The times, they are a changing...
It has been almost 700 years since the first insurance contract was issued, & yet it has only been in the last few years the insurance industry has faced fundamental changes in the way their industry operates.
Transformation is we are advised leading the risks the New Zealand insurance market is facing, with change management & technology two of the most pressing risks here & across the globe.
Whilst change management & technology were the two highest ranked risks, it is the intersection of the two which will provide many of the biggest challenges. The transition to new models, upgrades to core IT infrastructure & new services enabled by emerging technology like AI, all exist in this collision point.
As has been suggested often, disruption from new digital technologies is enabling new entrants to enter the market place, rendering existing distribution models obsolete. It is this threat to our distribution models which holds some of the greatest risks to established insurers. The times they are certainly changing.
I read another recent paper & learnt a new term, RPA ~ Robotic Process Automation. It is technologies like RPA which are seen as significant risks. It is however good to note the rise of RPA will not spell the end of human involvement in our insurance industry. My personal experience suggests people still need to speak with specialists who can provide the necessary intellectual capital required for your insurance requirements.
Whilst the times may be a changing, I suspect we are all effected in some way or another. After four & a half years in our lovely little cottage office, the Landlord is making way for a new building. Consequently we are on the move. With effect this next Monday, August 28th we are moving to:
Chamber of Commerce Building
63 Trafalgar Street,
Hopefully everything will be up & running Tuesday with little disruption to your services. We will of course be available on mobile telephones & look forward to being available to you as required.