Farm Insurance :: News

Share this news item!

Transformation Needed in Life Insurance Sector for Customer Satisfaction

Why Insurers Must Evolve to Meet Changing Client Expectations

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The push towards enhancing customer experience for most insurers is impeded by outdated infrastructure, the hesitance to embrace new technological innovations, and regulatory constraints, as indicated by Capgemini.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: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

NRMA's Departure from Farm Insurance: What It Means for Australian Farmers

16 Jun 2026: Paige Estritori

In a significant shift within the Australian insurance landscape, NRMA has announced its withdrawal from the farm insurance market, ceasing the sale of new policies as of July 1, 2025. This decision affects both Hobby Farm Insurance and Rural Farm Insurance offerings, leaving many farmers in search of alternative coverage options to safeguard their livelihoods. - read more

New Partnership Strengthens Risk Management in Australia's Protected Cropping Sector

16 Jun 2026: Paige Estritori

Protected Cropping Australia (PCA) and Achmea Farm Insurance have announced a strategic partnership aimed at bolstering risk mitigation and resilience within Australia's protected cropping sector. This collaboration seeks to empower growers by providing tailored insurance solutions and promoting best practices in risk management. - read more

ABARES Report Highlights Insurance as a Key Tool for Managing Agricultural Risks

16 Jun 2026: Paige Estritori

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has released a comprehensive report examining the role of insurance as a risk management tool for Australian farmers. The report emphasises that while insurance cannot protect against inevitable events like climate change, it can be instrumental in managing the variability and unpredictability inherent in farming. - read more

ABARES Forecasts Significant Decline in Australian Farm Profits

09 Jun 2026: Paige Estritori

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has released a report forecasting a substantial decline in broadacre farm profits, projecting a 70% decrease to approximately $65,000 per farm. This downturn is attributed to escalating input costs and persistent drought conditions affecting various regions. - read more

Low Adoption of Cyber Insurance Among Australian Farmers

09 Jun 2026: Paige Estritori

Recent research from WFI Insurance reveals that only 25% of Australian farmers are considering cyber insurance, despite approximately 80% of farms now utilising some form of agricultural technology (agri-tech). This disparity highlights a significant vulnerability within the sector, as increased digitisation exposes farms to potential cyber threats. - read more

Integrating Sustainability into Farm Risk Management Strategies

09 Jun 2026: Paige Estritori

In the face of increasing climate variability, Australian agriculture is shifting its approach by integrating sustainability into core risk management strategies. This evolution reflects a broader recognition that environmental stewardship is intrinsically linked to the resilience and long-term viability of farming operations. - read more

Click for more Insurance News

Farm Insurance Articles

Top 10 Ways Australian Farmers Can Slash Insurance Costs Without Risking Coverage

Welcome to our definitive guide for Australian farmers on managing one of the most crucial aspects of their business: insurance. As a cultivator of the land, you're no stranger to the unpredictability of nature and the market. From intense weather events to fluctuating market demands, your line of work comes with its unique set of risks. Hence, safeguarding your livelihood with the right insurance is not just important—it's essential. - read more

Secure Your Farm's Future: Understanding the Importance of On-Farm Risk Assessment

In the ever-evolving landscape of modern agriculture, the security and stability of a farm hinge on thorough preparation and strategic foresight. A pivotal component in safeguarding a farm's future lies in the critical role of on-farm risk assessment. This process provides a structured approach to identifying potential risks that could affect a farm's operations, financial health, and overall sustainability. - read more

Navigating Farm Succession: A Step-by-Step Guide for Rural Australian Families

Welcome to our comprehensive guide on navigating farm succession for rural Australian families. The journey of passing on a family farm from one generation to the next is both a critical and challenging milestone. Recognizing that every farm has its unique story and set of circumstances is fundamental to the process. - read more

5 Key Types of Farm Insurance Policies for Australian Farmers

As an Australian farmer, understanding the necessity of farm insurance is crucial to protecting your livelihood. The agricultural sector is inherently fraught with risks, ranging from natural disasters to the unpredictable market. Farm insurance serves as a vital safety net, safeguarding your farm's infrastructure, crops, livestock, and more. - read more

How to Choose the Right Farm Insurance Policy for Your Needs

Farm insurance is a type of coverage designed specifically for the unique risks and operations involved in farming. It encompasses protection for farm dwellings, equipment, livestock, and crops, offering a tailored approach that reflects the diverse needs of farm owners. This coverage can help safeguard your livelihood against unforeseen events that could disrupt farm operations or result in significant financial losses. - read more

What You Need to Know About Crop Insurance for Your Farm

Farming is a risky business. As a farmer, you are at the mercy of the weather, pests, and other challenges that can threaten your crops and your livelihood. That’s where crop insurance comes in. Crop insurance can provide financial protection in case your crops are damaged or destroyed, allowing you to recover from losses and move forward with your farm business. - read more

Need a Quote?

Start your free farm insurance quote comparison here.

Knowledgebase

Insurance Premium:
The periodic amount paid for the purchase of insurance.

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.