Insurers collaborate on fintech

An insurance working group has been set up to act as a conduit for fintech development in the sector.

Thursday, January 11th 2018, 10:00AM

by Susan Edmunds

Mitchell Pham, chair of FinTechNZ

The New Zealand Financial Innovation and Technology Association (FinTechNZ) was launched last year to connect the industry and promote financial innovation and technology.

Now, it is setting up an insurance branch in response to a surge in interest in the sector.

"New Zealand financial technology is the fastest growing segment of our tech sector, at 48.5% per annum, and insurtech is an integral part of the opportunity to advance and transform financial services, not just domestically but also internationally,” said Mitchell Pham, chair of FinTechNZ.

The insurance working group will host monthly events from early this year including speakers and the opportunity to pitch ideas and concepts.

Initial members include Augen, Cove, Delta, Fidelity Life, IAG, IDS, InsuredHQ, Ministry of Business, Innovation and Employment, NIB, Partners Life, QBE and Vallum.

"It's pleasing to see businesses who normally compete head-on in the insurance market coming together to collaborate on innovation, and work collegially to seize opportunities and address challenges that pervade the whole industry" said Jason Roberts, FinTechNZ IWG lead co-ordinator. "It is also really exciting that the group is totally passionate about the end-customer's perspective - which will be a consistent theme across all of our work."

Dan Wilkinson, Fidelity Life’s chief technology officer, said more industry collaboration would help the insurance sector meet consumers’ changing behaviours and expectations about accessing financial advice and insurance protection.

“We are supportive of the Insurance Working Group’s ambition to move the industry forward on the digital front. As one of Fidelity Life’s four key strategic pillars, we recognise that technology is key to achieving our purpose of protecting New Zealanders’ way of life. We’re committed to investing in a strong digital backbone to support innovation, productivity and improved support for our customers, advisers and partners.”

Tags: Fidelity Life fintech MoBIE nib Partners Life technology