In reflecting on the developments within the Australian insurance sector throughout 2023, the industry’s concerted effort to enhance operational efficiency takes centre stage.
The culmination of these endeavours is evident in the recognition bestowed upon the trailblazers by the 2023 Insurance Business (IB) 5-Star Insurance Innovators awards, acknowledging those at the forefront of innovation in Australia and New Zealand.
The IB 5-Star Insurance Innovators report, initiated in April 2023, served as a tribute to entities propelling the industry forward. Whether through the introduction of cutting-edge technology or the implementation of groundbreaking products and distribution channel strategies, these companies left an indelible mark on the landscape.
Inviting insurers, brokerages, and service providers from across Australia and New Zealand, IB facilitated a submission process, wherein nominees detailed the innovative steps taken throughout the calendar year 2022.
An objective evaluation by the IB team, focusing on comprehensive information, genuine innovation, and proven success, resulted in the identification of the top 30 5-Star Insurance Innovators.
As part of the editorial process, Key Media’s researchers conducted an interview with Mark Silveira, the general manager of industry engagement at the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), to provide an independent analysis of the report and its findings.
“Insurance companies are getting to be very, very innovative. If you look at some of the changes that have happened, we’ve done away with a lot of the repeat filling in the forms. We’re providing the ability for claim settlements much earlier than in the past and finding ways to cut through the red tape,” he told IB.
While acknowledging the positive industry shifts, Silveira emphasised that entities like IB’s 5-Star Insurance Innovators stand out by going the extra mile.
“There’s some real opportunity to expand our thinking past the traditional insurance framework,” he said.
See the full list of 2023 winners by reading the IB 5-Star Insurance Innovators 2023 special report.
