NIBA / Special Feature
“Anecdotally at least, we’re seeing and hearing about more insurtechs partnering with each other to create a compelling offer for insurance providers,” says Robinson. Csanki believes an enterprise level approach is needed from insurance business and providers. “The future is at an enterprise level,” she says. “Then the benefits are transformational across your organisation. “Dipping your toe into the water and working with an insurtech here or a small internal project there are not going to get you far – you will be left behind. “Executives really need to step up, take on the knowledge and be the leaders – the time really is now, and for those that seize the opportunity they can quickly see 40% improvement in things like complex claims processing.” McGarva believes that collaboration is beginning to happen on these shores, too. “Collaboration is growing,” he says. “For brokers this represents an opportunity to shape client-focused solutions by partnering early with insurtechs. Brokers should look beyond transactional relationships and explore partnerships that enhance service delivery, digital engagement, and operational efficiency.” Geo-influenced Solutions The insurance value chain offers many opportunities for tech enhancements, and Dossetor says some development is heavily influenced by geography. “In Australia, we have a lot of solutions that are focused on productivity and claims to help manage the aftermath of natural catastrophes,” she says. “When you go to Asia, they're very much distribution-focused. It's all about distribution, customer-embedded solutions, because of the different regulatory framework, and there it's all about growth.”
HOW TECH IS SHAPING THE FUTURE
Insurtech Australia’s 2025 report, Insurtech Down Under – Trends, Tech and Triumphs, outlines six key global tech trends shaping insurance. Artificial intelligence (AI) and machine learning (ML): Automating risk assessment and claims processing AI and ML improve risk profiling, pricing accuracy, and fraud detection through data analysis and anomaly spotting. Chatbots and virtual assistants enhance claims handling and customer experience. Blockchain: Enhancing transparency and fraud prevention Blockchain offers secure, tamper resistant records that can simplify audits and reduce fraud. Smart contracts automate claims, enabling faster, dispute-free payouts for events like travel delays. Cybersecurity: Strengthening protection against digital threats Insurers are prioritising cybersecurity to protect growing volumes of sensitive data. Measures include biometric authentication and AI-powered cloud security tools.
Embedded insurance: Integrating coverage into consumer transactions
Insurance is now offered at the point of sale through digital platforms such as e-commerce or ride-share apps. This increases accessibility and opens new distribution channels.
Quantum computing: Advancing risk modelling and cybersecurity Quantum technology enhances underwriting, fraud detection, and cyber defences. Quantum-resistant encryption is emerging as vital for future data protection. RegTech: Simplifying compliance and risk management AI-driven RegTech automates compliance tasks like Anti Money Laundering (AML) checks and reporting. This reduces manual effort, cuts errors, and ensures regulatory alignment.
48 / INSURANCE ADVISER AUGUST/SEPTEMBER 2025
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