FintechNZ general manager James Brown says COVID-19 has begun to impact the financial advice sector and is encouraging people to think about insurance.
“The virus has resulted in more awareness of insurance and could increase demand for health and life coverage,” he says. “For some insurance companies the virus could be a good thing. Health and life insurance could grow with more people looking to get cover.”
He also says New Zealand’s remote location is a benefit when it comes to doing business.
“We are an island nation, so we have some advantages. Technology will keep us connected,” he says. “Secure and sensitive conversations will continue to take place.
“Should the Financial Markets Authority think about removing regulations to help drive and scale fintechs?”
He also says companies are starting to embrace remote working and doing business in the virtual world.
“For those who lived through the GFC, it has made us think about the way we made payments and the value of money,” says Brown. “COVID-19 could easily lead to re-thinking work and business.
“So as long as companies can measure the output and not the input, we will increase our productivity levels, attract more talent, and grow investment into New Zealand.
“Today, we could say the future of work is here and COVID-19 is accelerating and forcing the coming together of digital and physical assets.”