scholarly journals Digital Transformation in Indian Insurance Industry – A Case Study

2021 ◽  
pp. 184-196
Author(s):  
Jayameena Desikan ◽  
A. Jayanthila Devi
Keyword(s):  
New Technologies ◽  
Insurance Industry ◽  
Customer Experience ◽  
Digital Transformation ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Innovative Products ◽  
Iot Devices

Purpose: In India, the insurance industry has grown rapidly in the last decade, introducing many innovative products. India's insurance industry is vital to the country's economy. Digital Transformation have a drastic impact on the Insurance sector. Digitization results in future innovative designs and launch innovative products which help insurance companies and the customers. Digital innovation is transforming the way how the insurance companies work with industries by integrating IoT devices with health insurance which will also benefit the customers. In this paper, we will analyze and understand how HDFC ERGO has implemented digital transformation that has enhanced operational efficiencies and completely transformed service deliveries and customer experience in the insurance industry. Objectives: To do analysis and review on the digital transformation in the insurance company and how it has impacted the operational efficiencies, service deliveries and customer experience. Design/Methodology/Approach: This company analysis was done by analyzing and referring different sources like online sources, such as websites, blogs, scholarly articles, web articles, and using Technology Analysis as a framework. Findings/Result: Digital transformation and how it impacts insurance company in terms of its operational efficiency, service deliveries and customer experience are discussed. Analysis done to find how the organization should stay ahead in implementing the digital technologies and how digital transformation helps the insurance industry to explore new technologies and provides innovative ideas to improve organizational efficiency Originality/Value: Based on the information and the data available, digital transformation and its impact in the insurance company in the current state is analyzed. Paper Type: A Case study analysis done on the digital transformation in the HDFC ERGO general insurance company.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

Industry 4.0 and Its Effects on the Insurance Sector

2020 ◽  
pp. 251-266
Author(s):  
İsmail Yıldırım
Keyword(s):  
Industry 4.0 ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Daily Lives ◽  
Insurance Sector ◽  
Organization And Management ◽  
Production Order

Industry 4.0 defines the fourth industrial revolution, a new level in the organization and management of products and production systems. This cycle consists of services that include the entire chain, including individualized customer requests, product development, production order, distribution, and recycling to the end user. One of the most important preconditions for the realization of the Industry 4.0 revolution is that companies have completed their digital transformations. New technologies and digitalization have brought a new understanding of insurance. Insurance companies are focused on four areas such as big data, artificial intelligence, internet of objects, and blockchain in the changing world. With the changing habits of consumers in their daily lives, new generation insurance needs emerged. The introduction of a new era shaped by the insurance industry with new products, services, competitors, and customer expectations will have various effects. This chapter describes how Industry 4.0 transforms the insurance sector.

Industry 4.0 and Its Effects on the Insurance Sector

2021 ◽  
pp. 983-998
Author(s):  
İsmail Yıldırım
Keyword(s):  
Industry 4.0 ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Daily Lives ◽  
Insurance Sector ◽  
Organization And Management ◽  
Production Order

Industry 4.0 defines the fourth industrial revolution, a new level in the organization and management of products and production systems. This cycle consists of services that include the entire chain, including individualized customer requests, product development, production order, distribution, and recycling to the end user. One of the most important preconditions for the realization of the Industry 4.0 revolution is that companies have completed their digital transformations. New technologies and digitalization have brought a new understanding of insurance. Insurance companies are focused on four areas such as big data, artificial intelligence, internet of objects, and blockchain in the changing world. With the changing habits of consumers in their daily lives, new generation insurance needs emerged. The introduction of a new era shaped by the insurance industry with new products, services, competitors, and customer expectations will have various effects. This chapter describes how Industry 4.0 transforms the insurance sector.

scholarly journals THE EFFECT OF INFORMATION TECHNOLOGY ON THE COOPERATIVE INSURANCE INDUSTRY CASE STUDY: SHIEKAN INSURANCE AND REINSURANCE COMPANY – SUDAN (EMPIRICAL STUDY)

2020 ◽  
Vol 4 (01) ◽  
Author(s):  
Omer Ali Eltahir
Keyword(s):  
Information Technology ◽  
Insurance Industry ◽  
Insurance Company ◽  
Technology System ◽  
Insurance Sector ◽  
Use Of Technology ◽  
Strong Positive Relationship ◽  
And Performance ◽  
Information Technology System

This study aimed to investigate the effect of information technology on the cooperative insurance industry, Shiekan Insurance and Reinsurance Company – Sudan as a case study. The study has achieved in the hypothesis that there is a strong positive relationship between the application of information technology system and the development of management and performance of Shiekan Insurance Company. The study found that the majority of dealers in the Sudanese insurance market have weak in dealing with technology. The study concluded that there a clear impact of information technology and achieving a competitive advantage of Shiekan Insurance company. The study recommends the need to move to the use of technology in the insurance sector in Sudan, especially in the Shiekan Insurance Company because it will have a clear impact on the speed of completion of transactions and claims and save costs. Key Words: Sudan, Reinsurance, Cooperative Insurance, Information Technology, Shiekan,

scholarly journals The Evaluation of the Performance of Eastland Insurance Company Limited a Study of Bangladesh

2015 ◽  
Vol 1 (2) ◽  
pp. 29-43 ◽  
Author(s):  
Bijoy Chandra Das ◽  
Soma Rani Sutradhar
Keyword(s):  
Theoretical Analysis ◽  
Insurance Industry ◽  
Real Life ◽  
Legal Framework ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Company Limited ◽  
And Performance

This research is conducted on Eastland Insurance Company Limited. It is accomplished on the “The Evaluation of the policies and performance of Eastland Insurance Company Limited”. This study also includes the information on the overview of Eastland Insurance Company Limited, theoretical analysis of insurance and legal framework of insurance industry Bangladesh on. This research is prepared primarily to have clear and real life ideas about the position of Eastland Insurance Company in insurance sector of Bangladesh. The research focuses on the major challenges of insurance industry in Bangladesh that obstruct smooth development of Bangladesh. This study conveys the message that if the insurance companies are operated very smoothly, the insurance sector will flourish very fast way.

Consumers Awareness towards Insurance Companies and their

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
G. Suresh Babu
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Private Companies ◽  
Insurance Sector ◽  
The World ◽  
Innovative Products ◽  
Rate Of Returns ◽  
The Impact

The insurance sector is growing rapidly all over the world. The insurance industry is gaining key position in the world economy and playing a significant role to cover the life and business risk of millions. At present, the insurance industry is in a nascent stage. The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25 per cent of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests, and expectations on the part of the customers also. The customers have become more vigilant, calculative and calibrated not only in terms of risk coverage but look forward for safety of investment and higher rate of returns on the saving in insurance sector

scholarly journals Factors Determining Profitability of the Insurance Industry of Bangladesh

2016 ◽  
Vol 3 (2) ◽  
pp. 138 ◽  
Author(s):  
G M Wali Ullah ◽  
Mohammad Nasrath Faisal ◽  
Sadaqa Tuz Zuhra
Keyword(s):  
Risk Premium ◽  
Insurance Industry ◽  
Ordinary Least Squares ◽  
Insurance Companies ◽  
Insurance Company ◽  
Internal Factors ◽  
Expense Ratio ◽  
Insurance Sector ◽  
Asset Growth ◽  
Insurance Firms

Insurance is a form of risk management, used to hedge against the risk of a contingent loss. It involves the transfer of the risk of potential loss from one entity to another, in exchange for a risk premium. Insurance sector plays an important role in service based economy of both developed and developing markets. The purpose of this research is to analyze the determinants that serve as significant predictors of non-life insurance firms’ profitability in Bangladesh. It analyzes panel data of eight different insurance companies—selected using convenience sampling method from the years 2004-2014 to assess whether any significant relationship exists between Profitability (ROA), and certain independent variables- Underwriting Risk, Expense Ratio, Solvency Margin, Premium Growth, Asset Growth, and Company Size using an Ordinary least squares (OLS) regression model. This paper found significant inverse relationship between Underwriting Risk, and Size, with Profitability (ROA). There is also a significant positive relationship between Expense Ratio, Solvency Margin, and Growth, with the Profitability (ROA). This study will help financial managers to understand which internal factors to focus on, in order to achieve greater profitability, thus maximizing the market value of the respective insurance company.

When customers are willing to disclose information in the insurance industry

2018 ◽  
Vol 36 (6) ◽  
pp. 1015-1033 ◽  
Author(s):  
Philipp Hendrik Steiner ◽  
Peter Maas
Keyword(s):  
Conceptual Model ◽  
Information Disclosure ◽  
Customer Value ◽  
Structural Equation ◽  
New Technologies ◽  
Insurance Industry ◽  
Group Analysis ◽  
Insurance Companies ◽  
Insurance Company ◽  
Content Type

PurposeThe purpose of this paper is to show antecedents of customers’ information disclosure in the insurance industry and demonstrate central levers that foster customers’ information disclosure to companies in the insurance sector.Design/methodology/approachA conceptual model is presented, which is empirically tested with 3,494 insurance customers from ten counties with structural equation modelling and multi-group analysis.FindingsCustomer value in the insurance industry consists of three factors (customer value provided by the company, the agent, and the product) and affects information disclosure directly and indirectly (via satisfaction and trust).Research limitations/implicationsAntecedents of customers’ information disclosure in the insurance industry were identified. Moreover, the authors show that, in line with resource exchange theory, customers are willing to disclose personal and behavioral data to an insurance company in exchange for lower premiums or additional services.Practical implicationsCustomers expect benefits in exchange for their personal data. In combination with new technologies (e.g. smartphones or wearables), companies can offer tailored products to their customers and can create a win -win situation for customers as well as insurance companies.Originality/valueThe paper identifies the antecedents of customers’ information disclosure in the insurance industry with a conceptual model. This model is tested in ten countries and offers insights in established (e.g. USA) as well as emergent markets (e.g. Brazil).

scholarly journals PERAN OTORITAS JASA KEUANGAN DALAM MELINDUNGI PEMEGANG POLIS ASURANSI AKIBAT PAILITNYA PERUSAHAAN ASURANSI (Studi Putusan Mahkamah Agung Nomor 408 K/Pdt.Sus-Pailit/2015)Abstract

2020 ◽  
Vol 19 (2) ◽  
pp. 292-328
Author(s):  
Muhammad Ridho
Keyword(s):  
Financial Services ◽  
Service Sector ◽  
Insurance Industry ◽  
Legal Protection ◽  
Insurance Companies ◽  
Public Confidence ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Insurance Policy ◽  
Insurance Sector

AbstractThe Financial Services Authority as an institution that oversees activities in the insurance sector functions to create a financial system that grows in a sustainable and stable manner and can foster public confidence in the insurance industry. Within the scope of supervision in the insurance sector, the Financial Services Authority has the authority to submit bankrupt statements to insurance companies in order to protect the interests of insurance policy holders.The purpose of the research in this thesis is to analyze the authority of the Financial Services Authority in the insolvency of insurance companies, to analyze the legal protection of customers who are harmed by the insolvency statement of insurance company to analyze the legal considerations of judges in the Supreme Court’s Decision No. 408 K/ Pdt. Sus-Pailit /2015.The research method used is descriptive analysis that leads to normative juridical research that is research conducted by referring to legal norms that is examining library materials or secondary materials, and secondary data by processing data from primary legal materials, secondary legal materials and tertiary legal materials.The results showed that the Authority of the Financial Services Authority in the insolvency of insurance companies is based on the Bankruptcy Law and Suspension of Debt Payment Obligation (‘UU KKPU’) and Financial Services Authority Act (‘UU OJK’) with its implementation arrangement and the Financial Services Authority’s position as the party submitting an application for bankruptcy statements through the Board of Commissioner of Financial Services Authority. Protection provided to insurance policy holders in the case of bankruptcythat is guaranteed the position of policy holder in the event ofbankruptcy to the insurance company.Judge’s legal consideration in the decision of the Supreme Court Number 408 K/ Pdt. Sus-Pailit /2015 so as to decide on PT. AsuransiJiwaBumiAsih Jaya declared bankrupt is the OJK as a financial service sector supervisory agency authorized to submit bankruptcy requests for insurance companies because PT AsuransiJiwaBumiAsih Jaya is proven to have debt in the form of payment of the policy holder’s claim liability.Key-Words: Role of OJK, Insurance Policy, Bankruptcy.

scholarly journals LIFE INSURANCE INDUSTRY IN INDIA-AN OVERVIEW

2016 ◽  
Vol 4 (10(SE)) ◽  
pp. 30-36
Author(s):  
N.Senthil Kumar ◽  
K. Selvamani
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Effective Control ◽  
Insurance Company ◽  
Marine Insurance ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
The Government

The first insurer of life was the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchants. The first insurance policy was issued on 18th June 1583,on the life of WILLIAM GIBBONS for the period of 12 months. The oriental life insurance company is the first insurance companies in India which is started on 1818 by Europeans at Kolkata. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. In 1956 the life insurance companies was nationalized. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.

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