Hollard points to AI and partnerships

Hollard outlined a broad view of where commercial insurance is heading, pointing to AI, broker relationships, and global partnerships as key forces shaping the market. In a March 23 press release, the South Africa based insurer said technology is improving underwriting, pricing, claims handling, and decision making, while cross border alliances are becoming more important as clients operate across multiple markets.

“We believe technology and AI can help us make faster decisions and communicate better with our brokers who are interfacing directly with customers. This allows insurers to deliver products more quickly while ensuring that brokers have the tools they need to advise clients effectively.” – Brad Irik, managing executive officer and co-head of Japan-based global insurer Tokio Marine Holdings.

The company highlighted its partnership with Japan based Tokio Marine GX as an example of how insurers can expand capabilities in areas such as infrastructure, renewable energy, and complex commercial risks. Hollard framed the shift as part of a wider move away from insurance as a backstop and toward a model centered on risk prevention, resilience, and more integrated support for clients.

“Imagine our ability to offer South African clients the global expertise of being part of an association that leverages capabilities across the entire value chain. That includes sectors such as construction, engineering, logistics and energy and other areas where large projects often span multiple countries and require specialised insurance solutions.” – Andrew Coutts, chief executive officer of Hollard Insure.