Artificial Intelligence
Australia’s life insurers top global data readiness
Australia’s life insurers top global data readiness
Worldwide, data readiness was the primary obstacle to maximising AI.
5 days ago
Kotak Life launches AI-powered HR assistant
Its chief human resources said it aims to modernise HR services.
How can insurers seize opportunities amidst heightened volatility?
Key strategies include diversification and setting up rigorous capital models.
D&O market faces risks due to insolvencies, AI, geopolitics
Securities class actions have risen by 43% year-on-year in Australia.
Suncorp partner with Duck Creek Technologies to digitalise operations
It aims to replace multiple on-premises legacy systems.
Australian council backs tech-neutral consumer laws for AI
The council also urged the government to avoid regulatory duplication between the ACL and existing financial legislation.
Generative AI slashes P&C claim times by 50% – Bain & Co.
It could also decrease loss-adjusting costs by 20% to 25%.
Insurers are increasing investments in generative AI by 300%
Half of CEOs view AI as an opportunity, whilst the other half see it as a risk.
Only 28% of APAC insurers prepared for AI shift
Half of insurers attribute poor customer experience to limited technology adoption.
CEOs see 3-5 years for AI investment returns
Yet, also over half (57%) of organisations see AI as a vital tech.
Why are few companies opting for AI-specific insurance?
Ransomware and phishing now worry 35% of executives.
Insurers eye AI's dual role in risk and opportunity
AI vendors can become single points of failure.
How is APAC leading with AI to fight insurance fraud?
74% of respondents reported that fraud cases are either stable or increasing.
How insurers can harness AI for enhanced risk assessment
Generative AI augments decision-making and hyper-personalization.
AI drives insurance productivity, faces scaling challenges
Scaling efforts are hindered by regulatory, data, and governance challenges.
Synthetic data to power 40% of insurance AI by 2027
Addressing privacy and bias concerns through innovative data use.
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