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New Zealand co-founds Global InsurTech Alliance (GITA)
FinTechNZ is pleased to announce the formation of the Global InsurTech Alliance (GITA) – co founded with first members being FinTechNZ, InsurTech Australia, InsTech London (UK) and InsurTech Asia, and upcoming members from both Europe and North America.
The development of the global InsurTech eco-system with international partners reflects the rapid evolution underway for a sector little changed in over two centuries. In just a few years, there has been a rapid emergence of new technologies and InsurTech activities across the insurance value chain. This has been driven firstly by a need to better engage with and service customers, who are now demanding more accessible, personalised and economic services, and secondly to refine business and improve operational efficiencies.
The global InsurTech trend follows closely behind the growth of FinTech innovation in the retail-banking sector. By FinTechNZ’s current estimation, New Zealand already has over 40 organisations actively pursuing InsurTech interests. We are indeed following a global trend. Analyst firm CB Insights reported that within just a few years, InsurTech has received $16.5B in funding to 970 companies and across 53 countries.
The fundamental purpose of GITA is to help promote wider geographic connection and interest, align events and activities of individual member countries, form and grow global community around insurance and technology innovation. In particular, there is intent to share and work together on industry analysis and insights, make introductions and generally create opportunity for our respective members.
“Since establishing the Insurance Working Group, we have not only gained significant interest from the wider Insurance sector with participants along its value chain, but also had deep engagement with international partner organisations and overseas companies” says Jason Roberts – Lead Coordinator for FinTechNZ Insurance Working Group (IWG).
GITA members agree that significant drivers for growth arise from a collaborative and immersive approach where innovation leads to business transformation and thus commercial advantage. To this end, the alliance shares an interest and representation from a broad spectrum of companies and eco system partners – including regulators and many participants across the entire insurance value chain to technology providers, funding partners, start-ups and more.
“We see GITA as a key driver to create successful partnerships between InsurTech businesses, insurers, re-insurers and the wider eco system of industry partners. In particular, we see the global alliance helping our members both to reach out to and to be exposed to the world stage while also benefitting from international insights, investments and innovation that will create new opportunities for all.” says Roberts.
FinTechNZ IWG has a rich programme for InsurTech in NZ, which includes:
- Monthly member events
- A project mapping the NZ InsurTech landscape
- Engaging with insurance businesses and market regulators on specific ecosystem issues – e.g. the anticipated plans to exempt Robo Advice
- Establishing an insurance innovation hub (InsurHub) to pro-actively support and foster sector innovation and investment
FinTechNZ recently formed the Insurance Working Group (IWG) and currently has over 15 member organisations comprising a broad mix of large/small insurance businesses, online digital insurers, new start-ups, funders, software providers, regulators and more.
The group shares a common goal to:
- Establish and grow the engagement with financial service providers and technology innovators with a focus on insurance innovation and technology along the entire insurance value chain
- Ensuring strong connections are developed with the rest of the inclusive FinTechNZ community through participation and engagement from the insurance sector and InsurTech businesses.
FinTechNZ IWG would like to acknowledge the following key members for their passion, leadership and hard work in working with our international partners to bring together the Global InsurTech Alliance:
- Jason Roberts – Augen Software Group
- Craig Kirk – Delta Insurance
- James Brown – FinTechNZ
- Mitchell Pham – FinTechNZ, NZTech and Augen Software Group
For further information, please contact Jason Roberts, Lead Coordinator of FinTechNZ Insurance Working Group, on 021 222 7624 or Jason.roberts@augensoftwaregroup.com.
