/Efma 2017 World Insurance Report’ released today, 31.4 per cent of consumers surveyed said their reliance on insurtechs was either exclusive or in combination with incumbents.
On the Australian front, Capgemini said local insurance companies would have to reinvent themselves to target tech-savvy millennials, who held more interest in technological solutions than previous generations and were the main push behind the growing popularity of insurtech solutions.
With that in mind, Capgemini executive vice president and head of insurance, Jack Dugan said incumbents would have to deliver innovative solutions, but still had the power to remain relevant.
“Increasingly, partnerships are being viewed as a welcome development in the ongoing effort to address the insurtech movement,” he said.
“Insurtechs can help incumbents overcome roadblocks such as ageing systems and paper-based processes, meanwhile, incumbents can help insurtechs face newcomer challenges like high customer-acquisition costs and a lack of risk management experience.”
Respondents within the report also said insurtechs offered better value for money, and more timely and efficient services, but that the complementary strengths of traditional offerings remained crucial to the insurance sector.
A total of 45.9 per cent of respondents said incumbents were needed for fraud protection, while 43.7 per cent cited their prowess in brand recognition, and personal interaction at 41.6 per cent.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
