Why time is ticking to build the tech-enabled insurance business of the future
Tech in insurance is nothing new, however every business operating in insurance is at a tipping point. Embrace modern, fit-for-purpose solutions today, or risk missing out. A cross the globe, the insurance sector is undergoing a huge technological shift, driven by artificial intelligence (AI), data analytics, and automation. Technology adoption and implementation has been bubbling for a while here in Australia – however it’s now becoming an imperative for the sector.
This shift is unprecedented in the sector, and underlined by the projected increase in the global AI for insurance market, which reached US$7.71bn in 2024, and is projected to reach US$35.62bn by 2029. 1
Consumers are demanding better digital experiences – 81% of Australian insurance consumers find the claims process too long or too repetitive and 56% find the claims process too complex. 2 Add to that the requirements set out by CPS 230, the increasing complexity of risk, and competitive pressures, and there is increased urgency for brokers and insurers to deliver meaningful technology transformation in their businesses. Andy Doran, General Manager - Commercial Underwriting at Allianz, says, “In society today, we expect everything to be available at our fingertips, and responses to be instantaneous, and the development of technology is going to be quite exponential over the next few years.”
“Technology should be a core functional discipline in every business. It’s no longer a case of one project and you’re good for the next decade – it’s a continual drive to make sure you’re competitive and relevant, and you’re doing the right thing by your customers.”
A NIBA Brokers’ Guide: to leveraging technology in insurance 35
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