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

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ARTIFICIAL INTELLIGENCE MAKING INSURANCE EXPERIENCE BETTER

From managing chronic conditions more efficiently to helping customers choose the right insurance plan, artificial intelligence (AI) is ready to disrupt the health insurance industry. Insurance companies today are using AI in ways not possible a few years ago.

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INFOGRAPHIC: PREDICTIVE ANALYTICS DRIVES PROFITS FOR INSURERS

Data and analytics are essential to the success of insurance companies – underwriting and claims management, and fraud detection and prevention. They also provide insurers with valuable customer insights. Predictive analytics, which uses data and statistical algorithms to forecast behaviour, continues to disrupt the insurance sector.

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TECHNOLOGY – CHANGING THE WAY WE BUY INSURANCE!

Do you still remember the comic science fiction cartoon “The Jetsons”, made in the 1960s and 1980s? This show made all sorts of predictions about the distant future – jetpacks and traffic jams on the skyways; but skipped over the question of insurance.

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INFOGRAPHIC: TOP TRENDS IN THE INSURANCE INDUSTRY

The insurance industry is experiencing a new wave of revolution; while Insurtech is levelling the playing field, shifting marketplaces are contributing to innovative business models.

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Wearable Devices and their use in the Insurance Industry

By the year 2020, the global wearable market is anticipated to reach $34 billion and that signifies the importance of these devices for consumers. In healthcare, wearables play a large role in patient engagement, vital tracking, & care outcome, while the insurance sector is yet to utilize these devices for an overall improvement in efficiency.

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Wearable Technology and Insurance

  Over the past few years, mobile devices and wearables have been passively or actively tracking a huge amount of personal data about us. Equipped with sensors from heart-rate tracking to GPS, they routinely capture all kinds of metrics and store them whether we like it or not.