Most Important Trends, The Form Of P&C Insurance Markets
Technologies disruptive, competitive and growing economic pressure are looking for P&C insurance, beyond the traditional strategies.
A change that is happening in the P&C insurance industry. In this change, some will emerge as leaders, many fall back, and another group can be eliminated from the market. 2016-continue to market disruption. What are the forces that disrupt the market? How it affects the processes and the actors involved in a hot discussion already. Now let’s dig.
In the first line of the interference with the innovation and development of new products. Innovations straightening machines, as well as a destroyer are great. Just look at all the potential of the Internet of things is changing the insurance industry. Yacht is to add new tasks to the insurer. Portable devices, vehicles, medical devices, security systems, doors, lights, etc., representing the insurer of the markets to segment and create new pricing models for the P&C market.
The emergence of the sharing economy, where asset values are released, is the creation of opportunities for the property, insurance and markets. This means that insurance companies need to create new pricing models, tap these assets.
Agents will need to be replaced?
Digital technology throw a wrench in the provisions of the property insurance and markets. Before the digitization of the threats to the insurance companies use agents, the elucidation of the customers. But the increasing digitization is a phenomenon that is slowly causing the Central role of the agents as a medium between the insurer and the customer. To Compare, for example, Google, help customers to compare different products online, where customers can buy the products directly from the insurer. This can be given can have an influence on the premium as the commissions paid to agents, as a discount to the customer.
Thanks to the digitalization of P&C clients expect personalized services, such as access at any time and in any place. This is because the customer happy, where Millennials is the goal and, at the same time, the opening up of risks, such as cyber-security and hacking. These risks can impact on the credibility of the insurance. Today, solutions come with other embedded layers of protection to your data assets to protect.
The growing connected car with the mobile telematic applications is the redefinition of the traditional pricing models. The traditional model is replaced by usage based insurance (UBI). This behaviour can be empowered to win the driver discounts based on your driving. The smaller the risk, the lower the premium will be. This trend opens up new possibilities for the mobile application provider with premium features of mobile telematics applications. User-friendly features such as gamification and other additional services, such as roadside assistance are to name a few examples.
The Subscription involves the collection of information with precision and accuracy. Big data is the beating of the property and casualty insurance industry. Big data technologies help in the production of subscription effective with crime statistics and risk assessment leads to more rigor in the process of subscription to the benefit of all parties involved.
Personalized Customer Experience
P&C is competitive and price-sensitive industry.Is need requires to connect with customers, through personal communication, thorough evaluation and quick claims. Personalized customer experience results in loyalty of the client. To start, therefore, a robust mobility solutions are required, for insurance companies, issuing policies, processing of claims, the insurer physically.
Love it or loathe it, insurance is not to avoid cloud computing for the consultation with clients who prefer to have access to the company on your mobile phone. Therefore, insurance for mobility is the key for P&C insurance companies. The key brokerage, claims, underwriting, reinsurance and accounting should be enabled to speed up with solutions, the customer evaluations and complaints are always at reduced prices. The bottom line here is the reduction of time of processing. This helps improve the interaction with customers through multi-channel delivery to the customer. In addition, this simple scenario of the nominating committee, the report allows for losses, and receive notifications as and when necessary.
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