The New Zealand Financial Innovation and Technology Association (FinTechNZ) has created an insurtech working group in response to the huge level of interest from the insurance industry.
FinTechNZ is setting up a number of “vertical” areas of focus and associated working groups to promote engagement within multiple areas of interest across the community. Insurance was identified as a key segment where there is a huge amount of scope for further innovation.
“New Zealand financial technology is the fastest-growing segment of our tech sector, at 48.5% per annum, and insurtech is an integral part of the opportunity to advance and transform financial services, not just domestically but also internationally,” FinTechNZ and NZTech chair Mitchell Pham said.
The FinTechNZ Insurance Working Group (IWG) believes it can provide a crucial conduit for all stakeholders in the insurance industry to engage and collaborate.
FinTechNZ is inviting IWG members from across the entire insurance space (including insurance industry associations) to participate. In addition, the group is also building working relationships with other international groups such as InsurTech Australia, InsurTech UK and InsurTech Asia.
FinTechNZ general manager James Brown said FinTechNZ joined the ASEAN Fintech Network last month.
“Our most recent meeting with the international fintech community who gathered in Singapore reaffirmed that insurtech is a truly global movement, and so New Zealand simply has to maintain our presence and innovate alongside the rest of the world,” Brown said.
Brown said the IWG will be hosting monthly meet-up events from early 2018, which will include speakers and the opportunity to pitch ideas and concepts as well as build up networks across the sector.
One part of the group’s work includes building the insurtech map (as part of the FinTech map) of New Zealand.