Sedgwick chief sees tech as growth driver
Sedgwick, the world’s largest claims administrator, says technological change will help drive expansion following its Cunningham Lindsey acquisition.
The company last week launched the Sedgwick-branded Australia and New Zealand businesses, with the Cunningham Lindsey deal giving it a network of offices and a workforce of about 600 people.
Australia CEO Diego Ascani told insuranceNEWS.com.au today that Sedgwick’s offering will be supported by sophisticated technologies as it builds on the combined footprint in current markets and new territories.
“The Asia Pacific region is geared for ongoing growth into the future,” he said. “While the insurance market is fairly saturated in Australia, we will continue to see growth, with new entrants offering innovative insurance services and products – potentially insurtech or the use of artificial intelligence.”
The local launch follows a relatively benign period for natural catastrophes in Australia, with no significant events since Cyclone Debbie in March last year.
“While this is great for underwriters, it’s a challenge for businesses such as ours, yet we are ready to help when the time comes,” Mr Ascani said.
Sedgwick is investing heavily in technology as expectations and processes change.
Mr Ascani says it is also important to find a balance between technology and the long-standing technical expertise that exists in insurance.
“The deployment of new technologies is enabling more school-leavers and graduates to see the potential of insurance as a global career, with opportunities to work in new markets with products that, in some cases, didn’t exist just a few years ago,” he said.
“We anticipate the pace of change will increase and we are taking steps to make sure we are ready, through not only investing in digital solutions to stay relevant and meet the expectations of the new world, but also to continue to develop our extensive technical capabilities.”