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SAARJ Journal on Banking & Insurance Research
Year : 2018, Volume : 7, Issue : 5
First page : ( 36) Last page : ( 40)
Online ISSN : 2319-1422.
Article DOI : 10.5958/2319-1422.2018.00019.X

Innovation and impact of technology in insurance sector

Ostagar Abdul Motin

Assistant Professor Aliah University, Kolkata, India, Email id: motin.ostagar@gmail.com

Online published on 29 November, 2018.

Abstract

Technology is the key to the insurance sector for its evolution and overall growth. It not only adds value to the industry but also to some extent directs its future with changing time and its requirements. Inventions and technology have its affects from influencing underwriting decisions to helping streamline business processes. The use of mobile devices, internet, GPS and other technical applications has played significant roles in various ways. It has helped the companies not only to market research, market penetration, and business promotion and market development but also to provide after sales service, understanding customer satisfaction and many more. Insurance companies' data collection and data analysis has become possible only using various software and hardware. One obvious impact of technology on insurance sector is that it is replacing tradition middleman or agent-based concept. With increasing competition young and techsavvy insurers find the service not good enough. Earlier when there was no availability of computer technology companies used simplified methodology in calculation and analytics. But doing precise and difficult analytics was a difficult task. In such cases conventional models are still more popular and effective. But the barrier can be overcome by the introduction and implementation of more user friendly, easier and effective technology. However, that paradigm can quickly be changed as technology driven value added services allow insurers to engage more meaningfully and frequently with customers through individualized, memorable and digitally enabled products and services (Capgemini, 2018).

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Keywords

Insurance, Fin Tech, Financial Services, InsurTech.

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