Digital innovation held back by market power – Tower CEO

Fintech entrepreneurs want to awaken the sleeping giant of opportunity in insurance.

Wed, 24 Mar 2021

The tight grip on New Zealand’s insurance market by two major players has held back digital innovation in the sector, despite the country being the second riskiest in the world when it comes to natural hazard perils, says Tower chief executive Blair Turnbull.Turnbull joined the country’s only listed general insurer last year, tasked with building out Tower’s digital offering after his predecessor integrated four separate systems to reduce administrative headaches for staff and customers.NZ is second only to Bangladesh in terms...

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