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

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TELEMATICS – DRIVING GROWTH IN AUTO INSURANCE

With the arrival of mobile telematics technology, the auto insurance industry is going through a transformation. Data-driven intelligence is working wonders — customers are no longer being judged on their age or gender.

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Is IOT Transforming the Insurance Industry?

The insurance industry is experiencing a profound change driven by a fast-growing and innovative force – The Internet of Things (IoT).

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Insurance Going Digital – Technological Trends Impacting the Industry

A wide range of technologies is set to transform the insurance sector. Industry giants like State Farm, Allstate, and Nationwide, are challenging traditional ways of buying insurance.

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Usage-based insurance is changing the game

  If insurance companies – both the traditional and non-traditional sort – are going to overcome millennial disinterest in insurance overage, they’re going to have to do it with technology. Engaging millennials with revolutionary, highly personalized and peer-to-peer platforms is the insurance industry’s biggest priority if it is going to survive this century.

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Usage based insurance subscribers will reach 142 million globally by 2023: Report

  In a report by HIS, it was noted that in 2015, close to 12 million consumers globally subscribed to usage based insurance and the number will reach 142 million globally by 2023. The research is based on more than 40 interviews from across the value chain, from insurance carriers, data aggregators, telecommunications companies, to automotive OEMs. Below are the key highlights of the survey: 1) Italy is the only country in which UBI has […]

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Telematics changing the way Millennials buy Car Insurance

  The National Association of Insurance Commissioners (NAIC) predicts that 20 percent of all US auto insurance companies will incorporate some form of pay-as-you-drive (PAYD) program within the next five years. With the advent of technology, mobile and use of other handheld devices has increased, so has the inclination towards technological advances in insurance.