As the CEO of Insurtech Australia since May 2019 – and one of the not-for-profit organisation’s founders – Rita Yates (pictured) is extremely well positioned to identify which areas of the insurance industry benefitted most from integrating insurtech solutions in 2020.
“There are two segments that stick out in particular to me,” she told Insurance Business. “The first is the claims process, which is an area in which many insurance companies are exploring better digital solutions. It’s really proven to be a make-or-break proposition at times, since customers are increasingly demanding very capable digital processes when going through the claims cycle.”
The second area that took off during the pandemic, in Yates’ view, was virtual assessment tools. “These solutions have been used for such things as risk and damage assessment, and the fact that they can be operated effectively remotely has allowed them to prove their worth during COVID-19,” she noted.
Insurtech is a rapidly evolving space in Australia, particularly with the digital take-up that occurred as a result of remote working requirements brought about by the pandemic.
“2020 has seen insurtech continue to grow in Australia as company resources are increasingly focused on digital transformation,” Yates said.
“During COVID-19, technology-based businesses have had a bit of an advantage in adapting to what the world has required, and they have proven to be more resilient than those that don’t have technology as a building block.”
Though investment in Australian insurtech companies dipped globally in the second quarter of 2020, Yates says these numbers have stabilised and even recovered in the months since. Driving this investment in growing insurtech businesses, and helping them to scale internationally, is something that Insurtech Australia has focused on this year and looks set to build upon further in 2021.
“The ecosystem here in Australia is starting to mature, and we’re looking to utilise this and to continue to create more tangible opportunities for incumbents to work with, partner with and invest in insurtech startups,” Yates said.
Though the next year looks set to provide opportunities for more face-to-face meetings among industry stakeholders, Insurtech Australia’s approach will stay digital-first to begin with to allow for more equitable access and enhanced cooperation, including with international community partners such as Insurtech Insights and the Global Insurtech Alliance.
“There will be an eventual transition back to more in-person events and initiatives throughout the year,” Yates said.
“However, we’ll have a continued focus on our digital channels and sharing the stories of our members and partners through these challenging and changing times, while our busy virtual events calendar will ensure that networking, education and connection remains a priority.”
