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

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UNDERWRITING IN THE DIGITAL ERA!

The insurance sector is flooded with data from a variety of sources including, reports on property values, credit scores, and inspection reports.

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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: TOP TRENDS IN THE INSURANCE INDUSTRY

The insurance industry is experiencing a new wave of revolution; while Insurtech is levelling the playing field, shifting marketplaces are contributing to innovative business models.

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Technology is changing the way insurers work

Driven by cut-throat competition, changing customer needs, and digitization, the insurance sector is witnessing a new wave of transformation. Technological improvements pooled with constant changes are reshaping the industry, keeping insurers on their feet.

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Insurance Industry is Witnessing Drastic Changes with the Advent of Technology

The way insurance policies are sold these days is drastically different from how it was sold a decade back. Back in those days, consumers didn’t have the choice to compare policies, assess their risk, pay premiums online, and get customized products. But, technology has made all that possible and traditional insurers are rethinking their business models.