SHORT TERM MOTOR INSURANCE SECTOR
In addition, the pressure on loss ratios require insurers to take a more active role in the control, direction and containment of spend. Where historically a fragmented supply chain philosophy prevailed, strategic alliances with specialist partners in the claims fulfilment arena are the order of the day.
Insurers are looking to achieve a competitive advantage through data analytics. However, few companies have access to detailed, useful information. And the fact is that quality analysis is only achieved through the quality of the data received. This is a result of legacy systems and sub-optimal, yet ingrained, back-office processes that leave part of the industry trailing behind today’s world of technical brilliance.
Source: Short Term Insurance Industry Survey – KPMG
Continued competitive rates, a subdued outlook for economic growth and a spate of regulatory requirements will ensure that the insurance industry remains challenging.