myVal: Reducing Underinsurance and Financial Vulnerability for Everyday Australians Through Smart, Accessible Asset Documentation

myVal was created in response to the personal frustration of navigating a home contents insurance claim, where poor documentation and confusion around terms like “sublimits” led to delays, stress, and underpayment. The challenge was to design a tool that simplifies complex insurance processes for everyday Australians, particularly those unfamiliar with the fine print. We removed jargon, automate documentation using smart photo recognition, and highlight coverage gaps in plain language. Limitations included a general mistrust of insurance, low consumer engagement, and the need to keep the app free and accessible, while ensuring it remained robust enough to support real claims

The solution was myVal, a free, mobile-first app that helps Australians document and value their home contents using their phone camera. It uses smart photo recognition to identify items, categorise them, and highlight insurance sublimits or gaps in plain language. The design journey began after a frustrating personal claim experience and the realisation that most Australians don’t track what’s covered. We co-designed with renters, homeowners, and disaster survivors, prototyped rapidly, consulted insurers, and tested publicly. In 2025, myVal won the Australian Insurtech Innovation Award. Key roadblocks included mistrust of AI, addressed through careful language and user-controlled privacy.

myVal is helping reduce underinsurance across Australia by giving people an easy, accessible way to document their belongings and understand what their policies actually cover. Societally, it improves financial preparedness, reduces stress during claims, and supports more equitable outcomes, especially after disasters. Commercially, it strengthens trust between insurers , customers while streamlining claims processing. Environmentally, it reduces unnecessary consumption by encouraging repair and informed replacement rather than loss and waste. By simplifying a traditionally complex process, myVal empowers users to take control of their coverage, and has already attracted interest from insurers and consumers alike, proving its broad relevance and impact.

myVal was designed to remove the friction, confusion, and inaccessibility typically associated with home contents insurance. Key features include: •Smart Photo Recognition: Users simply take photos of their belongings. The app automatically identifies items, assigns categories, and creates a structured inventory—reducing the burden of manual data entry. •Sublimit Alerts: myVal detects items subject to common insurance sublimits (e.g. jewellery, electronics, art) and notifies users when an item may require separate specification, helping prevent underinsurance. •Plain Language Interface: Insurance jargon is replaced with everyday terms, making the app usable by all demographics, including renters, younger users, and those with limited insurance knowledge. •Privacy and Control: User data remains private and locally stored where possible. No valuations or documentation are shared without user permission—addressing concerns around AI and data misuse. •Free to Use: Accessibility was a critical design consideration. The app is free for consumers, ensuring cost is not a barrier to protection. •Claims-Ready Export: Users can instantly export their documented items in a format recognised by insurers, saving time and stress at claim time. The entire experience is mobile-first, intuitive, and developed in consultation with everyday Australians to ensure practical value and real-world usability.