Analysing the Impact of Technology Adoption on Insurance Pricing and Risk Management

Technological transformation has revolutionized the global insurance industry by redefining how risks are assessed, priced, and managed. The integration of Artificial Intelligence (AI), Big Data analytics, Blockchain, and the Internet of Things (IoT) has enabled insurers to improve underwriting accuracy, reduce claim fraud, and design personalized pricing models. This study examines the impact of technology adoption on insurance pricing and risk management, emphasizing how these innovations reshape traditional practices. The research employs secondary data analysis from regulatory reports, industry publications, and academic sources between 2015 and 2025. Findings reveal that while technology enhances operational efficiency and predictive accuracy, challenges persist in data privacy, cybersecurity, and algorithmic bias. The paper concludes that a balanced framework combining digital transformation with ethical governance is essential for sustainable insurance growth.