We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
What sets CASI apart is its ability to trim down the document processing timeline from an average of 20 minutes to mere seconds. According to insights shared in CGU's latest Strive Report, this efficiency boost significantly optimizes day-to-day operations for claim evaluators.
Moreover, the tool is being continuously refined through user feedback, with new features and capabilities on the horizon, especially for handling commercial claims. IAG underscores the role of advanced technology, like the CASI system, in reshaping how quickly services can be rendered.
Complementing CASI are other tech solutions like CGU's claims portal. This tool empowers brokers with the capability to coordinate repairs for both personal motor and property claims directly, all without placing a single phone call.
Nevertheless, CGU raises awareness on potential pitfalls of digital tools, emphasizing the critical need for vigilant monitoring of AI-generated data security, as well as verifying that submitted photos aren't fraudulent. According to the Strive Report, "While technology can make the job faster, it has shortcomings," highlighting the necessity for oversight in tech deployment.
The Strive Report goes beyond just technology, delving into themes like insurance affordability challenges, underinsurance issues, climate risks, emerging sustainability mandates, and broader global influences impacting the Australian insurance sector.
As noted in the Strive Report shared by CGU Executive General Manager, Damien Gallagher, industry adaptation and a forward-thinking mindset are imperative: "The future calls for strengthened operational resilience and preventative risk management from all industry players." Gallagher stresses the importance of equipping stakeholders—brokers, partners, and customers alike—with the insight needed to prepare for future industry shifts.
The original source of this information was gleaned from coverage provided in the Strive Report. Such knowledge offerings showcase an ongoing commitment from IAG to foster preparedness across the industry spectrum, ensuring everyone involved is ready to tackle the demands awaiting them.
Published:Tuesday, 5th Nov 2024
Source: Paige Estritori
| Insurance Dispute Settled with New Rulings 07 Nov 2024: Paige Estritori In a recent adjudication, a property owner faced a coverage denial due to damage attributed to rodents, offering a revealing insight into insurance claim disputes. When a strata property holder reported water damage from a damaged dishwasher hose, her insurance claim was thwarted by the involvement of rodents. - read more |
| Financial Sectors Grapple With High Reporting of Breaches 07 Nov 2024: Paige Estritori The landscape of financial services in Australia is facing challenges as recent disclosures highlight the magnitude of self-reported compliance breaches across industries. The Australian Securities and Investments Commission (ASIC) report for the last financial year has revealed that the insurance sector reported the second-highest number of breaches. - read more |
| Call for Stronger E-Scooter Insurance Regulations in NSW 07 Nov 2024: Paige Estritori The rapid increase in e-scooter usage across New South Wales has prompted renewed calls for improved insurance regulations to safeguard both riders and pedestrians. Genevieve Henderson, president of the Australian Lawyers Alliance NSW, is advocating for mandatory insurance policies that would cover private e-scooter owners and council-managed e-scooter sharing programs. - read more |
| Surge in Claims for Non-Advised Disability Income Insurance 06 Nov 2024: Paige Estritori Recent analysis reveals individual non-advised disability income insurance is leading the pack with a remarkable claims paid ratio of 113%. In stark contrast, individual policies acquired through personal advice boast a much lower ratio of 68%, as outlined by the latest prudential data. - read more |
| Controversial Fire Ruling: AFCA Endorses Claim Denial 06 Nov 2024: Paige Estritori A recent decision has stirred considerable attention as an Australian Financial Complaints Authority (AFCA) ruling supported RAC Insurance's denial of a fire claim amidst significant controversy and debate. - read more |
| Is Private Health Insurance Worth It? Exploring the Benefits In Australia, health insurance plays a significant role in ensuring individuals can access quality medical care without incurring prohibitive costs. - read more
|
| How to Choose the Best Family Health Cover for Your Needs With healthcare being a critical aspect of every family's well-being in Australia, securing the right family health insurance is not just a necessity but a responsibility. Recognizing the importance of this safety net is the first step towards safeguarding the future health needs of your loved ones. Balancing comprehensive coverage against affordable premiums can seem overwhelming with a multitude of plans available. - read more
|
| Understanding the Basics of Australian Health Insurance Health insurance is a critical part of maintaining your well-being and financial stability. In Australia, understanding the basics of health insurance can help you make informed decisions that protect you during unforeseen medical events. - read more
|
| The Ultimate Guide to Comparing Health Insurance Plans in Australia Australia is renowned for its iconic landmarks, diverse ecosystems, and robust healthcare system. While the public healthcare system, Medicare, provides essential health services, it might not cover everything. The allure of private health coverage lies in its promise of broader options, reduced wait times, and coverage for services not included in Medicare, like dental and optical care. - read more
|
| 5 Tips to Save on Health Cover as an Australian Senior Finding the right health insurance coverage is a critical concern for Australian seniors, who often face the dual challenge of managing chronic health conditions and maintaining financial stability in retirement. As the cost of healthcare continues to rise, the importance of securing an affordable health cover that still meets their needs cannot be overstated. - read more
|
|
Understanding Health Insurance: A Starter's Guide for Young Australians Embarking on the journey of understanding health insurance is a pivotal stride for young Australians. It's a proactive step that embodies responsibility for one's well-being and financial foresight. Health insurance can often seem like a complex affair reserved for a future self, but grappling with its intricacies early can be both economically savvy and health-conscious. - read more
|
|
|
Is Private Health Insurance Worth It? Exploring the Benefits In Australia, health insurance plays a significant role in ensuring individuals can access quality medical care without incurring prohibitive costs. - read more
|
|
Health Fund Rebates 101: What Every Australian Needs to Know Exploring the realm of health insurance can be like navigating a labyrinth, replete with complex terms and varying policies. Among these, health fund rebates emerge as a crucial element, particularly for young Australians embarking on their journey of health coverage. Fund rebates can significantly lighten the financial burden, transforming the quest for health insurance from daunting to empowering. - read more
|
|
The Importance of Comparing Health Insurance Extras for Maximum Savings Health insurance is more than just a precautionary measure; it's a vital component in managing both your health and financial well-being. In Australia, where healthcare costs can quickly escalate, health insurance extras serve as a buffer, ensuring that services like dental, optical, and physiotherapy remain within reach. These extras can significantly reduce the out-of-pocket expenses you might otherwise encounter for non-hospital treatments. - read more
|
|
|
How to Choose the Best Family Health Cover for Your Needs With healthcare being a critical aspect of every family's well-being in Australia, securing the right family health insurance is not just a necessity but a responsibility. Recognizing the importance of this safety net is the first step towards safeguarding the future health needs of your loved ones. Balancing comprehensive coverage against affordable premiums can seem overwhelming with a multitude of plans available. - read more
|