Customer and collaboration key to surviving digital disruption

13 March 2018

Embracing technology and disruption will be key to staying relevant in an increasingly evolving insurance industry.

This was the advice given by Allianz Australia Chief Operating Officer, David Krawitz at last week’s Future of Insurance conference in Sydney.

Krawitz warned that insurers must continually adapt how they do business to ensure they remain competitive with more nimble organisations with lower operating costs.

Citing blockchain as an example, he went on to stress the importance of industry collaboration to achieve the best technology outcomes for insurers and customers.

“Blockchain is not just another buzzword: it presents an incredible opportunity for our industry to transform how we work together in areas such as reinsurance, recoveries, quota share and claims. It’s critical that we continue to ask ourselves how we can use industry technology to make things easier for all of us.”

In addition to collaboration, Krawitz outlined three key principles for navigating digital change:

Underpinning those principles, however, Krawitz stressed the importance of ensuring that any change aligns to the customer.

“There is a lot that we are, and could be, doing. But before diving in head-first and testing the technology, we should always look at how it stacks up in terms of value for customers, service for customers and operating costs,” he said.

In closing, Krawitz proposed two questions that insurers should be asking themselves, as a way of determining what needs to be done:

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