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

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ADVANCED ANALYTICS – A BOON FOR INSURANCE PROVIDERS

Data generated, collected and processed in huge volumes led to this massive phenomenon called Big Data. This big data eventually gave rise to the revolution of analytics.

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BIG DATA IS CHANGING THE INSURANCE FOREVER. KNOW HOW!

Insurers have historically collected a large amount of data, but have been slower to capture its value. As more insurance consumers move online to compare products & prices, and make purchases, the volume of available data has increased exponentially.

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AS TECH CHANGES THE INSURANCE INDUSTRY, WHAT SHOULD INVESTORS LOOK FOR?

In the past few years, some big changes have been unveiled in the insurance industry. Prudential Financial said it will go straight to consumers with its insurance products for the first time in its 143-year history, offering products through its website rather than selling exclusively through its large network of advisers.

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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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Using Data Analytics for Fraud Detection in Insurance

We all have heard multiple stories of insurance frauds where people stage the death of a family member or businesses burning down their storage facilities to file claims. Insurance fraud is a consistent worry for insurers across the globe who find it difficult to detect and prove the fraud. In the past, claim agents were responsible on their sound judgment and intuition to detect frauds.

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Big Data : the Next Game Changer

  Big data has the potential to make many old insurance practices redundant, to the point that all the companies lagging behind in the process are likely to face the heat.  Both agents and carriers are trying to improve the ways to capture data to allow them to manage their business better and not just the business but the risk and the consumers. With the instances of frauds and embezzlement of money running high, companies […]