Insurers worry about change: Report
It has released its latest research on the sector, looking at what the industry sees as its key risks.
New Zealand insurers listed change management, technology and competition as their primary concerns.
“It’s no surprise that local insurers are feeling the effects of an increasingly competitive market. InsurTech start-ups are bringing in new technologies to the market and they aren’t held back by legacy systems or outdated business models,” said Karl Deutschle, PwC partner and insurance sector leader in New Zealand.
“Insurers are well aware that they need to build solutions and products that are focused on the customer. However, their biggest challenge is to convert that awareness into reality. The smaller disruptors are able to focus on a specific customer solution and deliver this quickly and seamlessly. The bigger incumbents still need to master this speed to market.”
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