Innovation in Insurance

Innovation is the ability to perceive the future as an opportunity rather than a threat. 

Having attended the Future of Insurance event in Sydney on March 7th, we would like to share our vision. Our vision focuses on where the insurance industry is headed in the next 12-18 months. Here are the key themes that we believe will shape the industry:

  1. Embedded payments and PayID

Many Australian insurers and industry suppliers still use traditional channels for sending and receiving payments using BSB and account numbers, which can be complex. However, with the emergence of the new payments platform (NPP), customers are increasingly adopting PayID technology and expect their service providers to do the same. At Curium, we recognize that instant payment is the new standard. We collaborate with a leading Australian payments platform to seamlessly integrate claims payments and excess collections. This will reduce payment time from days to seconds and eliminate the risk associated with manual transactions.

2. Automation of regulatory compliance

Compliance is becoming increasingly challenging for everyone in the industry. Manual workarounds and adding more personnel to address the problem are no longer sufficient. We believe that automating compliance-related processes improves transparency, quantifies risk exposure, and eliminates material breaches. This applies to repetitive activities such as client communications, payments, and reporting. In recent months, Curium has assisted numerous businesses in gaining compliance risk transparency and automating tasks like insurer notifications and reporting.

3. Technology to reduce costs

Our customers have experienced claims inflation in General Insurance from 30% to 80% (e.g. building industry). While insurance premiums are rising, the industry aims to control the bottom line and minimize business costs. Curium focuses on developing efficient technology to help insurers manage costs and provide an affordable customer experience in claims.

What do you think the future of insurance will be?