Fri, 25th Oct 2024

In this week's episode of Financial Services Online, Paige Estritori unpacks the latest insurance news from Australia. Key focus is on QBE Insurance Group's legal complications with the Australian Securities and Investments Commission (ASIC), alleging inconsistencies in QBE's discount practice, impacting over half a million policyholders. QBE has set aside $112 million for restitution and is cooperating with ASIC's ongoing investigation. Meanwhile, a Capgemini study highlights the need for significant transformation within the life insurance sector, with customers finding policy terms complex, application procedures unsatisfactory, and long wait times post-acquisition. The lack of digitisation impacts claim processes, though the potential solutions include modernising operations, AI interfaces, and improved efficiency. The implementation of these is a significant challenge, as only 41% of insurers have met recent targets.n