NIBA / Special Feature
Technology and Automation – Changing the Face of Insurance If you are a regular reader of Insurance Adviser, you’ll be well versed on the way that technology is reshaping the insurance profession. Technology and AI are transforming the insurance landscape, with artificial intelligence (AI) being used to better understand risks and assess more straightforward claims. While Europe and US insurance businesses have, anecdotally at least, moved faster than their antipodean counterparts, following an already trodden path can help avoid expensive mistakes. The Insurtech industry in Australia is thriving, and technological solutions are helping replace traditionally manual processes, bringing speed, efficiency and increased accuracy. Our research shows that 83% of brokers believe technology and automation will impact the broking profession, however, only 61% feel they are in any way prepared for this change. The research also shows that larger companies are now investing heavily in tools and technology and
smaller brokerages frequently face hurdles due to the cost and technical expertise required. This, however, could be based more in perception than reality. While larger firms have more financial muscle to flex, they are typically significantly more complex organisations, with multiple stakeholders to keep informed and multiple, large departments to ensure information flows from and to. Smaller brokerages, meanwhile, can be more nimble, and introduce new technology and automations more easily – this ability to implement more quickly could be an advantage. The digital disruption – which has been talked about for the best part of two decades – is here. Customers are demanding exceptional digital experiences, while the reality of running a business today means finding efficiencies is paramount. It’s critical to note, however, that embracing digital technologies and AI does not mean sacrificing the face-to- face. This is a significant opportunity to automate those back-office processes that are mundane and repetitive, and investing more time in client contact – helping brokers position themselves as strategic risk advisers.
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