In this week's Financial Services Online Insurance News Wrap, we discuss the increasing influence of AI within the insurance industry, with claims processing potentially revolutionizing over the next five years. Willem Paling of IAG compares AI's impact to breakthrough technologies like the internet and mobile phones and predicts AI's potential to refine processes, lower costs, and boost customer satisfaction. In other news, Western Australia's leading insurer, RAC reported considerable profit growth last year, despite concerns about rising living costs. Meanwhile, the National Insurance Brokers Association is focusing on compliance following a surge in reported breaches. Lastly, specialty underwriting agency 360 Commercial Motor is launching an in-house claims team, utilising the new technology platform, Wilbur, to innovate claim processes.n

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