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The insurance industry has only begun its foray into AI, and companies are already experimenting with new ways to incorporate it into their day-to-day operations in anticipation of further technological development. “It’s the very early days of AI,” Breen said. “For menial, repetitive tasks, we put the computer on it … but we’re a ways …
The distribution chain in the insurance industry is winding and complex. A series of middlemen examine information between the insured and the carrier, leading to a lot of human error and manual work that slows the process, said Breen. However, AI is already starting to fix that problem. Algorithms can reduce the time and number …
Historically, insurance underwriters have relied on information provided on applications to assess the risks surrounding a potential client. The trouble, of course, is that applicants could be dishonest or make mistakes, rendering these risk assessments inaccurate. Machine learning, specifically natural language understanding (NLU), enables insurers to pore through more abstract sources of information, such as …
It is estimated that the risk of a male being diagnosed with prostate cancer by his 85th birthday will be 1 in 7. Reference One in eight women will develop breast cancer in their lifetime. Reference Over 47,000 Heart Attacks occur in Australia every year. More than 60% of cancer patients survive more than five years …
Life insurers must change their thinking on mental health as treatments advance, a doctor has told a parliamentary joint committee hearing on the industry. Royal Australian College of General Practitioners President Bastian Seidel told the committee mental health is now the most prevalent condition in Australia, overtaking cardiovascular disease and, more recently, dementia. “So, of …
Continue reading “Industry urged to account for mental illness care advances”
Most people wouldn’t dream of driving without car insurance, or living in a house without home and contents insurance, so it is remarkable that the majority of Australians do not think about protecting their families through life insurance, in the event of death, accident or illness. With the incidence of cancer increasing year on …
According to a nationwide independent study, over a third of respondents, if they had a life insurance policy, didn’t know what kind of policy they had. And though 70% felt confident that their insurance companies would pay out if the need arose, only 34% felt sure that they would know how to collect a payout. Do you fall …
Last year, 8500 people were hospitalised and nine died from asthma attacks after thunderstorms tore across Melbourne. But why did this happen? The pollen season occurs from early October to late December, as hay fever sufferers will tell you. For a thunderstorm asthma event to occur, the perfect blend of conditions must be met: …
Insurers say they’re ready to contribute to a royal commission into alleged misconduct by banks and other financial services entities. “Though the calls for a formal inquiry have focused on the banks, the Insurance Council of Australia hopes the royal commission will end political uncertainty and improve public confidence in the insurance sector,” CEO Rob …
Continue reading “Industry prepares to front royal commission”
Over 90% of all life insurance claims in 2016 were accepted by life insurance companies, according to a joint research project by the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC). In 2016 there were 103,100 claims finalized, of which 95,000 or 92.1% were accepted and 8,100 or 7.9% were declined …
Continue reading “ASIC & APRA find high level of life insurance claims paid”