NIBA / Special Feature
Understanding the Technology Impact – With Caution
more personalised customer experiences, helping to improve affordability and accessibility of insurance.” Bazen agrees: “Without the ability to control the weather, the focus must be for new technology to improve resilience in known and anticipated risks,” he says. “We already have extensive data on the impacts of natural disasters to urban developments and I believe this data is fragmented and underutilised. Detailed analysis of this data will show common areas of weakness in building construction, urban planning and civil infrastructure, all of which can be improved using advanced technologies, such as AI-assisted design.” We talk in more depth to Amar Roomi, Chief Technology Officer at Blue Zebra and a director of InsurTech Australia in
The Insurance E-volution elsewhere in this issue. However, when it comes to using technology to help achieve sustainability in insurance, he has some words of caution. “Technology can help improve a lot of things in the cost of distribution of products. However, when it comes to risk selection, pricing and underwriting, we need to be careful what we wish for. “While we absolutely can use technology to help get better on pricing, what if we get too good at it? What does this mean for segments of society that potentially become uninsurable with improved pricing granularity? “The core premise of insurance was always about shared risk, and if you’re not sharing risk you’re eliminating segments of currently insured assets in our communities.”
Technology will be critically important in building resilience, better understanding risk and limiting damage with early warning and intervention. We delve into technology in-depth elsewhere in this issue. The ICA spokesperson says: “Technology will be central to these efforts by improving how risk is understood, managed and communicated. Advanced analytics, AI and machine learning are already transforming risk modelling, helping insurers to more accurately assess and price complex and evolving threats, particularly in high-risk areas. These tools can also support faster claims processing, operational efficiency and
“WITHOUT THE ABILITY TO CONTROL THE WEATHER, THE FOCUS MUST BE FOR NEW TECHNOLOGY TO IMPROVE RESILIENCE IN KNOWN AND ANTICIPATED RISKS,”
56 / INSURANCE ADVISER AUGUST/SEPTEMBER 2025
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