Australian insurers plan to partner with technology start-ups to benefit from rapid change, a report from consulting group Accenture says.

Almost three-quarters of insurance sector respondents expect data volumes managed to at least double over the next year, and businesses are increasingly looking at intelligent automation, according to the Technology Vision report.

“The pace of change has been really rapid, and if you look two-three years out there is no sign of it slowing down,” Accenture Insurance Strategy Lead for Australia and New Zealand Ravi Malhotra told insuranceNEWS.com.au.

“The ability to deal with that is significantly enhanced through AI [artificial intelligence].”

More than half of Australian insurance-sector respondents plan to partner with digital start-ups in the next two years, as they look beyond their own business areas to increase technology know-how.

“There is an acknowledgement that competition is changing and there is a blurring of industry boundaries,” Mr Malhotra said.

Current examples include Suncorp’s investment in US technology developer Trov, which has produced an app to let customers insure individual items on demand.

Globally, the Internet of Things is providing opportunities for partnerships that can deliver information benefits to insurers, Mr Malhotra says.

The survey reveals the key reasons for pursuing automation are to cut costs, innovate and create new business models, and to redirect resources into research and development and new products.

About 82% of insurance respondents worldwide agree automation driven by AI will be seamlessly embedded in every aspect of business over the next five years.

Areas affected by AI technology include marketing and sales, and regulatory compliance.

“Anything currently rules-based can be enhanced through the use of AI,” Mr Malhotra said.

The global survey questioned more than 3000 respondents, with 445 from the insurance sector. In Australia there were 252 respondents, including 30 from insurance.

Other sectors involved include banking, retail and consumer goods.