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

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WILL TECH MAKE INSURANCE OBSOLETE IN THE FUTURE?

While not one of the most liked industries, insurance can be a life-saving protector, pooling everyone’s premiums to safeguard against some of our greatest, most unexpected losses.

Insurance Coverage Mix Reimbursement Protection Concept

HOW CAN INSURERS PREPARE FOR A ‘POST-DIGITAL’ FUTURE?

With technology permeating all aspects of life, quick digital solutions are no longer enough to future-proof a business. The post-digital age will mean much higher societal expectations to meet customers right where they are and whenever they need the service.

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UNLOCK THE STRENGTH OF BLOCKCHAIN IN INSURANCE!

The insurance industry was worth over $600 billion in 2017 in the United States alone. But studies suggest that approximately $375 billion is wasted by insurance companies in maintaining paper records that comes with a multi-payer healthcare system.

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TOP 5 TRENDS IN THE INSURANCE INDUSTRY

The USD 5 Trillion global insurance market is in the midst of a game-changing course correction that will re-define ‘business as usual.’ A ‘digital first’ urgency is sweeping across the landscape, driven by a new generation of consumers, data, automation and Artificial Intelligence (AI).

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INSURANCE IS PLAYING CATCH-UP WITH TECHNOLOGY

Personal insurance companies are behind the curve of digital transformation, according to consultancy Altus. A typical consequence is that customers are still met with “bloated” question sets, often asking for unnecessary information, which puts them off.

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CUSTOMER ENGAGEMENT — HOW INSURANCE COMPANIES CAN IMPROVE IT?

The insurance sector has never been an exciting forum to talk about customer engagement. Insurance companies have always been limited with their customer interactions – a bill in the mail, renewal notice, or a direct mail solicitation.