Sun, 31st Mar 2024

In this episode of Weekly Insurance News Wrap, Paige Estritori delves into recent happenings in the Australias insurance industry. Technologies like artificial intelligence (AI) are on the rise, with 90% of insurers moving towards incorporating AI for better client service and claims processing. Disaster responses using AI is still tentative with only 37% exploring it. NRMA Insurance reported an increase in claims this summer due to harsh weather. Despite the intensity of storms and bushfires, surveys show only 40% of residents prepared their homes, indicating a need for increased awareness. In legal areas, only major policy changes need to be reported to the insurer, as backed by the Federal Court. Lastly, a survey by JAVLN and Censuswide shows the urgent need to simplify compliance processes and ease administrative tasks, stressing insurance affordability and market adaptation issues.