PCIT+ November'24 Newsletter
Key Management Group, Inc.
Driving Business Excellence through Technology and Innovation
Explore the latest insights and trends in the Insurtech industry delivered straight to your inbox. Stay informed about your community and domain developments.
Insurtech Top Stories
S&P Reveals Top 50 Largest P&C Insurers
S&P Global Market Intelligence's 2023 report ranked the top 50 largest property and casualty insurers. State Farm topped the list with $87.6 billion in direct premiums, while Bermuda's Arch Capital Group led in growth, driven by reinsurance operations.?Read more →
Gen. Clark: US risks include cyberattacks, climate change, AI
Key risks to the U.S. include cyberattacks, climate change, and threats from hostile nations. These growing risks demand proactive measures to safeguard the nation's infrastructure, economy, and security.?Read more →
InsurTech Highlights
14 Insurtech Startups Winning Investment Success in October 2024: Report
Fourteen insurtech startups have gained significant investments this October, showcasing strong innovation in digital insurance and risk management. These startups cover areas such as AI, automation, and customer experience improvements.?Read story →
Ratings agency ‘concerned’ Fla. insurers may be unfairly denying hurricane claims
A rating agency raised concerns about Florida insurers potentially unfairly denying hurricane-related claims, with up to 80% of claims unpaid. The agency urges transparency and warns of a financial "man-made disaster" impacting homeowners.?Read story →
Partnerships
GEB and GNP Partnership.?Read story →
Prudential HK partners with RGA to achieve faster digital underwriting.?Read story →
IQUW Partners with mea.?Read story →
Acquisitions
Clear Group Acquires UK Broker Vision Insurance Services Ltd.?Read story →
ALKEME acquires Sarrica Insurance Group.?Read story →
Inszone acquires MG Insurance and expands its footprint in contractor insurance.?Read story →
Funding & Investments
Inspectify raises $5.26m to drive innovation in property risk assessment.?Read story →
FM announces $400 million resilience credit to provide support against climate risks.?Read story →
Agentech raises $3m to revolutionize insurance claims with AI-driven solutions.?Read story →
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CSR Stories by The KMG Foundation
The Impact of Solar Power on Healthcare
Amid this growing demand for sustainable solutions, solar power has emerged as one of the most effective ways to generate electricity. By utilizing the energy of the sun, solar panels provide a reliable, eco-friendly alternative that can generate electricity even in remote or underdeveloped regions.
Understanding this critical need, the KMG Foundation has stepped up in an inspiring way by sponsoring the installation of solar panels at “The Earth Saviours Foundation” in Gurugram, Haryana. The inauguration of the solar panels happened on October 16th, 2024, which was more than just a symbolic moment. It was a powerful reminder of how renewable energy can fuel social change and impact lives at the grassroots level.
Insights
Optimizing Insurance Renewals: How Outsourcing Drives Process Efficiency
Insurance renewals are often seen as one of the most demanding tasks in the industry, draining time and resources from your core operations. The challenge? Hundreds, sometimes thousands, of policies, come up simultaneously for renewal.?Read more →
Use Cases: Revolutionizing Insurance Operations with Robotic Process Automation (RPA)
Explore real-world RPA use cases that demonstrate how insurers can drive process optimization, improve data integrity, and achieve operational scalability by leveraging intelligent automation solutions.?Read more →
Transforming P&C Insurance Operations with Primis BPO
Insurance companies face significant challenges such as complex underwriting processes, rising operational costs, delayed policy renewals and cancellations, managing loss-run reports, and many time-consuming workflows. These challenges can delay service delivery, increase the risk of errors, and negatively impact customer satisfaction.?Read more →
Generative AI in Insurance: Use Cases and Overcoming Challenges
Delve into innovative use cases of Gen AI tailored specifically for P&C insurance, showcasing how you can leverage it to transform your operations. From dynamic pricing models to automated claims processing and personalized customer interactions, Gen AI offers a treasure trove of opportunities waiting to be unlocked.?Read more →
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