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


82% of insurers believe automation and new technology hold the future of Insurance

  In a report by Accenture, it was noted that in an age where the focus is locked on technology, the true leaders will place people first. It was noted that 82 % of insurers said that automation driven by artificial intelligence will be seamlessly embedded into every aspect of the business in the next five years.The survey covered approximately 450 insurance executives, in 15 countries.


49 % US companies lack cyber Insurance for Cyber Attacks

  In a report by NTT.com on the NTT Com Security 2016 Risk: Value Report it was noted that 49% of the US companies surveyed currently do not have cyber insurance specifically for cyber security attacks. The research was conducted on 1,000 non-IT business decision makers in organizations in the UK, US, Germany, France, Sweden, Norway and Switzerland reveals that one in ten (12%) have no insurance cover at all for either eventuality.


Swipe Left to Insure: How Mobility Makes Insurance More Granular – Insurance Networking

Scott Walchek has seen the future. As CEO of Trov, the Silicon Valley entrepreneur’s world view is one of next-generation disintermediation, and it involves putting smartphone technology in play to give the customer control over insurance for single items of their personal property. Presenting his company’s technology for the first time at the Insurance Analytics 2016 Summit in Chicago this week, Walchek told the group that the future of the insurance industry is “on-demand.”


Automobile Insurance in the era of autonomous vehicles

  In a report by KPMG, it was noted that only 29 percent feel very knowledgeable about autonomous vehicles, and a small percentage (10 percent) have developed a strategic plan to deal with the impact.


To Build or To Buy Software

  Build vs. Buy has been a long debated discussion for organizations, regardless of their size or business function. In today’s software run enterprises, it is but a crucial question to determine whether to buy a packaged product or build a custom one for a given business requirement. CEOs and decision makers often face the dilemma of choosing between customized software solutions, which take more time in terms of research and development yet efficiently address […]


Automation Can Take Up To 25 % of Insurance Jobs by 2025

  In a report by McKinsey and Company, it was noted that automation can affect 25 percent of the insurance industry’s current full-time positions consolidated or replaced over the next decade (2025). The report emphasizes that automation will probably change the vast majority of occupations, and up to 45 percent of all work activities in the United States, where MGI performed its analysis, can be automated right now with current technology.