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

Impact of digital opportunities

Impact of Digital Opportunities on the Insurance Model

The insurance industry has always struggled to secure customers’ trust. Customers usually consider an insurance purchase as a burden, and not as something they want to buy. Insurance companies have neither taken any effective measures to build customer relationships, nor have they communicated insurance’s true value proposition.

How-Data-Analytics-Is-Changing-the-P&C-Insurance-Industry

How Data Analytics Is Changing the P&C Insurance Industry

  Analytics or Data analytics has transformed the Property and Casualty Insurance industry, to get the full potential out of this data an organization needs to make major changes.

Big-Data-and-Usage-Based-Insurance

Big Data and Usage Based Insurance

  The earlier the insurers realize the value of going digital, the better it will be for not just growth in sales but also for the sector at large. Going digital is the need of the hour with everything including big data and analytics. Pay-As-You-Drive programs led to the advent of Usage Based Insurance (UBI) that provided drivers discounts depending on the number of miles driven or later, the how-to -drive method based on the […]

Data-Leads-to-Safer-Driving,-Not-Just-Lower-Premiums

Data Leads to Safer Driving, Not Just Lower Premiums

  The value of all the data collected today by insurers is not limited to what carriers can learn about their customers; it also will enable insurers to be proactive with their insurance coverage rather than reacting to a claim.

Forces Driving Change in P&C Insurance Industry

Seven Market Forces Driving Change in P&C Insurance Industry

The P&C insurance industry is known to have a cautious approach when it comes to change. In many ways, that’s a good thing, especially at times when managing risks prudently. But insurers are also the ones who adapt very slowly to changes and tend to stick to their legacy systems, both in terms of technology and business operations, especially in the face of a changing competitive landscape and ever-higher consumer expectations.