"The ones who get there quickly are the ones who will win"

Daniel Fogarty (pictured), CEO and founder of insurtech company Evari, says the pandemic has been one of 2020’s biggest challenges, but it has helped speed up insurance companies’ flight to digital.

Alongside managing the catastrophic Black Summer bushfires, insurers had to be quick to respond to the rapid onset of the coronavirus – both internally and externally. For Fogarty, it’s the ones who adapted quickly to the digital environment who have benefited.

“From my perspective, as I run an insurtech company, I see the technology that’s coming down the pipe for this industry and this whole COVID-19 and lockdown situation has just been a flight to digital for everyone,” Fogarty said.

“Everyone now expects that they can just transact with every part of their life in the same way they do on Facebook or Google. The whole lockdown situation has meant that everyone has to be digital first and, in the insurance industry, everyone’s got to go there. You get some companies that are going there slowly, and other companies are going there quickly. The ones who get there quickly are the ones who are going to win.”

Fogarty concedes the insurance industry’s adoption of technology has fallen behind today’s standards.

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Source: “The ones who get there quickly are the ones who will win” | Insurance Business