Tue, 2nd Apr 2024

This episode of Financial Services Online takes a deep dive into major insurance industry news in Australia. John Trowbridge's recent call for government intervention regarding underinsurance issues, particularly against the backdrop of devastating floods in 2022, is a central topic. He advocates full replacement policies and regulatory reforms to enhance consumer security without heavily impacting premiums. Also on discussion is the impact of AI, now used or considered by 90% of insurers to boost customer service, quicken claim resolutions, and aid in risk assessment. Yet, its potential in disaster response is underutilized. Weather-related claims have surged dramatically, as recorded by NRMA Insurance, leading to the emphasis on the need for preventive measures against extreme weather conditions. The podcast wraps up by urging listeners to stay vigilant, stay insured, and stay updated with further insights on personal and business insurance on financialservicesonline.com.au.