PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Technology Greatly Impacts Customer Satisfaction in Insurance

Technology Greatly Impacts Customer Satisfaction Index for Insurance

  Technology is making a huge impact in the way insurers communicate with their insureds, which is in turn affecting how satisfied customers are with their insurance providers. A new study led by Capgemini Financial Services reveals that the Generation Y policyholders (millennials) witnessed a huge drop in customer satisfaction index. In North America, the customer satisfaction in insurance dropped by 8.3%, the most significant point drop of the markets studied. However, it’s still remains […]

Global Insurers Increase Spending on Digital Technology in 2015

Global Insurers Increase Spending on Digital Technology in 2015

  2015 is going to witness immense increase in digital technology investments from insurers around the world, says EY, a leading financial services and research firm. In a recent report titled 2015: Global Insurance Outlook, EY underlines that the growth of both the property & casualty (P&C) insurance and life-annuity insurance sectors will impact the global macroeconomic conditions. EY believes that the insurance leaders will be pumping in more investments in IT sector. Some of […]

Insurance-lagging-behind-in-the-age-of-Data-revolution

Insurance lagging behind in the age of Data Revolution

  The financial industry is all about data revolution, embracing the latest technological developments to boost sales and enhance profitability. Contrary to it, the traditional insurance sector is the slowest in adapting technology and to explore disruptions and their opportunities. The insurance industry is surely getting left behind in the race to data revolution. But some insurers are making the effort to incorporate social media and telematics in their business models. Insurers are using social […]

Flatter-P&C-Commercial-Rates-in-2015,-Predicts-March

Flatter P&C Commercial Rates in 2015, Predicts Marsh

  According to a recent report by Marsh LLC, fierce competition among property & casualty insurers is going to continue through 2015 which may lead to further flattening of rates. Marsh LLC released its report “United States Insurance Market Report 2015” on Monday, stating that “nonetheless, P/C insurers can be expected to focus on fundamentals”.

4 Game changing technologies in the insurance industry

4 Game Changing Technologies in the Insurance Industry

Big data has changed the world in many ways over the past 10 years such as enabling companies to capture client information and allowing insurers to offer more accurate actuarial practices and better forecasting of risk trends. Many such technology trends are revamping the insurance industry.