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

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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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INSURERS TURN TO ARTIFICIAL INTELLIGENCE TO FIGHT FRAUD

The insurance market is a huge business that collects premiums of more than $1 trillion annually, providing fraudsters with immense opportunities to commit fraud.

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INFOGRAPHIC: WHY INSURERS SHOULD HASTEN TELEMATICS INVESTMENT

The emerging insurance telematics is revolutionizing the auto insurance industry. Insurers that embrace digital transformation will have tremendous opportunities to better engage with their customers, while providing new and improved services and also cut down costs.

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ROADBLOCKS TO INSURANCE DIGITIZATION

The insurance industry is continually being pushed towards a digital transformation. It’s not just the pressure from millennials, but there are other drivers as well pushing this change, including new market entrants, changing customer behaviour and technology.

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Technology is Reshaping the Insurance Industry

The insurance industry is experiencing a substantial digital transformation. Some of the insurance providers fear losing market share and are, therefore, racing to catch up with the digital natives that have entered the market.

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DRONES – THE NEW INSURANCE CLAIMS INSPECTOR!

The insurance industry has been lagging far behind when it comes to digital transformation. Yet in some ways, insurers have leapfrogged new technological hurdles, and started adapting the Internet of Things (IoT) to assess claims and reduce risks.