Fintech to have ‘big impact’ on brokers
The rise of fintech is set to see brokers transforming themselves to match changing customer expectations, an expert has said. As fintech and insurtech continue their rise in the industry, Bill Sullivan, head of global financial services market intelligence at Capgemini, said that the rise of technology will impact brokers and their relevance to customers. “The growth of fintech firms and their rising acceptance by customers will definitely have a big impact on the intermediaries associated with the insurance industry,” Sullivan told Insurance Business. “Now, intermediaries have to transform themselves by leveraging technology and catering to customers’ changing needs and preferences to stay relevant in the business.” Brokers don’t only […]
How digital automation can help offset Australia’s 492 per cent regulation boom
By Jacqui Henderson – Founder & CEO, Adviser Intelligence Damage control does not come cheap. Just ask Dongjin Koh, President of Mobile at Samsung Electronics. Koh told press in October this year that the total recall of the inflammable Galaxy Note 7 range – based on reports of just under 50 exploding units of the 2.5 million shipped products – would cost the Korean conglomerate a “heartbreaking amount”. Or to be more precise, more than $5 billion, Samsung later admitted. But, according to Chang Sea Jin, National University of Singapore business school professor, the multi-billion dollar Note 7 recall cost was worth it. “The potential damage to reputation is far […]
Fintech Cover Genius expands to the US
Australian fintech Cover Genius, which enables ecommerce companies to sell insurance to their audiences, is expanding to the US with an office in Austin, Texas. Cover Genius, formed by former Google and Yahoo executives in 2014, already has offices in Sydney and London. “Being near the insurance hub of Dallas brings us closer to multiple underwriting partners, and our location in Austin puts us in the new epicentre of the tech industry in the US,” says Chris Bayley, Cover Genius co-founder and CEO. Cover Genius works with global underwriters to provide an end-to-end solution, using its BrightWrite platform, for companies selling insurance products via online platforms. The move to the […]
EY FinTech Australia Census 2016
FinTech Australia and EY Sweeney release the most comprehensive analysis of Australia’s fintech ecosystem to date, the EY FinTech Australia Census 2016 FinTech Australia and EY Sweeney are today releasing the inaugural EY FinTech Australia Census 2016, the most comprehensive and detailed report on the Australian fintech industry to date. The research was formally launched in Melbourne today by EY’s Anita Kimber at FinTech Australia’s national summit, Collab/Collide 2016 in partnership with LaunchVic. This significant piece of research was commissioned by FinTech Australia as part of their efforts to foster a thriving fintech ecosystem in Australia. The report identifies important characteristics of the Australian fintech industry, and establishes a set […]
H2 Ventures Fintech Expo 2016
H2 Ventures Fintech Expo 2016 H2 Ventures are hosting its third annual Fintech Expo, an opportunity to hear from some of the most talked about and exciting Fintech companies in Australia. Tuesday 19th of July 2016 Get your tickets here: http://h2vfintechexpo.eventbrite.com.au/ Save Save
Which fintech innovations are really adding value to customers?
Financial services, of all sectors, has seen some of the most significant technology innovations in recent years. Banks and insurance companies have been very keen to leverage technology in such a way that is mutually beneficial to both vendor and consumer, and now even superannuation is getting involved in the technology revolution. While there is a lot of innovation happening for the sake of it, not all of it is useful for the end user. It sounds simple, but what we learned as we developed our automated SMSF solution is a lesson that a lot of other financial services apps seem to forget at times; good design principles that keep […]
Fintech a $US1 trillion fight
Consultants Oliver Wyman has been talking to banking clients all around the world over the past few months about the concept of “modular financial services”. It’s the coverline adorning one of the firm’s latest research pieces on the impact of information technology on the future of banking. Even as the equity prices of US fintech poster children like Lending Club and OnDeck are pummelled as capital markets reassess valuations, incumbent banks around the world show no sign of losing interest in fintech. Indeed, if the interim results of three of Australia’s big four banks last week were any guide, thinking about fintech in the C-suite is only accelerating. The earnings […]
Insurers brace for mega fintech shake up
The insurance industry has largely remained the same in the past 100 years, but the sector is in for its biggest shake up as investors continue to pump billions of dollars into “insurtech”, fuelling sweeping changes through technology. Insurance is the second most disrupted industry today thanks to a growing number of start-ups and technology companies eyeing slices of the insurance pie. Research from PwC found that the global insurance industry ranked second only behind media and entertainment as the industry that is most significantly affected by technological change. And Australia, where the general insurance market is dominated by players such as Suncorp Group, IAG and QBE Insurance Group, is […]
