Many insurers and brokerages were forced to “go digital” amid the COVID-19 pandemic, highlighting the importance of investing in technology. Tyrone Pereira (pictured), a senior broker at General Insurance Brokers of Australia (GIBA) and the co-founder and director of Ingenium Insurance, shared with Insurance Business how technology is vital for the future of the insurance industry.
Like many insurance professionals, Pereira (pictured) fell into the industry after realising that the industry needed some changes. “I wanted to be a part of it. I also find it rewarding helping people, providing a level of certainty in their lives through insurance and helping them in their time of need,” he said.
One area of change that Pereira has championed in his position as co-founder and director of Ingenium Insurance Solutions, which specialises in group people risk insurances, is technology and innovation.
“As co-founder and director, we at Ingenium recognised the value group insurance can have on the lives of everyday Australians and their families. Be it group paid, co-funded, or voluntary take up, leveraging the purchasing power of a group can provide better benefits, pricing, and greater access to quality insurance,” Pereira said.
“As the director, I oversee much of the product and distribution aspects of the business. Seeing a gap in the market, we’ve developed an in-house technology and platform solution that provides sophisticated end-to-end policy management and support for our clients – from branded quote and bind websites to policy management capabilities that manage premium collection, claims, and renewals.”
Pereira pointed out that technology investment in the insurance industry is growing and already transforming the sector significantly.
“Technology can, and is, improving every link of the value chain. We are seeing better methods of collating and analysing data that help insurers understand, price, and design risk solutions. We see technology create efficiencies for brokers, helping compare risk products and assist in areas of policy and claims management. In my line, people risk, there are also leaps in medical technology and telehealth technologies that will help clients at a time of claim assisting in their recovery from an injury or illness,” he continued.
Pereira said he sees technology as a key area of development for the industry because it could create efficient and compliant business process, enable a better user experience, and provide more convenient ways for customers to engage, purchase, and manage insurance.
“As we see more investment in technology and all parts of the value chain, it will become the core driver for change,” he said. “Technology will help harness and analyse data that, in turn, will create a better insurance product that meets the needs of a changing world and our communities.”