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​​Growth in Insurance Series: State of innovation in the Insurance industry​

​​Innovating together: Bridging Traditions and Tech for a Resilient Future in Australasian Insurance​

 

The Australian and New Zealand insurance market is at a critical point: adapt or fall behind.  

Traditional Insurers are under pressure to address emerging risks while keeping products affordable, despite legacy systems and strict regulations. InsurTechs, meanwhile, are making their mark but face their own challenges. This prompts the question: how can the industry use innovation to drive growth and profitability? 

While innovation is widely recognised as essential, significant barriers hinder its adoption across the sector. Collaboration between Traditional Insurers and InsurTechs is key, as combining legacy expertise with fresh, tech-driven perspectives offers the greatest potential for industry-wide transformation.

Innovation must be approached as a discipline, with measurable targets and a culture that supports change. The call for innovation needs to become a collective mandate, embraced by all stakeholders, from C-suite to customers. 

This report explores these shifts and advocates for cooperation and innovation to position the industry for future success.