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

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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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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.

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INFOGRAPHIC: ADVANCED ANALYTICS IDENTIFY FRAUD IN P&C INSURANCE

Insurance fraud poses a major threat to both insurers as well as policyholders. According to the Coalition Against Insurance Fraud (CAIF), in the Property & Casualty (P&C) sector alone, fraud related losses are estimated to be $33 billion annually.

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TAMING BIG DATA WITH COGNITIVE COMPUTING AI

In the complex, diverse insurance industry, it can be hard to reconcile theory and practice. Adapting to new processes, systems, and strategies is always challenging. However, with the arrival of new opportunities driven insurtech, cultural transformation will go smoother.