Notes

Key Trends THAT MAY Shape P&C Insurance Markets
Disrupting technologies, increasing competition and economic pressures makes P&C insurance to look beyond traditional strategies.

A shift is being conducted in the P&C insurance sector. In this shift some will emerge as leaders, many falling behind, and another group may be wiped out from the marketplace. get more info continues with market disruption. Do you know the forces that disrupt the market? How exactly it affects processes and stakeholders is really a hot discussion already. Now let us delve deeper.

First and foremost is disruption because of innovations and new product development. Innovations are great levelers in addition to a destroyers. Just consider check here of IoT in changing insurance business. IoT is adding new tasks for the insurers. Wearable devices, automobiles, transmitters, medical equipment's, security systems, doors, lights etc., are providing insurers to segment markets and create new price models for the P&C market.

Emergence of sharing economy where assets are shared is creating opportunities for the house and casualty markets. This means insurance companies have to create new pricing models to tap those assets.

Are agents being replaced?

Digital technologies are throwing a spanner in the established property and casualty markets. Before digitization threats insurers employ agents to teach the customers. However the growing digitization phenomenon is slowly eliminating the key role played by agents as a medium between insurers and customers. For example, Google Compare helps customers to compare different products online, where customers can buy the merchandise directly from the insurer. check here might have a bearing on the premium as the commissions paid to the agents could be given as a discount to the client.

Cyber security

Because of digitization P&C customers are expecting personalized services like access anytime anywhere. This is making the clients happy where Millennials being the mark and at the same time it is checking risks like cyber security and hacking. Such risks can impact on the credibility of the insurance carriers. Today IT solutions come with additional embedded layers of protection to protect data assets.

Telematics

The growing connected car with mobile telematics applications is redefining the original price models. The original model is being replaced by usage based insurance (UBI). This will empower the drivers to gain discounts on the driving behavior. The lesser the risk, the lower is definitely the premium. This trend is opening up opportunities for mobile application providers ahead out with premium features in mobile telematics application. User-friendly features like gamification and ancillary services like roadside assistance certainly are a few examples to cite.

Big Data

Underwriting involves assortment of information with precision and accuracy. Big data is churning the house and casualty insurance sector. Big data technologies help in making underwriting effective with crime statistics and risk assessment resulting in more accuracy in the underwriting process benefiting all of the stakeholders.

Personalized customer experience

P&C is really a competitive and cost-sensitive industry.It requires engaging customer to connect through personalized communications, meticulous evaluations, and speedy claims. Personalized customer experience results in customer retention. Therefore, robust mobility solutions are needed for insurance companies to initiate the issuance of policies, claims processing without likely to the insurer physically.

Love or loathe it, insurance carriers cannot avoid cloud computing to align with customers who prefer to have admission on business over their mobile. Therefore insurance mobility holds the main element for P&C insurers. Key brokering, claims, underwriting, re-insurance and accounting must be enabled with solutions to increase customers' appraisals and claims consistently, at lower cost. The bottom line here's reducing the claim processing time. This will help in improving customer engagement through multi-channel delivery for clients. Moreover, this makes easy setting appointments, report losses, and receive notifications as so when required.

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