Professional services firm
KPMG has launched its latest General Insurance Update publication, which highlights the trends shaping the industry.
“Major forces and international trends are shaping the Kiwi insurance industry,” KPMG head of insurance Jamie Munro said. “The way everyday New Zealanders will buy, manage, and use insurance could become dramatically different.”
Munro said emerging technologies like artificial intelligence, robotics and machine learning, the Internet of Things and blockchain are redefining insurers’ operating models.
“Other major forces shaping the industry include demographic change, ever-changing customer expectations and preferences, the sharing economy, and other innovation and productivity initiatives,” he said.
The publication covered emerging industry themes including:
- Major forces and influences shaping the world and the insurance general sector;
- Mindset, trust and adaptability – the traits needed to disrupt and grow in the NZ insurance sector;
- Disruption and obsolescence: Exploring new solutions and embracing failure on the pathway to success;
- Applying a radically different approach to productivity to release resources and create financial capacity to invest in transformation;
- Exploring the opportunities presented by the rise of augmented and virtual reality;
- Digital labour – automating manual tasks across the value chain and optimising internal functions to deliver better value for money to customers;
- Positioning for the future cyber insurance market growth;
- The rise of digital ecosystem insurance products and alliances with technology partners;
- Preparing for the new Insurance Contracts Standard, NZ IFRS 17.
The copy of the publication can be found in
KPMG’s website and is now
available for download.
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