Preventing Underinsurance with AI – How myVal™ is Transforming Insurance
Sydney, Australia – 13 March 2025 – Overinsurance and underinsurance remain significant challenges in the Australian insurance landscape. While some homeowners unknowingly pay for excessive coverage, many more remain underinsured due to policy complexities and hidden sub-limits. A 2021 Insurance Council of Australia report found that 83% of homeowners are underinsured, leaving them financially vulnerable in the event of a claim.
A major factor contributing to this issue is the complexity of Product Disclosure Statements (PDS)—lengthy, highly technical documents that outline policy inclusions, exclusions, and limits. Many policyholders lack the time or expertise to analyse these documents effectively, leading to costly misunderstandings.
myVal™ is addressing this challenge by leveraging AI to bridge the gap between homeowners and their insurance policies, ensuring that policyholders have a clear understanding of their coverage and potential gaps.
How myVal™ Uses AI to Analyse PDS and Identify Coverage Gaps
myVal™ is an AI-powered home inventory and valuation tool designed to simplify insurance documentation and prevent underinsurance. By analysing PDS documents and integrating them with a user’s home inventory, myVal™ provides policyholders with a clearer understanding of their coverage and highlights areas where additional protection may be needed.
AI-Powered Categorisation of Home Contents
When users log items into myVal™, AI automatically categorises them based on industry standards and insurance classifications. For example, a wedding ring, a luxury watch, and a gold necklace would all be classified under ‘jewellery,’ ensuring consistency with insurance policies.
Real-Time Policy Limit Analysis
Many insurance policies impose sub-limits—specific coverage caps for high-value items. myVal™ cross-references each logged item against the user’s PDS document, flagging any coverage limitations.
For example, a typical home contents policy might provide:
$1,000 per jewellery item
A total category limit of $6,500 for jewellery
Any value above this requiring a specified policy extension
If a user uploads jewellery worth $10,000, myVal™ will immediately highlight the $6,500 category cap, helping them understand their coverage constraints.
Simplified Notifications and User Education
Instead of requiring homeowners to manually review dense policy documents, myVal™ presents easy-to-understand insights that help users:
Identify underinsured items
Recognise sub-limits that may impact claims
Take proactive steps to secure additional coverage if needed
Ongoing Monitoring and Policy Updates
Insurance policies evolve over time, and the value of home contents can fluctuate. myVal™ provides regular reminders to update inventories and verify coverage, ensuring that users remain protected as market values shift and policy terms change.
Empowering Homeowners and Insurers with AI
By automating policy analysis and providing real-time valuation insights, myVal™ enables users to make informed insurance decisions, prevent financial losses due to underinsurance, and maintain detailed, AI-verified records that support smoother claims processing.
For insurers, myVal™ enhances risk assessment accuracy, reduces disputes, and streamlines claims management. This AI-driven approach fosters greater transparency, trust, and financial security for all stakeholders in the insurance ecosystem.
As technology continues to reshape the insurance industry, myVal™ is redefining how Australians document, understand, and protect their valuable assets.
For more information about myVal™ and how it can improve insurance outcomes, visit https://myval.au/.
