NIBA / Special Feature
Robinson says that in the US, there’s been a big shift to investment in solutions that help the claims component. “Typically, people start at the top end – what’s going to drive revenue? So as a result, we initially saw a lot of investment into the underwriting side of insurance,” he says. “A real driver of investment at present, however, is claims. Insurance leaders tell me that the transactional touchpoint really is the moment of truth for the vast majority of customers – are they going to stick around, or are they going to go elsewhere?” In addition, in Australia, Dossetor says AI is proving attractive for investors. “For the last year or two, a lot of the focus has been on AI, and insurers want solutions that use AI, so that continues to be attractive.”
“Coming from a non-insurtech background, I'm amazed at how much of the operations were done by hand. AI can just scan through data and allow loss adjusters, underwriters, whomever, to do much more value-added tasks and much more enjoyable tasks as well.” Insurtech Ahead – Are New Hard Skills Needed? While some may fear insurtech replacing jobs, one of the key elements of the successful use of technology in insurance is, in fact, people. That talent shortage needs to be stemmed until we can move at more pace, here in Australia at least. “Talent shortages and data privacy concerns are slowing AI adoption in Australia,” says McGarva. “For brokers, this means upskilling and building internal literacy around AI and automation tools. Broker networks can also collaborate with insurtechs to access ready-made digital capabilities, helping them remain competitive and compliant. To navigate this, insurers and brokers
should focus on workforce development, flexible technology platforms, and strong governance to ensure AI initiatives align with business objectives and regulatory expectations.” It’s a similar story in the US, with Robinson believing that the creation of new roles may well be necessary to realise the maximum potential. “Technology requires cultural change. There could well be the need to create new roles for prompt engineers or build prompt engineering into every job as a necessary skill. “Take a claims role, for example. In the future do you recruit from tech areas and then train the softer skills needed?” Whatever that people component looks like, the use and management of tech is going to be fundamental to the skills needed. With new solutions and innovation emerging continually, insurtech is going to be vital to the development, and continuation, of insurance, both domestically and globally.
Robinson agrees AI-embedded tech is going to be incredibly sought after.
“When you see how menial and unstructured some of the data that insurers and brokers have to use is, and overlay the power of technology on top of that, it can save vast amounts of time.
50 / INSURANCE ADVISER AUGUST/SEPTEMBER 2025
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