Technology and disruption are the keys to staying relevant in the evolving insurance industry, according to Allianz Australia COO David Krawitz.

Insurers must adapt to ensure they remain competitive against smaller organisations with lower operating costs, he says.

Blockchain represents an incredible opportunity for the industry to transform how it works together in reinsurance, recoveries, quota share and claims.

Mr Krawitz says companies must be prepared to collaborate with third parties to lift efficiency, improve business structures to help employees be more innovative and nimble, and develop data strategies to address customer experience.

“Before diving in head first, we should always look at how it stacks up in terms of value for customers, service for customers and operating costs,” he said. ‘It’s critical that we continue to ask ourselves how we can use industry technology to make things easier for all of us.”