Curated Insight: AI for Better Insurance Research Report

This featured resource is a research report, "AI for Better Insurance: Enhancing Customer Outcomes amid Industry Challenges", published jointly by the Insurance Council of Australia (ICA) and CSIRO in August 2025.

We discussed a portion of it in a previous article on managing the risk of passive trust in algorithmic systems.

The report will be of interest to insurers both in Australia and globally. Importantly, it discusses opportunities, risks and guardrails for each of the 5 use cases that it outlines.

Highlights

Here are some key takeaways from the report:

Five Priority Use Cases (pages 12-17)

1. automated claims processing and triage
2. fraud detection and prevention
3. enhanced underwriting and risk assessment
4. natural disaster impact prediction and response
5. operational control and compliance. 

Some of the important challenges and risks

• Skills gap
• Trust (or the absence of trust)
• Privacy and Cybersecurity
• Bias and discrimination
• Predictive accuracy and false positives

The full report is available on the ICA website.

Disclaimer: The information in this article does not constitute legal advice. It may not be relevant to your circumstances. It was written for specific algorithmic contexts within banks and insurance companies, may not apply to other contexts, and may not be relevant to other types of organisations.