Australia was increasingly being viewed as a test-bed for customer-focused InsurTech innovations, says KPMG head of insurance, Martin Blake.
"This presents an opportunity to increase Australian involvement in Insurtech and encourage companies to pilot in Australia," Blake wrote in a recent blog post. "Being a testing ground for prototypes or activities to be rolled out means our local insurance industry will also innovate much faster than if these technologies were piloted elsewhere and brought over."
Blake predicts the use of wearables, robo-advisors and automated system processes in InsurTech in coming months, he said.
Sign up for CIO Asia eNewsletters.