Download or read book Digitalization in the insurance industry An analysis written by and published by GRIN Verlag. This book was released on 2022-01-18 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2,3, , language: English, abstract: Digitization is without question one of the most significant and biggest megatrends of our time. It is changing all areas of people's lives, and at an extraordinary speed. Professional life in particular is changing dramatically. Generations are growing up with new possibilities and realities. Where companies used to use time cards and phones with dials, digital time recording systems and smartphones are now preferred. This paper focuses on a subset of the megatrend, namely digitalization as it relates to the insurance industry. First, key aspects of digital transformation are described. Starting with a comprehensive definition of digitalization in general, as well as a description of the development in this area to date. In the course of the essential aspects, a presentation of extensive facts of the insurance industry and its specific challenges follows. This serves as a basis for the industry-specific issues to be addressed subsequently.
Download or read book Digitalization in the Insurance Industry written by Tatianna Rodriguez and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technology and the Insurance Industry written by Antonella Cappiello and published by Springer. This book was released on 2018-02-23 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyzes the role of technology in the redefinition of the competitiveness of insurance markets. With a focus on the competitive challenges of InsurTech startup to the incumbent insurers, the book will discuss the strategic role of technology both in the development and in the distribution of insurance services and explore the customer relationship evolution following the digitalization of services offered. The book presents original theoretical and empirical contributions addressing how digitalization impacts the insurance environment and regulation, and how InsurTech development represents a threat for traditional companies, from Big Data analysis to digital devices, from personal interactivity to home automation systems development. The project’s key benefit is up-to-date analysis of the competitiveness of technology usage in the insurance field, with particular reference to the distributive variable and to the future trends of the customer relationship in the short and medium-long term. The book will be of particular interest to scholars and students of insurance and financial technology.
Download or read book Insurance 4 0 written by Bernardo Nicoletti and published by Springer Nature. This book was released on 2020-10-31 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industry 4.0 has spread globally since its inception in 2011, now encompassing many sectors, including its diffusion in the field of financial services. By combining information technology and automation, it is now canvassing the insurance sector, which is in dire need of digital transformation. This book presents a business model of Insurance 4.0 by detailing its implementation in processes, platforms, persons, and partnerships of the insurance companies alongside looking at future developments. Filled with business cases in insurance companies and financial services, this book will be of interest to those academics and researchers of insurance, financial technology, and digital transformation, alongside executives and managers of insurance companies.
Download or read book A Swiss Case Study on Digitalization Within the Insurance Industry written by Fabian SCKEYDE and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The technological shift witnessed across all industries as a result of new digital technologies that have been introduced for the use of businesses has been incremental. The insurance industry, on the other hand, could not adapt to the newly emerging digital methods in the same pace as other industries. Even though the digital transformation has been slow within the insurance industry, it is expected to have a long-term and profound impact on the fundamental aspects of the business and to alter the way that the insurance business is conducted. In this context, this thesis will question whether and to what extent insurance industry has been transformed as a result of the digital transformation. It will particularly investigate the implications of digital monitoring for the insurance business examining whether and to what extent the insurance industry can maintain the core elements of the business, particularly in relation to risk approaches. In order to achieve this objective, the thesis will concentrate on how Swiss insurance companies are already adapting their business models and how they are utilizing digital methods to improve their relations with new and existing customers. Therefore, it will explore the implications of this digital transformation applied to the surveillance and monitoring techniques particularly for the insurance industry. In light of these objectives, this thesis will employ a mixed methodology and it will use content analysis to examine where the insurance industry currently stands in relation to digitalization and conduct a case study research on the Swiss insurance industry including the responses obtained from a survey carried out with insurance companies in Switzerland. This thesis will conclude that digitalization has the potential to transform the core elements of the insurance business. However the insurance industry is slow in terms of adapting these changes and therefore such a transformation ca.
Download or read book Digital Insurance written by Bernardo Nicoletti and published by Springer. This book was released on 2016-01-26 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the ways in which the adoption of new paradigms, processes, and technologies can lead to greater revenue, cost efficiency and control, as well as improved business agility in the insurance industry.
Download or read book Digitalization in the Insurance Industry A Case Study on Organizational Transformation written by Celine Frey and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The insurance industry currently finds itself in a time of rapid change and is faced with a new set of challenges that will largely determine its long term success chances. Although the topic of digitalization is not new, only recently has it been properly acknowledged as a topic needing serious attention. However, because most organizations do not feel themselves to be immediately threatened by this trend, they feel no imminent urgency to activate change. This attitude can increase the chances that organizations get lost in the whirlwind of competition and changing market conditions. Through the conducted research, it was found that the topic of digitalization has much more to do with internal conditions of an organization than merely the technological aspects, which are normally considered. Due to gaps in the theory of how such a digital transformation of an organization should look, this thesis aims to identify and assess key elements of digital transformation by taking a closer look at the changes being implemented in a leading insurance company.
Download or read book InsurTech Digitalizing the Insurance Industry written by Amira Roula and published by . This book was released on 2021-05-18 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation is becoming increasingly important for the insurance industry as a tool for competition, making the case for digital transformation even more relevant. This book is intended to give you an introduction to the subject of what InsurTech is, possibilities and risks connected to it and a forward-looking analysis on the role of InsurTech the coming years - when you have finished reading this book, you will hopefully have gained a few ideas on how the insurance sector will transform digitally the coming years and how this may affect your business.
Download or read book Evaluation of Potential Use Cases for Blockchain in the Insurance Industry written by Ricardo Escoda and published by GRIN Verlag. This book was released on 2021-03-09 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2020 in the subject Economics - Finance, grade: 1,3, International School of Management, Campus Munich, language: English, abstract: Blockchain is considered to be a breakthrough technology with many strengths and opportunities, but also weaknesses and threats for all industries around the globe. It has the potential to revolutionize many sectors, but it is not a universal remedy and does not replace every single traditional technology. Most businesses do feel insecure whether to invest time and money for Research and Development due to the lack of industry standards and regulations with respect to the technology. Before being able to guarantee suitability and successful implementation in any business, it is essential to study the differences between public, private, hybrid, and consortium Blockchain types. In areas of application not strongly relying on Blockchain’s distributed systems, alternative solutions such as Big Data Analytics, Artificial Intelligence, and Machine Learning might be more valuable. Nonetheless, Blockchain promises the unique potential for insurance companies to efficiently serve global markets with areas of application mainly concentrating on parts of the VC where bureaucracy can be reduced by automation. For instance, the use of Smart Contracts where lots of data are analyzed, saved, distributed, and pro- cessed. By implementing BC, fields, where the focus is on customer experience such as Payments, Data Security, Transparency, and Developing New Business and Product Ideas, can be improved enormously. Use cases and new products supported by Blockchain might include P2P Micro-Insurances, Ad-hoc and Parametric Insurance Models, Automized Underwriting, Reduction of Fraud and Abuse, and Health Insurance Processes. Real-Time Analytics in the Form of SCs, Instant Pay-Outs, Automized Claims Management, and Improved Risk Modelling of Insurance Businesses might be achievable by connecting Blockchain and Big Data. Contrary to the expectations of the author, most industry experts are aware of the benefits and opportunities the technology can bring to their companies. Still, Blockchain is not anchored in their medium- to long-term visions and strategies. Most of the interviewees would rather act as active observers and early followers than taking the lead proactively. Reasons for this behavior, are the lack of market standards and regulations, the absence of solid Blockchain networks, and the shortage of use cases, but also, the lack of know-how and data security concerns.
Download or read book The Digital Journey of Banking and Insurance Volume II written by Volker Liermann and published by Springer Nature. This book was released on 2021-10-27 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the second one of three volumes, gives practical examples by a number of use cases showing how to take first steps in the digital journey of banks and insurance companies. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. This second volume mainly emphasizes use cases as well as the methods and technologies applied to drive digital transformation (such as processes, leveraging computational power and machine learning models).
Download or read book Disrupting Finance written by Theo Lynn and published by Springer. This book was released on 2018-12-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Download or read book Digitalization Cases Vol 2 written by Nils Urbach and published by Springer Nature. This book was released on 2021-10-30 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a rich compilation of real-world cases on digitalization, aiming to share first-hand insights from renowned organizations and to make digitalization tangible. With all economic and societal sectors being challenged by emerging technologies, the digital economy is highly volatile, uncertain, complex, and ambiguous. It confronts established organizations with substantial challenges and opportunities. Against this backdrop, this book reports on best practices and lessons learned from organizations that succeeded in tackling the challenges and seizing the opportunities of the digital economy. It illustrates how twenty organizations leveraged their capabilities to create disruptive innovation, to develop digital business models, and to digitally transform themselves. These cases stem from various industries (e.g. automotive, insurance, consulting, and public services) and countries, covering the many facets that digitalization may have. As all case descriptions follow a unified template, they are easily accessible for readers and provide insightful examples for practitioners as well as interesting cases for researchers, teachers, and students. Almost every organization is trying to figure out how best to respond to the opportunities and threats posed by digitalization. This book provides valuable lessons from those organizations that have already begun their digital transformation journey. Michael D. Myers, Professor of Information Systems, University of Auckland Digitalization Cases provides firsthand insights into the efforts of renowned companies. The presented actions, results, and lessons learned are a great inspiration for managers, students, and academics. This book gives real pointers on the how and where to start. Anna Kopp, Head of IT Germany, Microsoft The cases compiled in the second volume of Digitalization Cases show how disruption can actively be managed. Further, long-term insights from extended success stories of the first edition highlight that courage to change pays off well. This book represents a motivation for organizations to drive their digital transformation journeys actively. Markus Richter, State Secretary at the Federal Ministry of the Interior, Building and Community and Federal Government Commissioner for Information Technology, Germany
Download or read book The Digital Journey of Banking and Insurance Volume III written by Volker Liermann and published by Springer Nature. This book was released on 2021-10-27 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the third one of three volumes, focuses on data and the actions around data, like storage and processing. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. In the last volume of the series, “Data Storage, Processing and Analysis”, the shifts in the way we deal with data are addressed.
Download or read book Digital Megatrend written by Jan Jemiolo and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this thesis is to investigate the emergent business models in the insurance industry that have developed due to digital trends. The digital megatrend is understood here as an intertwined collection of technology trends related to connectivity, social, mobile, cloud, Big Data and Internet-of-Things. The literature review focused on defining the business model concept, describing patterns, and presenting the frameworks that enable its analysis. The conceptual relations among business models, ecosystems and digitalization were discussed. The state of the art review methodology was used to establish an understanding of the insurance industry in the context of digitalization and business models. The elements of the traditional business model of insurance carriers were examined in relation to the digital trends affecting each of them. Subsequently, the state of digitalization of the insurance industry was outlined. The thesis then describes the innovative business models in the insurance industry. The main outcome of the thesis is a documentation of the emergent business models together with an overview of affected dimensions and elements of the business model. In conclusion, the insurance industry is under substantial pressure to digitalize its traditional business model, however since the underlying value proposition and creation remain valid this transformation does not constitute a new business model innovation. On the other hand, new technology-based firms, platform players and certain insurers have undertaken initiatives that continue to disrupt the market. Large insurance carriers, next to pursuing their internal digitalization initiatives, need to partner, acquire or compete with those innovative firms in the market.
Download or read book The Digital Journey of Banking and Insurance Volume I written by Volker Liermann and published by Springer Nature. This book was released on 2021-10-30 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, one of three volumes, showcases the effective transformation of companies providing banking and insurance services. This first volume gives a business-oriented introduction to the setting and the current challenges of fintech, regtech, and insurtech and provides an outlook on what will be needed in the future. Specific sub-departments in financial services are examined with a view to accounting, risk, and regulatory segments. The book also addresses the importance of cultural aspects of the coming digital transformation with an eye to requirements that will enable a digital bank or insurance company to thrive in 2025. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between.
Download or read book Digital Revolution in Insurance written by Jagendra Rana and published by Blue Rose Publishers. This book was released on 2024-04-25 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital technology is a new force that is driving massive changes in the insurance sector. Digital insurance companies, otherwise known as InsurTech companies, are transforming the digital insurance landscape by offering ground-breaking insurance products through innovations. As digital transformation continues to change the way businesses operate and offer products and services to their customers, insurance industry is also getting reshaped by technology. While shopping for insurance policies, customers are looking for a personalised experience. Insurers are able to harness the results of AI to customize unique experiences for customers. For insurers, the changing landscape of insurance has led to a flurry of technological advancements in the industry. New digital technologies are changing the way customers interact with insurers.
Download or read book The Digital Journey of Banking and Insurance Volume I III written by Volker Liermann and published by Palgrave Macmillan. This book was released on 2021-12-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a three-volume set. The first volume showcases the effective transformation of companies providing banking and insurance services. This first volume gives a business-oriented introduction to the setting and the current challenges of fintech, regtech, and insurtech and provides an outlook on what will be needed in the future. Specific sub-departments in financial services are examined with a view to accounting, risk, and regulatory segments. The book also addresses the importance of cultural aspects of the coming digital transformation with an eye to requirements that will enable a digital bank or insurance company to thrive in 2025. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. The second volume gives practical examples by a number of use cases showing how to take first steps in the digital journey of banks and insurance companies. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. This second volume mainly emphasizes use cases as well as the methods and technologies applied to drive digital transformation (such as processes, leveraging computational power and machine learning models). The third volume focuses on data and the actions around data, like storage and processing. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. In the last volume of the series, “Data Storage, Processing and Analysis”, the shifts in the way we deal with data are addressed.
