Sat, 30th Mar 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sat, 30th Mar 2024" was published on March 29, 2024 and runs 2 minutes.

March 29, 2024 ·2m · Insurance News Wrap

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Summary

In this week's insurance roundup, Australian insurance firms are rapidly adopting AI to improve customer service, with 90% in the process of integration, and 58% using AI for claims processing and risk assessment. However, AI's deployment in disasters is at a mere 37%. Weather-related insurance claims saw a surge this summer, with 85% of the 13,817 claims filed due to issues such as storms and hail, highlighting the need for better preparation against extreme weather conditions. The Federal Court supports Auto & General's clause allowing them to reject coverage if the risk is too high. Risk changes must be communicated, not minor daily updates. Brokers spend three hours per day on administrative duties due to compliance issues and outdated technology, which affects customer service and productivity. Further industry adaptation is necessary.

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