It is a very interesting time to be in the insurance industry, according to Toby Kelly, winner of the 2023 Insurance Council of New Zealand (ICNZ) Scholarship.

“There’s so much going on that impacts general insurers: the climate crisis, the EV transition, new digital apps and the potential for disintermediation,” he says.

“The challenges and opportunities we face are industry wide, revolving around the role and impact of technology, claims inflation, and increasingly frequent weather events driven by climate change. Affordability is also emerging as a key issue for customers in the cost-of-living crisis.” 

Uncertain future

Kelly says businesses face a volatile, uncertain, complex and ambiguous external environment. In order to be successful in this environment, insurers worldwide will need to become more resilient, and reactive to change.

One area of very rapid change is Generative Artificial Intelligence (AI). ChatGPT-3 from OpenAI is the fastest growing consumer application in history, reaching 100 million active users two months after launching in January 2023.[1] Google released a similar tool just six weeks later. [2] Private investment in AI technology start-ups has increased exponentially.  

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