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 of where the insurance industry is headed in the next 12-18 months. Here are the key themes that we believe will shape the industry:
- 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 becoming the norm, and we are collaborating with a leading Australian payments platform to integrate claims payments and excess collections seamlessly. 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 can improve transparency, quantify risk exposure and eliminate material breaches for highly repetitive activities like client communications, payments, and reporting. In recent months, Curium has assisted many businesses in gaining transparency of their compliance risks and automating compliance-related tasks such as 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 increasing, the industry will focus more on controlling the bottom line and reducing the cost of doing business as much as possible. Curium’s focus is on creating efficient technology for insurers to control their costs and provide an efficient and affordable customer experience in claims.
What do you think the future of insurance will be?