AI and the impact on Insurance Technology
Introduction
The client is a provider of commercial and personal lines insurance across Australia and New Zealand.
In June 2025, the Board requested a market scan of AI trends in the Australian Insurance sector as well as visibility of the AI initiatives and roadmap being developed by the client’s core insurance platform provider, and what other AI initiatives are being pursued by Systems Integrators and 3rd party AI providers integrated to the platform.
Given Frazer Walker’s role as their assurance partner as well as our deep knowledge of the insurance technology landscape, the CEO engaged Frazer Walker to complete this research.
The Challenge
The client was in the middle of a significant technology and business transformation, having chosen a new insurance platform that can scale with their growing business while improving operational efficiencies as well as improved customer experience. Rapid changes in the capability of Artificial Intelligence and how this is reshaping industries including the Australian Insurance market, necessitated a deeper dive into AI and how this would best augment the new platform.
Our Work
Over a six week period, Frazer Walker conducted research into the Insurance technology market and its progress on AI uptake, while also interviewing Systems Integrators, AI Insurtech companies and the core platform provider. Frazer Walker also interviewed the lead researcher from CSIRO who had conducted work for the Insurance Council of Australia and their recently released report “AI for better insurance”.
The Outcome
Frazer Walker presented to Board and Management the latest intelligence on the current situation of AI use in the Australian Insurance Sector, example case studies of AI use from Insurance providers, current and upcoming AI offerings from the platform vendor, systems integration partners and other third party AI providers, as well as answering the question of how the client is positioned to take advantage of AI from their strategic vendor partnership.
The presentation generated debate and questions for directors on their views of AI and how AI will be leveraged by the organisation in the near term.