Thu, 4th Apr 2024

This episode of Insurance News Wrap with host Paige Estritori discusses key news in the Australian insurance industry. MetLife Australia launches innovative leave policies, offering days off for menopause, fertility issues, and gender affirmation based on a comprehensive workforce study. This step aims to enhance worker engagement and retain talent, with further parental leave enhancements foreseen. Industry expert John Trowbridge encourages the Federal government to tackle the issue of underinsurance by endorsing total replacement coverage policies. He believes this wouldn't significantly increase premiums, but would provide necessary security to homeowners. Lastly, the podcast highlights how over 90% of Australian insurance firms are incorporating artificial intelligence to improve customer service and speed up claim resolution, with 58% using AI for processing claims and risk assessment, although its use in disaster responses remains limited.