Application of Sustainable Technology for Effective Risk Management Development

Abstract

This study examined the application of sustainable technology for effective risk management development, using AXA Mansard Insurance Plc as a case study. The study adopted a descriptive survey research design. The target population comprised 134 professional staff of AXA Mansard Insurance Plc across its operational hubs in Lagos, Abuja, and Enugu. Data collection was executed using a structured 4-point Likert scale questionnaire Data were analyzed using descriptive statistics (frequencies and percentages), while hypotheses were tested using inferential statistics (Chi-Square). The empirical findings revealed that integration of sustainable technology has significantly improve risk identification, assessment, monitoring, and control processes. The study also identified high cost of implementation, lack of technical expertise, and poor infrastructure as challenges hindering the integration of sustainable technology for effective risk management. Based on these findings, the study recommends that organisations should allocate adequate resources to sustainable technologies such as artificial intelligence, Internet of Things (IoT), data analytics, automation, and other digital systems that can improve risk identification, monitoring, prediction, and response, also, insurance companies should transit to Software-as-a-Service (SaaS) models to lower initial capital barriers, implement structured socio-technical upskilling programs for staff to bridge the technology-human usage gap, develop hybrid parametric climate insurance products, and actively collaborate with regulatory bodies like NAICOM to establish standardized green underwriting policies.