Insurtech 2020 Insurers and Brokers where you at?

I know no one is logging into their LinkedIn account today thinking ‘I wonder what a little boutique insurance broker from Brisbane thought about the Insurtech conference held in Sydney last week’ but I’m going to provide my thoughts and opinions anyway.

Firstly, I must disclose I didn’t attend both days of the conference this year. I only attended day 2. I was struggling to get time away from work, and I was considering not going at all. However, when the keynote speaker makes an effort to travel all the way from the USA I suppose I should make the hour flight down from Brisbane.

The venue although different to last year was more than adequate to house the number of delegates and exhibitors. From my impression numbers were about the same as last year, if anything perhaps a little down but not noticeably.

What stood out to me and the people I spoke with at the conference was the lacklustre representation from both insurers and brokers. This was noticeable and it must be said through no fault or lack of trying of the event organisers. I felt for some of the delegates and exhibitors that attended under the guise of potentially harvesting business opportunities. Instead ended up spending their time socialising with potential competitors and people in the same boat seeking partnership opportunities with incumbents.

The insurance broker fraternity not showing up I can understand. An expectation of large attendance from this sector would’ve be naive. Attend any insurance broker function and it’s very clear a consistent stereotype and demographic representing a reluctance to change still dominates.

But incumbent insurers, majority of which talk a big game about their commitment to the new age and insurtech have little excuse for not flocking to this type of conference. With some insurers last week delivering another set of poor financial results it would seem logical that exploring avenues outside their current comfort zone should be a priority. If I was a shareholder of a major insurer who wasn’t well represented at the conference, I’d feel justified to question whether those companies are trying their best to leave no stone unturned.  

Sure, insurers are busy right now with extreme numbers of claims. The conference was held again in Sydney and not the Gold Coast or Hayman Island. And yes, there’s a packed calendar of events and conferences already occupying a chunk of their yearly budgets. Seriously though it was a shame that the main part of the value chain that could get the biggest benefit from this conference wasn’t in attendance in the way they should be.  

Next year it would be great to see heads of product, claims and distribution from all the major insurers attend the conference. Along with greater numbers of the insurance broking community.

The team at Anziif and Insurtech Australia once again need to be commended for organising another thought provoking and interesting conference. I’m glad I made the trip down and got to witness again how Australia is doing some amazing things in the insurtech space.