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24 March 2017
Insurers are increasingly partnering with fintechs to add value for customers and buy time to invest in their own innovations, according to an Australian and New Zealand Institute of Insurance and Finance (ANZIIF) expert.
IAG subsidiary CGU recently announced a 25% rebate on home insurance bought via online mortgage marketplace HashChing, while sister company NRMA Business Insurance has entered into a pilot partnership with lender Prospa, to offer customers easier access to finance.
ANZIIF Digital Communications and Content Strategy Manager Amy Gibbs told insuranceNEWS.com.au such partnerships are increasingly common.
“It’s a good way for insurers to add value for their customers quickly without needing to provide services themselves, which can be difficult with ageing IT infrastructure and different cultural mindsets to innovation,” she said.
“Using software as a service platform or partnering with tech start-ups to provide a frictionless experience for consumers just makes sense, improving customer outcomes and buying time for insurers to invest in their own internal capability.”
Meanwhile, insurers will continue setting up their own accelerators, innovation labs and venture capital to possess innovative solutions from the start, Ms Gibbs says.
IAG’s EGM SME Amanda Whiting says NRMA Business Insurance’s partnership with Prospa adds to additional services already available to insurance customers, such as free tax and legal advice.
“Through working with Prospa, we can connect our customers to a fast and easy online lending solution,” she said.
Insurance partnerships overseas include American Family Insurance working with Internet of Things company Ring, whose “video doorbell” may help reduce burglaries.
In the UK, smart monitoring group Neos uses sensors and apps to reduce claims such as burst pipes, burglary and fire, while offering home insurance underwritten by Hiscox.
23 March 2017
To partner with business units stakeholders to identify and implement BI initiatives. To support QBE Australia’s Executives formulate and drive operational strategy.
21 March 2017
Reporting to the head of product and partnerships, this role will manage new product development and product management functions, across insurers and product lines. The role will manage insurer relationships, ongoing product management, compliance and contractual obligations.
20 March 2017
Work as part of an experienced established U/W team. High profile role. NSW - Sydney.