The Underwriting Agencies Council (UAC) says annual gross written premium at Australian agencies is now around $7.5 billion, and technology-enabled firms are leading the way as the sector expands dramatically. Sydney-based GM William Legge says UAC now has more than 120 agency members, even as mergers and acquisitions created fewer, larger agencies and a build-up of "cluster groups" owning multiple specialist agency brands. As major carriers relinquish capacity in some lines, the agency market is filling gaps in coverage, Mr Legge says, and brokers have found agencies to be a trusted, reliable market that can provide responsive service, quick turn-around times, and bespoke, tailored products for hard-to-place risks. Insurance consulting firm Xceedance offers its MGA Agility Suite tailored platform to agencies, encompassing policy administration, underwriting, distribution, a broker portal and reporting functionality. Xceedance works with agencies and insurers to facilitate and support end-to-end insurance processes across claims, finance and accounting, insurance operations, catastrophe modelling, underwriting, actuarial and analytical services, policy services and data management.

Shares in ASX-listed Credit Clear spiked 18% last week after it revealed it signed four contracts with car insurance clients. The insurtech entered new agreements with Zurich, Aioi Nissay Dowa and another motor insurance specialist last month, and expanded an existing relationship with a fourth large insurance group. It expects to announce more insurance clients in the coming months. Credit Clear – a finalist in the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIIF) industry awards – offers products based on AI models, automation and predictive analytics. It recently developed an at-fault third party claim system for car insurers in collaboration with a large Australian insurer.

Rapid advancement in Artificial Intelligence (AI) technologies over the next decade will allow insurers to capitalise on the capture of vast swathes of digitised data from diverse sources, Finity says. Gone are the days of the data only being stored in database tables. More and more data organisations are now leveraging "natural language" data: documents, emails, transcribed phone conversations, and photos and videos. The amount of data stored in the digital universe globally has been estimated at 44 zettabytes – around 40 times the number of stars in the observable universe, or 4.4 followed by 22 zeroes. "As insurance professionals we know the importance and power of data and this trend isn't going to slow," Finity Principal Marcello Negro said.