AUB Group aims to take a leading position on technology, as innovation in the insurance industry accelerates.

“We firmly believe that by embracing new technologies and approaches we can support our partners and clients, by reducing the friction involved in the risk management and insurance process,” CEO Mark Searles told the group’s annual general meeting in Sydney last week.

AUB Group recently became a founding partner of Insurtech Australia, along with companies such as QBE, IAG and Suncorp.

Mr Searles says the group has appointed IT provider Interactive as its strategic network support partner, as it looks to leverage technology without long-term cost-of-ownership issues.

Chairman David Clarke told the meeting more insurtech offerings have emerged as the pace of change accelerates.

“Recognising this, we have completed a review of our core network and infrastructure capability and how we deliver that to our partners,” he said. “This will mean some change and we are confident it will place a better solution in the hands of our business partners.”

Examples include moving the group’s data centre and business support capabilities to a specialist provider to deliver improved performance, security and lower costs.

AUB has reaffirmed its forecast for 5-10% adjusted net profit growth this year, with low single-digit premium increases seen in the market.

“The group expects continued organic growth as a result of disciplined execution of our strategy, supplemented by relevant acquisition and start-up investment opportunities in Australia and New Zealand,” Mr Searles said.