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

Impact of digital opportunities

Impact of Digital Opportunities on the Insurance Model

The insurance industry has always struggled to secure customers’ trust. Customers usually consider an insurance purchase as a burden, and not as something they want to buy. Insurance companies have neither taken any effective measures to build customer relationships, nor have they communicated insurance’s true value proposition.

Property and casualty insurance

Property & Casualty Insurance should not be an Option

Think about the most common types of insurance to protect your financial life. Well, the first few that may hit your mind are likely to be health, life and disability insurance and protecting your health, income and family must be at the top of your priority list. What about safeguarding your possessions and financial assets? This is where property and casualty insurance comes in the picture. It helps you protect your assets from a disaster […]

Artificial Intelligence

Disruption in the Insurance Experience: Artificial Intelligence

The insurance industry has not witnessed many innovations when it comes to providing customer experience. However, things are changing, and artificial intelligence is playing a significant role.

InsurTech

Insurance Firms Would Seek InsurTech Partners to Grow in Future

Insurance companies are constantly on the lookout for innovative strategies that might help them differentiate in the crowded marketplace. As per a recent study by Gartner, most of the insurers would team up with or acquire insurance technology firms in the next 2 years to gain a competitive advantage. In fact, 64% of the insurers from the leading 25 global insurance organizations already have a stake in insurtech startups as per Gartner Research.

Artificial_intelligence

Artificial Intelligence can transform the business of Insurers

Amongst the current wave of technological disruptions in the insurance space, Artificial Intelligence (AI) is garnering a lot of interest across the industry. As the expectations of policyholders’ rise, AI solutions are helping insurers become more responsive, adaptable and flexible. Artificial Intelligence assists insurers in automating their business processes as they aim to drive revenue, manage heaps of data or process claims faster.

Technology_trends

Technology Trends taking the Insurance Sector by Storm

Insurance has never garnered much interest amongst the public for whom it is just about buying a policy to protect themselves and their property. It’s a product people mostly buy to avoid any future mishap which may or may not occur and that contingency makes it an unpopular product. Lack of product understanding, innovation & initiatives, archaic systems, product-push strategies are some of the other reasons that result in public disinterest. But, of late, the insurance […]