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

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AI IS READY TO STREAMLINE THE INSURANCE PROCESS!

The insurance sector depends on loads of data — structured and unstructured, collected from multiple sources including social network, websites, surveys, live chats, third-party sources, customer’s existing insurance policies, and agents.

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HERE’S HOW INSURANCE AGENTS CAN WEATHER TECHNOLOGY GAP!

The insurance landscape is changing at a rapid pace. More and more insurance companies are embracing the latest technologies, be it robotic process automation or predictive analytics.

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INSURERS ARE BETTING BIG ON CHATBOTS. WHY?

Ever since Facebook introduced its chatbot functionality on Messenger, organizations have been going crazy over the customer outreach possibilities. Over the past two years, chatbots have been making the headlines – thanks to the immense potential they withhold.

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INFOGRAPHIC: PREDICTIVE ANALYTICS DRIVES PROFITS FOR INSURERS

Data and analytics are essential to the success of insurance companies – underwriting and claims management, and fraud detection and prevention. They also provide insurers with valuable customer insights. Predictive analytics, which uses data and statistical algorithms to forecast behaviour, continues to disrupt the insurance sector.

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TECHNOLOGY – CHANGING THE WAY WE BUY INSURANCE!

Do you still remember the comic science fiction cartoon “The Jetsons”, made in the 1960s and 1980s? This show made all sorts of predictions about the distant future – jetpacks and traffic jams on the skyways; but skipped over the question of insurance.

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INSURANCE INDUSTRY SHOULD EMBRACE AI-POWERED TOOLS

The insurance sector has no shortage of data – thousands of customer queries, claims on an everyday basis. The industry that heavily depends on analysis of terabytes of data requires innovative technology to understand what is contained in this information. Artificial Intelligence (AI) is making that possible in multiple ways.