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

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MOBILE TELEMATICS: A GAME CHANGER FOR THE INSURANCE INDUSTRY

It’s no longer a secret that the insurance industry has taken a step towards change and for good. Be it insurance telematics or usage-based insurance (UBI); technological advancements are having a dramatic impact on the automotive industry.

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USAGE-BASED INSURANCE DRIVING TELEMATICS MARKET GROWTH!

The usage-based insurance (UBI) market is predicted to grow in the next five years. The increased number of vehicles embedded with telematics is one of the major factors driving growth. This tracking system allows insurance companies to calculate premiums based on the vehicle health, usage rate and driving behaviour.

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TELEMATICS CAN IMPROVE CLAIMS PERFORMANCE

The insurance industry has undergone tremendous advancements over the years, but not much change has been made in the process of handling a claim. Ever since the telematics technology has been introduced, it’s having a remarkable impact on the automotive insurance industry.

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INSURERS USING DIGITIZATION TO THEIR ADVANTAGE!

The insurance industry is going through a significant digital transformation. An upsurge in insurtech investments has shaken the insurance industry to its core.Β

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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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Insurance Going Digital – Technological Trends Impacting the Industry

A wide range of technologies is set to transform the insurance sector. Industry giants like State Farm, Allstate, and Nationwide, are challenging traditional ways of buying insurance.