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

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BIG DATA IS CHANGING THE INSURANCE FOREVER. KNOW HOW!

Insurers have historically collected a large amount of data, but have been slower to capture its value. As more insurance consumers move online to compare products & prices, and make purchases, the volume of available data has increased exponentially.

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WEARABLES AND FITNESS DEVICES OFFER NEW OPPORTUNITIES AND CHALLENGES FOR THE INSURANCE INDUSTRY

Wearables and fitness-tracking technology have witnessed rapid growth in recent times. International Data Corporation reports that one in every five people in the U.S owns a wearable fitness device. It also estimates that annual shipments will exceed 250 million devices by 2021.

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TECHNOLOGY IS ULTIMATE SAVIOR OF INSURANCE INDUSTRY

Insurance companies are running out of ideas. They’ve bolstered their balance sheets since the financial crisis but have few racy growth prospects in a world of low interest rates, pricing pressure and regulatory hassles.

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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.