Insurers should be wary of disruption from alternative capital, the reshaping of the insurance value chain, commoditization, and other new trends in the sector, according to CEO of QBE Group John Neal. Speaking at the Australian and New Zealand Institute of Insurance and Finance Reinsurance Rendezvous conference, Neal said that, although the failure rate of new insurtech start-ups currently stands at 92%, ideas from newcomers in the market pose significant threats. Forecasting disruption within the industry over like 1-2 years, Neal warned that unless companies keep up to date with evolving technology, “the end is in sight."
Insurers should be wary of disruption from alternative capital, the reshaping of the insurance value chain, commoditization, and other new trends in the sector, according to CEO of QBE Group John Neal. Speaking at the Australian and New Zealand Institute of Insurance and Finance Reinsurance Rendezvous conference, Neal said that, although the failure rate of new insurtech start-ups currently stands at 92%, ideas from newcomers in the market pose significant threats. Forecasting disruption within the industry over the next one to two years, Neal warned that unless companies keep up to date with evolving technology, “the end is in sight."