The New Zealand Financial Technology Innovation Association (FintechNZ) has backed the Financial Markets Authority (FMA)’s new corporate work plan for the next financial year.
The new Annual Corporate Plan (ACP) includes strategic priorities to improve behavioural standards across different financial services sectors – including the insurance industry.
Strategic priorities include governance, credible deterrence of misconduct, implementation of potential remit changes, investor and customer decision-making, and promoting trust and confidence in capital markets.
James Brown, general manager at FintechNZ, said that the corporate plan was a good step to improve insurtech customer service.
“Insurtechs are focusing on the onboarding process as it remains clunky and a number of questions are asked that are not relevant. We also need to make claiming easier. I recently made a claim and I was almost made to feel like I was trying to commit fraud,” said Brown.
Brown commented that insurers need to take a more proactive role and focus on doing the right thing for customers.
“Insurance companies need to take a more proactive role. We should see this with health as people who take steps to lead a healthy lifestyle. Getting health checks should result in a lower premium compared to those who smoke, drink and take drugs. With the help of wearable technology, we could start to incorporate this into premiums,” he said.
“Insurance sits behind the policy parameters when making decisions. We need them to consider the impact on people and work towards doing the right thing for customers. We need to have behavioural standards across the industry focused on the positive role insurance can take when the product is called upon.”
