New Zealand-based insurance business Ando is a new face in the FinTech market. So what made a new business want to be involved in a programme. John Lyon, CEO at Ando, told us why they’ve come on-board as an Industry Partner for the programme, and what he hopes will grow out of the FinTech scene in future.
What made Ando want to be involved in the programme?
Ando is a new insurance business challenging the established market. We’re a New Zealand business, majority-owned by the management team, and with a passion for making insurance easier and more transparent for consumers and partners. We want to help passionate people bring their clever ideas to market so that insurance becomes more valued, enabling consumers to have more confidence in the industry. Ando wants to be the first choice insurance partner for InsurTech and FinTech startups, and the programme is a great way to build connections and improve our understanding of the opportunities ahead.
What is the most exciting technology emerging in the FinTech sector?
It’s hard to pick just one! At Ando, we’re hugely excited to have launched live video-streaming to help improve the claim process for consumers. We’ve already done some great work building easy-to-use portals, linking to external databases, and experimenting with artificial intelligence. We see huge opportunities for AI and machine learning to add real value to the insurance experience for consumers, so this is one of the most exciting emerging technologies for us.
Why is NZ the ideal place to build the FinTech sector from?
New Zealand is really well placed to be a launch pad for FinTech. Whilst scale is not always a barrier to innovation, our experience is that being a smaller business enables us to execute quickly, and brings ideas to reality effectively. New Zealand has many small-to-medium sized businesses, and a bright, well-educated workforce. We’re also great travellers, who’ve got the curiosity to learn away from home, and the creativity and passion to give it a go. We believe it’s really important for NZ to have a strong FinTech sector, as otherwise we risk being swamped by globalisation and regionalisation. We hope the programme helps build the platform for this to be a reality.
What do you think consumers are looking for in new FinTech offerings?
Consumers are looking for the same thing they have always sought – transparency, value, being valued, ease of doing business. FinTech empowers consumers like never before which, in turn, will put increasing pressure on businesses to deliver on expectations. Any FinTech developments that add to the consumer experience should be viewed as exciting innovations.
In our last Sponsor Spotlight, we spoke with Callaghan Innovation to find out what they hope the programme will create. For more stories from the programme and insights from those supporting it, sign up here.