A major conference set to take place in Auckland will gather industry leaders, experts, and innovators to discuss regulatory changes, customer experience value, emerging industry trends, and the future of insurance distribution.
Resonate 2024: Navigating Innovation, a free event, will offer attendees a platform to explore cutting-edge industry developments and showcase technological advancements through live demonstrations. Organizers aim to empower the local insurance industry to capitalize on what they call a “great moment” of innovation.
Insurance Business is partnering with Simfuni, an insurtech company, to host the event, which has already drawn over 130 delegates. Shaun Quincey, CEO and co-founder of Simfuni, expressed excitement about the timing. “From product manufacturing to distribution and the role of AI, we’re witnessing innovation across the entire value chain,” Quincey said.
Spotlight on Insurtech: Live Demos of Leading Technology
Simfuni, a New Zealand-based insurance software firm specializing in customer self-service and payment systems, is among the local tech companies set to offer live demonstrations. Other firms such as Sentro, which provides group insurance and employee benefit platforms, and Folio, a tech-driven broking alliance, will also showcase their solutions.
“We’re seeing a growing group of startups and investors in New Zealand excited by the opportunities in the insurance value chain,” Quincey noted. He highlighted Sharesies, a local investment portfolio firm, as an example of innovative insurance distribution, with the company recently branching into motor insurance for its 500,000 New Zealand customers.
Brooke Roberts, CEO of Sharesies, will speak at the event, sharing insights on the evolution of insurance distribution and the role of embedded insurance in enhancing customer experiences.
Addressing Industry Challenges
According to Quincey, the current landscape presents a golden opportunity for insurance companies to tackle pressing challenges, such as providing customers with more efficient payment and discount options and meeting stringent regulatory requirements.
“The insurance industry is ripe for innovation,” Quincey said. “Unlike other markets, our startup ecosystem takes a collaborative rather than disruptive approach, creating mutually beneficial partnerships that can solve enterprise challenges faster.”
Paul O’Leary, executive director of InsurTechNZ, echoed these sentiments. He pointed to the growing momentum in New Zealand’s insurtech ecosystem and emphasized that the Resonate event offers a valuable opportunity for professionals to connect, collaborate, and gain fresh perspectives.
The Threat of a “Blockbuster Video” Moment
Quincey warned that some legacy insurance companies risk facing their “Blockbuster Video moment” if they fail to embrace innovation. “When customers are looking for a Netflix-like experience and we keep sending them to a video shop, we risk losing them,” he said.
He stressed the importance of offering digital solutions that allow customers to resolve issues quickly, reflecting changes already seen in other industries. “Making that possible in insurance is critical,” he said, adding that this will be a key focus of the Resonate conference.
Fueling Collaboration and Automation
Quincey referred to the need for “rocket fuel” to drive the necessary collaboration and innovation in the sector. “The insurance industry needs transparency, automation, and auditing capabilities, and technology plays a crucial role in delivering these,” he explained.
He emphasized that automating repetitive processes and delivering consistent, transparent customer experiences reduces risk, while allowing staff to focus on more strategic tasks. “Good technology enables continuous improvement based on digital customer experiences,” Quincey added. “You can measure it, manage it, and track customer journeys, ensuring both insurers and policyholders are better informed.”
The discussion at Resonate will also cover New Zealand’s evolving regulatory environment, including new compliance requirements aimed at improving transparency for customers. Quincey noted that the regulatory changes are designed to enhance customers’ understanding of their policies and provide full disclosure throughout the buying journey.
Insights from Industry Leaders
Kris Faafoi, CEO of the Insurance Council of New Zealand (ICNZ), will be a key speaker at the event, addressing the Customer and Product Data Bill, the Contracts of Insurance Bill, and the implications of open banking for the insurance sector. Ben Lynch, CEO of Akahu, will also speak on the potential impact of open insurance in the future.
With experts from across the industry gathering to explore these critical topics, Resonate 2024 promises to be a pivotal event for the New Zealand insurance industry, driving collaboration and innovation across the sector.
