Insurers and brokers must keep pace with technological change to stay competitive, but not at the expense of client relationships, a senior Suncorp figure has warned.

While technology would bring long-term pricing sustainability, improved capital management and faster claims service, National Relationship Executive Manager Opie Loi says it may also change the very nature of broking.

Speaking at the Vero Expo in Melbourne last week, Mr Loi described technological expansion in insurance as “largely untapped”. But he says the industry must remember its commitment to client relationships.

“This business was built on a relationship model,” he told his broker audience. “As technology comes more into the play, my greatest fear is it will become a transaction model.”

While technology advances would inevitably lead to “better, quick and more informed decisions”, Mr Opie cautioned it must not come at the expense of underwriting skills.