Technology’s impact on risk management and the wider insurance industry dominated discussion at a Swiss Re roundtable last month.

Participants, including representatives from Suncorp, QBE and Hollard, share the view the industry should be more proactive in leveraging technology to add value for customers.

The industry has yet to fully tap the vast commercial opportunities created by advances in technology.

“It was universally acknowledged from the outset of the discussion that, as an industry, insurance can struggle with technology,” Swiss Re MD Australia and New Zealand Mark Senkevics told insuranceNEWS.com.au.

Mr Senkevics, who facilitated the session, says descriptions such as “paper-based”, “traditional” and “old-fashioned” emerged during the meeting.

“What was clear from the discussion is there is a lot of excitement around the significant role technology will play in our industry.

“We know it has the potential to transform the way we do things, but the challenge is what we are doing to ensure this transformation is positive, and this doesn’t necessarily mean faster, more accurate etc.” 

Swiss Re is exploring ways technology can improve its service offerings.

The reinsurer recently partnered with IBM to develop a cognitive-based system to optimise its underwriting practices.

“It is clear technology plays a role in shaping risk,” Mr Senkevics said. “What we can be sure of is that change will happen, and right now as an industry we are on the cusp of discovery.

“We certainly don’t have the answers, but the important thing is that we are asking the questions.”