PCIT+ December'24 Newsletter
Explore the latest insights and trends in the Insurtech industry delivered straight to your inbox. Stay informed about your community and domain developments.
Also, wishing you a Merry Christmas and a Happy New Year 2024! Thank you for being an essential part of our journey this year.
Insurtech Top Stories
How agentic AI will transform InsurTech in 2025
The insurance sector is currently faced with a pressing need to enhance accuracy in risk assessment, streamline claims verification, and personalize coverage to meet rising customer demands. With expectations higher than ever, firms are now looking for a panacea. Enter agentic AI—an innovative solution that is being tipped by many to transform the InsurTech sector in 2025. Read more →
P&C market directing signs of stabilization
The U.S. property/casualty insurance market is showing signs of stabilization. Insurers are seeing meaningful improvements in net income, the average price increase across all lines of coverage and account sizes is down from 7.7% to 5.2%, and the current rate levels are attracting new capital into the market and creating competition. Read more →
InsurTech Highlights
AI usage outpacing regulation, NAIC panel told
The use of AI has skyrocketed in the few short years it has been in existence, and its usage has reached the point where it is outpacing regulation, NAIC’s Big Data and Artificial Intelligence (H) Working Group was told. Read story →
AITC proposes an AI oversight framework for insurers
The American InsurTech Council (AITC), an independent organization focused on tech innovation in the insurance industry, has rolled out a proposed consumer protection framework for insurers and vendors. Read story →
Partnerships
DigitalOwl and ExamOne join forces to revolutionize life insurance underwriting. Read story →
Qualys partners with Mulberri to transform cyber insurance underwriting. Read story →
Coverdash partners with LendingTree to simplify business insurance for SMBs. Read story →
Acquisitions
Higginbotham expands in Alabama with Fitts deal. Read story →
A-G Specialty Insurance acquires Gallagher's First Agency TPA. Read story →
Sony Financial Group acquires Japanese InsurTech startup JustInCase. Read story →
Funding & Investments
Bolttech secures a $50m venture debt facility from HSBC to fuel InsurTech's growth. Read story →
Konsileo raises £8m to drive UK expansion in commercial broking. Read story →
Zopper secures $25m to expand its insurance distribution platform. Read story →
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What's happening at Key Management Group, Inc.
CSR Stories by The KMG Foundation
Pilhibit Saree & Medical Kit Distribution
The Tiger Water Life (TWL) Foundation distributed 202 sarees to the hardworking Adivasi women of Pilibhit, who tirelessly work in their own fields adjoining the Tiger Reserve. These sarees are a symbol of support and respect for their contributions to the community.
But TWL didn’t stop there! 51 medical kits were also distributed to Forest Guards, Range Forest Officers, and Round Officers. A few kits were even sent to the village of Sapt Sarovar with detailed care instructions, ensuring the well-being of those who protect the forest.
Previously, TWL, in collaboration with the KMG Foundation, installed around 50 solar-powered water pumps across Central India, providing a reliable and sustainable water supply for tigers year-round.
Huge thanks to all involved—and don’t miss the inspiring video below!
Insights
The Future of Business Process Outsourcing: Adopting a Platform-Based Delivery Model
Consider a world where business operations thrive in a seamlessly connected ecosystem, transforming traditional service delivery with agile, scalable, and customer-centric platforms. But this isn’t just a game-changer for tech startups; the business process outsourcing (BPO) industry is now stepping into the spotlight. Read more →
Digitization of an Insurance MGA’s Operations Using RPA & Machine Learning
A U.S.-based MGA modernized its data extraction with RPA, ML, and OCR, achieving 70% faster processing and a 75% reduction in workforce costs. This digital transformation enabled efficient, accurate data handling across diverse document formats. Read Case Study →
Your Pocket Guide to Maximizing Efficiency in Law Firms with Outsourced Legal Secretarial Support
Imagine if each day felt like you had more than 24 hours to tackle your growing to-do list. For busy law firms balancing multiple clients and cases, time is often the scarcest resource. However, there’s a way to streamline operations and boost productivity without sacrificing quality: outsourcing legal secretarial support. Read more →
Top 6 Insurance Automation Use Cases: Transforming Business Processes One Bot at a Time
Enterprise automation in insurance improves efficiency by optimizing workflows across various processes. With AI integration, insurers achieve enhanced accuracy, reduced costs, and accelerated operations, enabling them to focus on strategic priorities and innovation. Read more →
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