scholarly journals AI-enabled Digital Transformation of Insurance Industry

2020 ◽  
Vol 7 (34) ◽  
pp. 6-9
Author(s):  
Arun Chaubey ◽  
Sachchidanand Singh
Keyword(s):  
Insurance Industry ◽  
Digital Transformation

scholarly journals How digitalization affects insurance companies: overview and use cases of digital technologies

2020 ◽  
Author(s):  
Christian Eckert ◽  
Katrin Osterrieder
Keyword(s):  
Business Models ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Use Cases ◽  
Insurance Companies ◽  
Comprehensive Overview ◽  
Industry Studies ◽  
Digital Strategy ◽  
It Departments

Abstract The digital transformation is of increasing relevance for insurance companies’ business models. It leads to opportunities as well as challenges, especially for IT departments as core enablers or preventers. Against this background, the aim of this paper is to provide a comprehensive overview of digital technologies (e.g., artificial intelligence, cloud computing) and the resulting use cases for the insurance industry. To this end, we conduct a review of academic articles, industry studies and publications of the supervisory authorities. We point to the resulting requirements for an insurer’s IT and find many interdependencies between the digital technologies. Our results therefore emphasize the importance of a holistic digital strategy.

scholarly journals The status quo of digital transformation in insurance sales: an empirical analysis of the german insurance industry

2021 ◽  
Author(s):  
Christian Eckert ◽  
Johanna Eckert ◽  
Armin Zitzmann
Keyword(s):  
Empirical Analysis ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Status Quo ◽  
Digital Transformation ◽  
Social Classes ◽  
Insurance Companies ◽  
Recommendations For Action ◽  
The Status ◽  
The Impact

AbstractIn this paper, we focus on the impact of digital transformation on traditional ways to sell insurance products. Our goal is to investigate how widespread the use of digital technologies in insurance sales is and which values of these digital technologies are perceived by insurance intermediaries. Moreover, we aim to analyze underlying influencing factors in this regard. We conducted a survey in July 2020, i.e., after the first wave of COVID-19, in which 671 exclusive agents from various insurance companies, independent agents and independent brokers from Germany participated. Our results show that even at this point of time, in a high proportion of sales workforces, digital transformation is not yet very advanced. Further analyses show that exclusive agents and younger people are further ahead in digital transformation even though COVID-19 pushes digital life across all ages and social classes. Based on our results, we derive initial recommendations for action for the insurer.

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.

scholarly journals Digital Transformation In Indian Insurance Industry

2021 ◽  
Vol 12 (4) ◽  
pp. 310-324
Author(s):  
Ramesh Kumar Satuluri, Et. al.
Keyword(s):  
Positive Impact ◽  
Insurance Industry ◽  
Digital Transformation ◽  
Insurance Companies ◽  
Bottom Line ◽  
Multiplier Effect ◽  
Sales Process ◽  
Draft Regulation ◽  
Indian Insurance

This paper titled “Digital Transformation in Indian Insurance Industry” is an attempt to give deep insights to all the readers on digital transformation in insurance space. Technological innovations are extensive and all encompassing.  Disruptions are not industry specific and insurance industry is no exception to this. Recently regulator published a draft regulation on sandbox concept, which permits carriers to innovate their offering to end user. This is led by fintech and insure tech companies and carriers have structured digital boards to take this revolution forward.Major findings of this paper are usage of block chain technology and data security in insurance industry. With companies constituting digital boards, pandemic has only acted like a tailwind for the digital push wherein entire sales process is migrated to digital way of selling. This move has a multiplier effect on customer reach, cost efficiency and service precision. Customers who are keen to have the best in terms of technological innovation will be delighted with the advancement in digital transformation.Also with big data and analytics, we are coming back to risk based pricing, which is proportionate to the risk borne by the customer. This is still evolving in life insurance as the deployment of wearables is at a nascent stage.Newer technologies like AI and machine learning are facilitating companies register higher growth both on cross and upsell opportunities.  This will indisputably have an immense and long term positive impact on the bottom line of most insurance companies thus enhancing profitability.Researcher concludes that digital innovation will surely have a great and positive impact on profitability of insurance companies.

DIGITAL TRANSFORMATION TRENDS OF CHINA’S INSURANCE INDUSTRY AFTER THE COVID-19 PANDEMIC

2021 ◽  
pp. 228-238
Author(s):  
Xie Xiaohe ◽  
Keyword(s):  
Qualitative Research ◽  
Research Methods ◽  
Insurance Industry ◽  
Digital Transformation ◽  
Economic Recovery ◽  
Insurance Companies ◽  
Corporate Managers ◽  
Online Platforms ◽  
Strategic Transformation ◽  
The Competitiveness Of Enterprises

The development of the digital economy has changed the economic environment, and the digital strategic transformation of insurance companies has become an inevitable choice for their development. I mainly use statistical and qualitative research methods to collect data through online platforms, reports and academic conferences to study the digital transformation of China’s insurance industry after the COVID-19 pandemic. With the support of the CSC Fund, I interviewed Chinese corporate managers and adopted their views. I analyzed the motivations, strategy, business construction and reform results of the Chinese insurance industry’s digital transformation. I conclude that China’s insurance industry can quickly get out of the COVID-19 crisis through digital transformation, maintain sustained growth, improve the competitiveness of enterprises, and support the country’s economic recovery. The research provides experience for other countries’ insurance industries to carry out digital transformation and respond to the COVID-19 pandemic crisis.

scholarly journals Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine

2020 ◽  
Vol 11 (1) ◽  
pp. 30-41
Author(s):  
Oleksandra Shevchuk ◽  
Iryna Kondrat ◽  
Jolanta Stanienda
Keyword(s):  
Insurance Industry ◽  
Distribution Channels ◽  
Digital Transformation ◽  
Cost Structure ◽  
Insurance Market ◽  
Business Strategies ◽  
Structure Changes ◽  
The Republic ◽  
The Impact ◽  
Total Project

Pandemic affects insurance industry both directly, via health shocks, and indirectly, via financial shocks, as well as via shift in the policyholder behavior and distribution channels. The paper contributes to understanding the impact of COVID-19 on the global and Ukrainian insurance market, provides insights into implementing digital measures and technologies for insurers, in response to changes caused or accelerated by pandemic, building the capabilities to survive and exploit the changing market.A research of the the dynamics of Ukrainian insurance market changes during the quarantine period was conducted, the main tech achievements of leading insurers were investigated. The paper highlights priorities that insurers need to address in the wake of pandemic (distribution destruction, reinvention of the customer experience, cost structure changes, new protection offerings and new revenue pools), deals with different business strategies that insurers can follow to adopt and pivot in the low-touch economy and reveals new opportunities to extend insurers’ protection offerings and establish new sources of revenue emerged with digital transformation. AcknowledgmentThis project was financed by the Ministry of Science and Higher Education of the Republic of Poland as part of the «Regional Initiative of Excellence” Programme for 2019–2022. Project No. 021/RID/2018/19. Total project budget: PLN 11 897 131,40.

Impairment Questions and Answers

1997 ◽  
Vol 2 (2) ◽  
pp. 4-5
Keyword(s):  
Insurance Industry ◽  
Organized Labor ◽  
Injured Workers ◽  
Disability Benefits ◽  
Uniform System ◽  
Questions And Answers

Abstract Controversy attends use of the AMA Guides to the Evaluation of Permanent Impairment (AMA Guides) in defining injured workers’ permanent partial disability benefits: States desire an efficient, nonsubjective way to determine benefits for nonscheduled injuries and are using the AMA Guides to define the extent of disability. Organized labor is concerned that use of the AMA Guides, particularly with modifications, does not yield a fair analysis of an injured worker's disability. From its first issue, The Guides Newsletter emphatically emphasized and clearly stated that impairment percentages derived according to AMA Guides criteria should not be used to make direct financial awards or direct estimates of disability. The insurance industry and organized labor differ about the use of the AMA Guides in defining permanent partial disability (PPD). Insurers support use of the AMA Guides because they seek a uniform system that minimizes subjectivity in determining benefits. Organized labor is particularly concerned about the lack of fairness of directly equating impairment and disability, and if the rating plays a role in defining disability, additional issues also must be considered. More states are likely to use the AMA Guides with incorporation of additional features such as an index to PPD.

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