Growing a startup and harnessing overseas lessons in disruption: Welcome to CEBIT

  • By AB+F Editorial

New innovations in traditional industries, launching fintech businesses in a crowded market, and key lessons in overseas disruption are just three of the impactful subjects that will be covered at this year’s CEBIT 2019 event.

The three-day B2B technology expo which takes place in Sydney from 29-31 October will this year feature more than 170 learned speakers from Australia Pacific and the rest of the globe.

Angus McDonald, CEO and co-founder of Cover Genius, one of Australia’s fastest growing insurtechs, will discuss how insurtechs are blazing a trail in the insurance industry trail when it comes to the disruptive power of technology and simplifying the customer experience.

McDonald says the process for buying insurance in Australia is incredibly outdated and ultimately causes customers inconvenience and frustration.

However, the emerging use of big data is now allowing InsurTechs to accurately calculate risk without endless questions, delivering a superior customer experience.

“People have for too long been ripped off by confusing policies, bullying sales tactics, slow claims processes and inflated rates,” he said.

“These practices have eroded trust in the insurance industry. Customers want simple, convenient solutions that fit their modern lifestyles.

What does it take to build a successful fintech company? This is what people really want to know, Doug Morris, Sharesight

“Conversely, insurtechs are putting customer expectations in the driver’s seat of technology and product development, solving customer problems and adapting to their evolving expectations more nimbly than incumbents.”

McDonald added that the sheer wealth of data enables insurtechs to tailor policies to the individual customer in ways that have never before been factored.

“At Cebit I’ll be discussing the future of insurtech providing ultra-specific policies for single items covered for a limited amount of time, and how we should be giving customers unprecedented flexibility to tailor policies to their needs.

“Ultimately, it’s the customer who will reap the full benefits of simple, transparent and personalised insurance - all powered by the use of effective tech to transform the insurance industry from mundane to magical.”

Another topic that will be covered is the rise of fintech.

Doug Morris, CEO of Sharesight, will outline how the leading online stock portfolio tracker and reporting tool for investors, grew from a small startup, to an award-winning business. Now used by used by investors from over 60 countries around the world, Sharesight tracks stock prices, trades, dividends, performance and tax.

“There’s now everything from neobanks to robo-advisors out there, so the rise of fintech is definitely upon us,” said Morris.

“But what does it take to build a successful fintech company? This is what people really want to know.”

Specifically, Morris will share how to leverage APIs and as well as the right partners to expand reach, share the metrics he uses to track success, and deliver his views on profitability versus growth.

“Knowing how to leverage your own customers to run a successful crowdfunding campaign, how to ignore the startup/fintech ‘noise’ and focus on what really matters is vital in today’s marketplace.”

The conference will also be looking at the key issue of how the Australian finance market can learn from disruption overseas before it hits.

The fintech landscape is still developing in Australia, but we can look to more advanced markets to better understand where and how fintechs will disrupt financial services, Kate Wilson, RFI Group

Kate Wilson, research director of RFi Group, which specialises in data-driven insight generation and business decision support for the world’s leading financial services providers, said in the face of this disruption, creating a digital first proposition is more important than ever to remain relevant.

“The banking and financial services landscape in Australia is changing rapidly with regulation and compliance increasingly putting pressure on traditional providers,” she said.

“Meanwhile, the number of other fintechs entering the market continues to grow. While less than one in 10 consumers in Australia is currently aware of neo-banks, the UK experience tells us that this will quickly change.”

Wilson said with limited budgets and resources, financial services providers - traditional and fintech alike - must focus on investing in digital propositions which will solve key pain-points and deliver tangible benefits to customers.

Understanding what these pain-points are, and to what extent are customers open to using emerging providers to solve them, is crucial.

“The fintech landscape is still developing in Australia, but we can look to more advanced markets to better understand where and how fintechs will disrupt financial services and which services customers are most likely to adopt.

“In Australia, around a third of consumers have used a fintech provider.

In comparison over 80 per cent of urban banked consumers in India and China have used a fintech What can we learn from the success of Paytm and Alipay in these markets?

Do the same customer pain-points need solving for Australians?

What will the financial services landscape look like in the future, both in Australia and globally?

I’m eager to share my knowledge on these subjects at CEBIT this year as the more equipped we all are to face the challenges of the future, the better for everyone.”

CEBIT will be held from the 29 to 31st of October. Click here for further details.