Tips for succeeding when the rules keep changing

In the not so distant future, your competitive landscape could look very different.

The Internet of Things, where more and more devices are connecting to the internet and collecting data, means market disruption is the new normal.

Whether it’s your smart hairbrush that analyses the health of your hair, or a digital legal assistant, technology is infiltrating every part our lives.

This capability is opening doors for a new breed of competitor who is using technology to solve friction within the customer experience, or streamline a business process to slash costs.

So how do you keep track of all this activity – and stay one step ahead? Macquarie Bank’s National Head of Insurance Broking, Eoghan Trehy, believes it’s a matter of making sure you’re well informed, open to new opportunities – and being proactive, rather than reactive.

Insurtech is the latest disrupter that is innovating the insurance industry with new, streamlined technologies that are re-shaping the established model.

“In Australia’s insurance industry, we’re not quite seeing the impact of insurtech on brokers yet. But signals from overseas risk markets and requirements in the domestic/retail sector are an indication of what is to come,” he says.

He gives an example from one of the four new local insurtech start-ups he has spoken to in just the past week.

“They are about to launch a new direct product that will allow SMEs in retail or hospitality to buy insurance on their mobile phone – targeting the emerging demographic who prefer to transact that way. To me, this indicates a big shift in the traditional model. They’re using technology to combine the skills of an underwriter and broker to deliver a better client experience, in a channel Generations X, Y and Millennials prefer.”

Trehy suggests four ways to map your evolving competitor landscape.

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Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com.au/businessbanking. If you would like to find out more about how Macquarie can support you to take your business further, call Sam McCarthy at our Parramatta office on 0417 518 724 and be connected with one of our banking specialists in your region.

This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (“Macquarie”) for general information purposes only. This information does not constitute advice. Opinions expressed are subject to change without notice. No member of Macquarie accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information.