Technology continues to develop, enabling insurers and funds to increasingly deploy machine learning to assist members to understand their insurance coverage and the claims process. This session explores the advantages and challenges associated with an AI strategy in insurance.
Speakers
Daniel Levy, Head solutions Australia & New Zealand, Swiss Re
Moderator: Laurence Parker-Brown, Content producer, Conexus Financial
Key takeaways
- The timing is right for industry funds to strongly engage with members and personalise their insurance cover through the use of artificial intelligence (AI).
- While Protect Your Super (PYS) and Putting Members Interests First (PMIF) laws now ensure value for super fund members on their insurance, industry funds were also well placed to use AI and machine learning to get the best value for members.
- Members have good trust in their industry funds – the recent Productivity Commission inquiry into Superannuation shows only 25 per cent of members engage with insurance in super despite super industry advocate ASFA data showing 89 per cent of members listen to their funds, at least some of the time.
- There’s real opportunity for super funds to take advantage of what AI enables in terms of making things personalised and understanding the triggers for members to find the offers that are relevant, according to Swiss Re Head of Solutions for Australia and New Zealand Daniel Levy.
- While Australia has strong consumer protections on data usage, this brought pros and cons – consumers had greater confidence that their data was used responsibly but better user experiences were more difficult to deliver.
