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

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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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SMART INSURANCE – A WIN-WIN FOR INSURERS AND THE INSURED!

There is an unbelievable explosion of insurance data in the last few years. But, that’s nothing compared to what’s coming next with the Internet of Things (IoT).

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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.

Insurance technology (Insurtech) concept, businessman pressing text with virtual screen.

INSURTECH TRENDS IN 2019

The technological growth is set to revolutionize the insurance sector. The introduction of new technologies is expected to benefit insurance companies, agents and above all the insured themselves.

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USAGE BASED INSURANCE GENIE – DRIVING THE USER EXPERIENCE

Do you know; you can now save money on your car insurance? All you need is to become a smooth driver who doesn’t speed through turns or slam on the brakes. And that’s how usage-based car insurance works.

Insurance Fraud concept

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.