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

Smart Cars

Would Smart Cars regulate the exorbitant Auto Insurance Premiums?!

Smart cars are futuristic, revolutionary and convenience personified. But consumers have other reasons to be elated about the launch of smart cars apart from the comforts it offers. Most of the consumers fume about the exorbitant premiums they have to shell-out to stay protected, with a major chunk of them utterly frustrated with this expenditure. With automation and analytics, there may be some relief in future for the buyers of auto insurance.

Overcoming-millennial-disinterest-in-insurance-with-engagement-technology

Overcoming millennial disinterest in insurance with engagement technology

  If insurance companies – both the traditional and non-traditional sort – are going to overcome millennial disinterest in insurance overage, they’re going to have to do it with technology. Engaging millennials with revolutionary, highly personalized and peer-to-peer platforms is the insurance industry’s biggest priority if it is going to survive this century.

usage-based-insurance-gane-changer

Usage-based insurance is changing the game

  If insurance companies – both the traditional and non-traditional sort – are going to overcome millennial disinterest in insurance overage, they’re going to have to do it with technology. Engaging millennials with revolutionary, highly personalized and peer-to-peer platforms is the insurance industry’s biggest priority if it is going to survive this century.

Auto-insurance-decline-by-30-percent

Total Auto Insurance Premium Need Could Decline By Up To 30 %: Report

  In a report by Deloitte, it was noted that total auto insurance premium need could decline by up to 30 percent from current levels. This decline is driven by two primary factors: the reduction in frequency of loss events and the decline in the total number of vehicles due to the efficiencies of vehicle sharing. The change will happen but slowly and also unevenly around the world as will the modes of transportation.

cyber-insurance

30 percent of businesses do not have any level of cyber insurance coverage: Report

  In a report by The Hartford Steam Boiler Inspection and Insurance Co. (HSB), it was noted that 30 percent of businesses do not have any level of cyber insurance coverage.  The cyber poll was conducted by in-person interviews with 102 risk managers at the Risk and Insurance Management Society Conference (RIMS) in San Diego in April.

usage-based-insurance-ihs

Usage based insurance subscribers will reach 142 million globally by 2023: Report

  In a report by HIS, it was noted that in 2015, close to 12 million consumers globally subscribed to usage based insurance and the number will reach 142 million globally by 2023. The research is based on more than 40 interviews from across the value chain, from insurance carriers, data aggregators, telecommunications companies, to automotive OEMs. Below are the key highlights of the survey: 1) Italy is the only country in which UBI has […]