The majority of New Zealand insurtech companies want to improve customer experience, according to a new study.

A landmark report commissioned by InsurtechNZ, InsurTech emerging at a pace, found 77% of New Zealand insurtech players are finding solutions to improve the efficiency of insurance administration. It suggests 33% use a new business model and existing technology, 29% focused on integrating multi- and omni-channel and 25% on AI.

“For the customer, the frustration of dealing with call centres and filling out repetitive online (or paper forms) to undertake basic transactions with your insurer are quickly being replaced by digital experiences that are more relevant,” InsurtechNZ chair Jason Roberts said. “This is good for customers and the insurers, but does require the insurance sector to invest in customer-focused solutions often requiring updated platforms and technologies.”

Roberts mentioned the recent conduct report on the insurance industry by the Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) and described it as a poor reflection of the industry. The report “criticised the industry’s lack of transparency, lack of customer support and [had] too much focus on sales,” he said.

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“New Zealand’s insurtechs seek to solve the challenges the insurance industry as a whole is facing, with a focus on improving customer experience,” Roberts added.