After last year’s successful launch, the Resonate conference is back to provide local insurance professionals with a forum to collaborate and share new ideas that can meet the industry’s biggest challenges.
“We hope people walk away from Resonate with ideas they can actually use,” said Shaun Quincey (pictured). Quincey is Simfuni’s CEO, an insurance software firm and one of the event organisers.
Those ideas could include a new approach to compliance, a tech solution they hadn’t considered, he said, or a connection with someone they want to collaborate with.
“Resonate brings together a mix of insurance leaders, tech innovators, and industry experts - all sharing their unique views on where the sector is heading,” he said. The backdrop is the global insurance industry’s fast moving environment and the pressure this is placing on firms to evolve.
Quincey said innovation is key to resolving this pressure but the high cost, real and sometimes perceived, of making simple changes to the industry’s systems and platforms is creating inertia. “Smart, modular solutions already exist and can integrate with legacy systems,” he said. “But the key is starting.”
There’s core back-office architecture to update and an urgent need, he said, to close a widening customer experience gap between insurance and other sectors.
“This isn’t just about convenience it’s about fairness, compliance, and resilience,” said Quincey. “Innovation has to become business-as-usual, not a side project.”
The half day conference includes a session with Kris Faafoi, CEO of the Insurance Council of New Zealand (ICNZ), and Kirk Hope, CEO of the Financial Service Council. They’ll look at the the changing regulatory landscape, including CoFI and the new Contracts of Insurance Act.
The global report “Beyond Boundaries” – a deep dive into the trends and innovation shaping the future of insurance – will be unveiled by Matt Connolly, Founder of UK based Sønr.
There’s also a panel of tech leaders from large insurers who will share reflections on navigating transformation.
“One of the highlights will be a talk on the value of customer experience, featuring insights from Tim Brown, co-founder of Allbirds,” said Quincey. “We’ll also showcase live demos from three insurtechs.”
Quincey outlined key challenges facing insurers and brokers in New Zealand: new regulations, customer expectations and climate risks.
“Regulation is changing fast,” said Quincey. “CoFI is live, and the Contracts of Insurance Act will come into force in the coming years.” He said keeping up is a real challenge, especially for smaller firms.
The expectations of insurance customers are also rising. “People want fast, simple, digital experiences - and they compare us to banks, streaming services, and apps, not just other insurers,” said Quincey. “That’s forcing change, but limitations of legacy systems often get in the way.”
Insurance industry stakeholders are also facing cost pressures from climate risks and their impact on pricing and reinsurance costs. “After recent disasters, insurers are having to rethink pricing, risk, and resilience,” he said. “It’s a tough mix - compliance, customer demands, and cost pressures - but there’s also opportunity.”
After last year’s event, the omens are good. “We had a full house and saw great conversations between established insurers and insurtechs,” said Quincey.
More than 200 delegates attended from nearly 80 companies. “It’s not just about listening to speakers, it’s about sparking change,” he said. “If someone leaves the room thinking differently about a challenge they’re facing, or better yet, with a plan to try something new, Resonate has done its job.”
Insurance Business New Zealand is the official media partner.
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