Australia is experiencing an insurtech boom due to the rapid acceleration of digitalisation prompted by the COVID-19 pandemic. The winners of this year's Insurance Business Australia (IB) 5-Star Technology awards stood out for adapting to the technological changes and needs caused by the pandemic and other factors.
In an interview with IB, insurance leaders from companies that won 5-Star Technology awards for 2022 shared some words of wisdom to help the insurance industry boost its technological capabilities.
Stelvio general manager Yannick Giguère told IB that it is crucial to become intrinsically aware of the challenges facing insurance companies and their customers and then take considered, strategic steps towards developing solutions that address these challenges.
“Building innovative and original solutions that can be gradually implemented into a business can help organisations achieve greater flexibility and agility, without creating additional challenges through rapid change management processes,” Giguère said.
Daniel Lukich, sales and strategic relationship manager at AAMC, said the insurance industry must address three key factors: cost, quality, and timeliness. He emphasised that technology within insurance claims must make the organisation easier to engage with.
“We would also advise insurers to partner with claims tech specialists rather than embark on costly in-house development,” Lukich continued.
Meanwhile, Appsure managing director Mark Hutson recommended that insurers focus on solving problems for customers.
“That is the key to Appsure's success and a central focus for the team,” he said. “Appsure is designed to provide flexibility in operation so that we can assist customers in a way that works best for them.”
Find more about the winners and how they used technology to adapt to the changes caused by the pandemic and other factors by reading the IB 5-Star Technology 2022 report.
