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.

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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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ARE INSURERS JOINING THE INSURTECH REVOLUTION?

When it comes to technological innovation, the insurance industry has always known for its reputation as a laggard. But as traditional providers race to digital transformation, the industry is undergoing a massive change; driven by the enormous pressure insurers are facing.

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AUTOMATION IN INSURANCE – A MULTI-BILLION OPPORTUNITY

The concept of insurance has been there for ages, yet the business — collecting premiums, assessing risk and paying claims hasn’t changed much. Recently, the industry has embarked on a radical transformation, impelled by a series of digital innovations.