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

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MOBILE TELEMATICS: A GAME CHANGER FOR THE INSURANCE INDUSTRY

It’s no longer a secret that the insurance industry has taken a step towards change and for good. Be it insurance telematics or usage-based insurance (UBI); technological advancements are having a dramatic impact on the automotive industry.

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MOBILE APPS MAKING DRIVING SMARTER!

New digital interventions appear to change driving habits. Mobile-based telematics that measures driving behaviours is now considered to be the future of safer roads.

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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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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.

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INFOGRAPHIC: WHY INSURERS SHOULD HASTEN TELEMATICS INVESTMENT

The emerging insurance telematics is revolutionizing the auto insurance industry. Insurers that embrace digital transformation will have tremendous opportunities to better engage with their customers, while providing new and improved services and also cut down costs.

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REDUCE YOUR CLAIM COSTS WITH TELEMATICS

The auto insurance claims costs are increasing faster than ever, making it imperative to find a reliable way to reduce them. According to insurance statistics, around 40% of drivers who submit a claim are likely to change insurers within a year.