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InsurTech industry news – July update

In this month’s news roundup, award-winning startup and InsurTechNZ member Simfuni has expanded in response to market demand. When Simfuni launched last year, the target was to service insurance brokers who were spending about 23 minutes of their time generating an invoice. In a recent interview, Simfuni’s co-founder Shaun Quincey discussed how they quickly adapted.

“I think it’s because the main use cases are the same – people want really nice and easy ways to pay for their premiums, and back-office staff want really nice, intuitive, simple transparency on these payments coming in.”

“What we learned very quickly is there was a massive need across the whole insurance distribution channel to improve the payment experience,” he says.  Read more.

In other news, FMG is transitioning to a cloud-based platform. They have announced the  decision to implement Guidewire InsuranceSuit on Guidewire Cloud to enhance its core business functions. Their decision follows the 2023 weather events, which combined represented the largest claims event in their 119-year history.

“Our move to Guidewire Cloud will not only enable FMG to meet continuously evolving client expectations… it will also provide important capability, enabling FMG to respond quickly and effectively when we inevitably face another insurance event of scale,” says CEO, Adam Heath.  Read more.  

From manual claims to digital gains – an automation journey. Recently, InsurTechNZ members Deloitte and Ando Insurance collaborated. Together they implemented a CRM tool, and marketing an analytics system. Learn more

Meanwhile, Provident Insurance’s digital transformation journey continues. They are now live on ICE InsureTech as part of their legacy transformation programme. This partnership also marks a milestone for the UK insurance software provider being ICE InsureTech’s first APAC client. Read more. 

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InsurTechNZ InsurTechNZ champions technology-enabled innovation throughout the New Zealand insurance industry. We aim to attract more talent, start-ups, and funding to the InsurTech sector in New Zealand.