Rob Galbraith speaks at 2020 ANZIIF Insurtech Conference

2 Apr 2020
  • General Insurance
  • Insurance Broking
  • Life Health and Retirement Income
  • Reinsurance
  • Risk Management

At the 2020 ANZIIF Insurtech Conference, keynote speaker Rob Galbraith, author of The End of Insurance as We Know It, was very clear. 

He told more than 200 insurance professionals that a historic convergence of technology, capital and demographic trends is bringing about unprecedented activity in the insurtech space. 

RETHINKING INSURANCE 

While it is unclear exactly how this will play out and what the implications are for incumbents, Galbraith argues the main beneficiaries will be consumers. Currently, the short-term focus of many insurtechs is improving the current paradigm. 

‘But I anticipate that a radical rethinking of insurance will occur over the next decade and cause massive change with unexpected impacts,’ Galbraith told the conference.

SEVEN FATAL FLAWS 

Galbraith was quick to point out that insurtech founders, who are often outsiders to the insurance industry, perceive the many significant flaws of the traditional insurance business model. 

Specifically, seven ‘fatal flaws’ stand out. 

Insurance is too expensive and too confusing. It’s too easy to game the system, it’s a cash drain and it doesn’t cover all causes of loss, nor does it cover everything or everyone. 

‘While insurance has a rich history, it is perfect for today’s digital age,’ Galbraith says. 

‘The promise of a new risk transfer paradigm based on scale can be realised through technology such as streaming data from sensors, cloud computing, algorithms and AI, localised knowledge and back office work efficiencies.’

Find out more, watch the video

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