“As a sector, with regards to technology, we’re at that pivotal crossroads and we’ve got to really lean into it – because if businesses don’t, it limits their ability to deliver the best possible options and outcomes to a customer.” The good news for everyone involved in Australian insurance, the technology is readily available – with almost 300 insurtechs headquartered in Australia alone. 3
Practical takeaways for brokers: WHAT YOU CAN DO NOW
1. https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-for-insurance- global-market-report 2. https://dxc.com/content/dam/dxc/projects/dxc-com/au/Industries/images/insurance/pdfs/ dxc-au-insurance-consumer-report.pdf 3. https://insurtechaustralia.org/insurtech-market-report/ 4. https://dxc.com/au/en/insights/perspectives/blogs/insurers-that-fail-to-modernize-it-systems- take-on-risk journey, so proactively discuss the urgency of digital transformation, highlighting the risks of inaction and the opportunities of embracing tech. Position yourself as a strategic advisor beyond just insurance placement. design, and empathetic client advocacy are the core business functions. Prioritise these areas where human expertise remains paramount, and look for tech solutions to support from an administrative and process perspective. 5. EDUCATE YOUR CLIENTS Some of your clients will be at the start of this Take stock – identify areas where you’re still performing repetitive, manual tasks, or you’re asking your clients to jump through unnecessary hoops, then look for solutions. 3. DEVELOP YOUR TECH FLUENCY Invest time in learning about the myriad of platforms available and educate yourself and your team, so you’re across what’s happening today, not yesterday. 4. FOCUS ON VALUE-ADDED SERVICES Increasingly, complex risk advisory, bespoke solution For brokers that are either on their own digital journey, or are at the very beginning, now is the time to make changes in your business. Doran says, “Some of the old technology is now referred to as toxic assets – there’s no investment being put into them and ultimately they end up holding you back, rather than helping you move forward.” Given that, now is the opportune time to evaluate your own tech journey to date, and map out a path moving forward. 1. ASSESS YOUR OWN DIGITAL MATURITY Understand where your brokerage stands in terms of tech adoption, identifying key areas for improvement in CRM, document management, and client communication platforms. 2. CONDUCT AN INTERNAL AUDIT ON TASKS AND PROCESSES
“The old understanding of digital transformation would have been that it’s a huge project with a defined beginning and end, and then you move on to something else.”
The high cost of inaction: risks for Australian businesses
Businesses operating in the insurance sector face significant risks by not adopting technology – from market share erosion and operational inefficiencies to increased vulnerability from both a security and intelligence perspective, and consequently being unable to take on new challenges and respond to industry changes. 4 “If insurance businesses don’t start this with earnestness now, they may well have missed out because the technology is moving so quickly,” says Matthew Churchill, Director of Customer Success at Cytora, which has worked alongside Allianz Commercial on technology projects (more on that in Building the Integrated Business of Tomorrow ). “And then, you’re going to miss the opportunity to take advantage of some of the emerging technology – for example, solutions that sit over the top of submissions.” Doran agrees, and says the traditional notion of digital ‘transformation’ is outdated, and instead technology is an always-on evolution. “The old understanding of digital transformation would have been that it’s a huge project with a defined beginning and end, and then you move on to something else. “Today, transformation is a continually iterative, dynamic discipline, which acknowledges the changes are going to be continual because technology is going to continue to accelerate, and the market we operate in will continue to evolve. “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.”
36 A NIBA Brokers’ Guide: to leveraging technology in insurance
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