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Industry warned over technology, new competition

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Brokers and insurers face increased competition, Suncorp Commercial Insurance CEO Anthony Day told last week’s Steadfast Convention.

He has urged brokers to consider how prepared they are for new entrants and rapid technological change.

“Disruptors” such as Amazon and Google are looking at the insurance sector, while reinsurers are moving into insurance and brokers want to control underwriting.

“One of our risks is that our market position is being squeezed,” Mr Day said. “Insurers’ response may be to expand outside our traditional space or role.”

He says brokers are well placed to fight off competition because they have relationships of trust with clients.

“Those organisations that have regular interaction with customers are the ones that will succeed in the future.”