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

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FOUR WAYS CONNECTIVITY IS REVOLUTIONIZING INSURANCE

The Internet of Things (IoT) is predicted to support more than 20 billion devices by 2020, according to Gartner. This is a market that comprises 60% of consumers worldwide, creating huge opportunities for industries to connect and engage with their customers.

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WEARABLE TECHNOLOGY: A GAME-CHANGER FOR THE INSURANCE INDUSTRY!

Wearable technology in the form of fitness trackers holds great promise to revolutionize the insurance sector, which traditionally had limited opportunities. Not only consumers, but wearables are being embraced by insurers as well.

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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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INSURERS SHOULD STAY RELEVANT IN A DIGITAL FUTURE

The insurance industry is finally in the spotlight after being in the shadows for many years. Though the industry hasn’t evolved much, technology is helping it advance more than it has in centuries.

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INSURERS USING DIGITIZATION TO THEIR ADVANTAGE!

The insurance industry is going through a significant digital transformation. An upsurge in insurtech investments has shaken the insurance industry to its core.