Farm Insurance Australia :: News
SHARE

Share this news item!

Transformation Needed in Life Insurance Sector for Customer Satisfaction

Why Insurers Must Evolve to Meet Changing Client Expectations

Transformation Needed in Life Insurance Sector for Customer Satisfaction?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Insurance companies in Australia and other developed economies are grappling with meeting the evolving demands of clients, reveals a recent report by Capgemini.

The World Life Insurance study conducted by the consultancy highlights that a significant number of policyholders are dissatisfied, with one out of three finding policy terms too complex, and 27% expressing discontent with arduous application procedures.

Moreover, after policy acquisition, 25% of both retail and group clients express annoyance over prolonged waiting periods, while 23% are disappointed by the lack of accessible self-service features for policy modifications.

The process of claims has emerged as another pain point, particularly due to insufficient digitization. Approximately one-third of retail clients report facing a convoluted claims process, and 27% have cited a lack of empathy during their interactions.

According to the report, the industry is urgently reviewing its customer interaction strategies, mainly because penetration rates are declining in established markets.

“In an environment marked by high inflation and economic uncertainties, there is a tepid interest in conventional life insurance offerings,” observes the report.

Interestingly, even though increased interest rates have buoyed insurers' recent fiscal outcomes, the report warns that any short-term profitability could be overshadowed by long-term sluggish industry growth.

The push towards enhancing customer experience for most insurers is impeded by outdated infrastructure, the hesitance to embrace new technological innovations, and regulatory constraints, as indicated by Capgemini.

Insurers acknowledge the urgent need for modernization, yet merely 41% have succeeded in achieving or surpassing their recent modernization targets. Transforming customer interactions through factors like AI-enhanced human interface and boosting operational efficiency stands as an avenue for regaining the market edge.

“The growth opportunity is vast. It is crucial now to rejuvenate the intrinsic worth of life insurance products,” affirms Capgemini.

The findings of the report are drawn from surveys conducted with consumers and industry executives between May and June.

Published:Wednesday, 23rd Oct 2024
Author: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Australian Travel Insurers Extend Support During Middle East Conflict
Australian Travel Insurers Extend Support During Middle East Conflict
28 Mar 2026: Paige Estritori
In response to the escalating conflict in the Middle East, Australian travel insurers have mobilised additional resources to support affected travellers. The Insurance Council of Australia (ICA) announced that insurers are providing dedicated 24/7 assistance, coordinating medical care, and prioritising support for those in impacted regions. - read more
Rising Domestic Travel Claims Reveal Insurance Coverage Gap
Rising Domestic Travel Claims Reveal Insurance Coverage Gap
28 Mar 2026: Paige Estritori
Southern Cross Travel Insurance (SCTI) has reported a notable gap between Australians' attitudes towards domestic travel insurance and the claims being paid. In the first eight and a half months of 2025, SCTI settled over $240,000 in claims for local and interstate trips. Despite this, only about 41% of Australians consider travel insurance a high priority for domestic trips, compared to 76% for international travel. - read more
RACV Advises Travellers to Review Insurance Amid Rising Flight Cancellations
RACV Advises Travellers to Review Insurance Amid Rising Flight Cancellations
28 Mar 2026: Paige Estritori
Australian travellers are facing ongoing flight disruptions, with cancellation rates climbing above long-term averages. According to the latest data from the Bureau of Infrastructure, Transport and Regional Economics (BITRE), the national flight cancellation rate reached 2.6% in February 2025, exceeding the long-term average of 2.2%. On-time performance for both arrivals and departures also fell below historical benchmarks. - read more
Upcoming 4.41% Increase in Australian Private Health Insurance Premiums
Upcoming 4.41% Increase in Australian Private Health Insurance Premiums
28 Mar 2026: Paige Estritori
Starting 1 April 2026, Australians will face an average increase of 4.41% in private health insurance premiums, marking the most significant rise since 2017. This adjustment comes in the wake of escalating healthcare costs and increased utilisation of health services. - read more
Climate Change Drives US$2.9 Billion in Insured Losses for Australian Insurers in 2025
Climate Change Drives US$2.9 Billion in Insured Losses for Australian Insurers in 2025
28 Mar 2026: Paige Estritori
In 2025, Australian insurers faced significant financial challenges due to climate-related catastrophes, with insured losses totalling an estimated US$2.9 billion. This substantial figure underscores the escalating impact of climate change on the insurance industry and the broader economy. - read more
Premium Affordability and Cybersecurity Emerge as Leading Concerns for Australian Insurers in 2026
Premium Affordability and Cybersecurity Emerge as Leading Concerns for Australian Insurers in 2026
28 Mar 2026: Paige Estritori
As the Australian insurance industry progresses through 2026, it faces a trio of significant challenges: escalating premium costs, increasing cyber threats, and a tightening labour market. These issues are reshaping the sector's priorities and strategies. - read more
Insurtech Australia Criticizes ASIC's Efforts to Spur Insurance Innovation
Insurtech Australia Criticizes ASIC's Efforts to Spur Insurance Innovation
28 Mar 2026: Paige Estritori
The Australian Securities and Investments Commission's (ASIC) Enhanced Regulatory Sandbox (ERS), introduced in 2020 to facilitate financial innovation, has been deemed ineffective in fostering advancements within the insurance sector. Insurtech Australia (IA) has expressed concerns that, despite ASIC's genuine efforts, the ERS has not significantly impacted the insurance industry or the insurtech ecosystem. ([insurancenews.com.au](https://www.insurancenews.com.au/insurtech/asic-s-insurance-innovation-initiatives-ineffective?utm_source=openai)) - read more
Australian Commercial Insurance Rates Experience Significant Decline
Australian Commercial Insurance Rates Experience Significant Decline
28 Mar 2026: Paige Estritori
The Australian commercial insurance market has witnessed a notable decline in premium rates, with a 12% drop recorded in the fourth quarter of 2025. This marks the largest decrease among the eight regions monitored by Marsh Risk's Global Insurance Market Index. ([insurancenews.com.au](https://www.insurancenews.com.au/the-broker/australia-leads-way-as-commercial-rate-slide-continues?utm_source=openai)) - read more
Soaring Insurance Premiums Impact Hospitality Businesses
Soaring Insurance Premiums Impact Hospitality Businesses
28 Mar 2026: Paige Estritori
The Australian hospitality industry is currently grappling with a significant surge in insurance premiums, a trend driven by a combination of increased claim frequencies and heightened risk factors. This escalation in costs poses a substantial financial burden on restaurant and café owners, many of whom are already contending with slim profit margins. - read more
Hospitality Industry Records Alarming Business Failure Rate
Hospitality Industry Records Alarming Business Failure Rate
28 Mar 2026: Paige Estritori
Recent data from Restaurant & Catering Australia (R&CA) reveals a concerning trend: the hospitality sector has experienced a 10.4% closure rate among foodservice businesses over the past year, marking the highest failure rate across all industries in the country. This statistic underscores the pressing challenges faced by restaurant and café owners, including escalating operational costs, labour shortages, and evolving consumer behaviours. - read more


Farm Insurance Articles

Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
5 Essential Farm Insurance Policies Every Australian Farmer Needs
5 Essential Farm Insurance Policies Every Australian Farmer Needs
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - read more
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Farming is much more than an occupation; it's a way of life and a heritage that often spans generations. In today's ever-evolving agricultural landscape, embracing modern practices while preserving your farm's future has never been more crucial. Estate planning emerges as a pivotal strategy for safeguarding your agricultural legacy, ensuring that your hard-earned investments and the land you hold dear are passed on according to your wishes. - read more
What Australian Farmers Should Know About Crop Insurance
What Australian Farmers Should Know About Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - read more
How to Safeguard Your Farm: A Guide for Australian Farmers
How to Safeguard Your Farm: A Guide for Australian Farmers
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
Insurance for Hobby Farms: Finding the Right Coverage
Insurance for Hobby Farms: Finding the Right Coverage
Hobby farming has become increasingly popular in Australia, with many individuals and families embracing the joys of growing their own produce, raising livestock, and enjoying a rural lifestyle. Whether it's a small vegetable garden, a few chickens, or a larger mixed farming operation, hobby farms offer both relaxation and a connection to nature. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Insurance Policy:
Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.