UID:
almahu_9949707893002882
Umfang:
1 online resource (200 pages).
ISBN:
9788770040051
,
8770040052
,
9781003811473
,
1003811477
,
9781032630946
,
1032630949
,
9781003811503
,
1003811507
Serie:
River Publishers series in management sciences and engineering
Inhalt:
This book is a unique guide to the disruptions, innovations, and opportunities that technology provides the insurance sector and acts as an academic/industry-specific guide for creating operational effectiveness, managing risk, improving financials, and retaining customers. It also contains the current philosophy and actionable strategies from a wide range of contributors who are experts on the topic. It logically explains why traditional ways of doing business will soon become irrelevant and therefore provides an alternative choice by embracing technology. Practitioners and students alike will find value in the support for understanding practical implications of how technology has brought innovation and modern methods to measure, control, and evaluation price risk in the insurance business. It will help insurers reduce operational costs, strengthen customer interactions, target potential customers to provide usage-based insurance, and optimize the overall business. Retailers and industry giants have made significant strides in adopting digital platforms to deliver a satisfying customer experience. Insurance companies must adjust their business models and strategies to remain competitive and take advantage of technology. Insurance companies are increasingly investing in IT and related technologies to improve customer experience and reduce operational costs. Innovation through new technologies is a key driver of change in the financial sector which is often accompanied by uncertainty and doubt. This book will play a pivotal role in risk management through fraud detection, regulatory compliances, and claim settlement leading to overall satisfaction of customers.
Anmerkung:
Includes index.
,
Preface xix Foreword xxi List of Contributors xxiii List of Figures xxvii List of Tables xxxi List of Abbreviations xxxiii Section I 1 1 Technological Developments in the Insurance Industry: An Overview 3 1.1 Introduction 4 1.2 Insurance Technology Overview 4 1.3 Newest Insurance Technology Trends 6 1.3.1 Predictive analytics 7 1.3.2 Artificial intelligence (AI) 7 1.3.3 Machine learning (ML) 7 1.3.4 Internet of Things (IoT) 8 1.3.5 Insurtech 8 1.3.6 Social media data 8 1.3.7 Telematics 8 1.3.8 Chatbots 8 1.3.9 Low code 9 1.3.10 Drones 9 1.3.11 Robotic process automation (RPA) 9 1.3.12 Blockchain technology 9 1.4 The Top Five Technologies Impacting the Insurance Industry 10 1.5 The Innovations that are based on the Technology in the Insurance Industry 11 1.5.1 Increase distribution and penetration process in the existing market 11 1.5.2 Customer expectation 11 1.5.3 Technology at its peak 11 1.6 Systems Optimised by Implementing Technology 11 1.6.1 Internal workflow automation 11 1.6.2 Hassle-free insurance 12 1.6.3 Telematics insurance 12 1.7 Top Insurtech Innovations 12 1.7.1 Internal automation of workflow with machine learning and RPA 12 1.7.2 Digitisation of paper records with the help of optical character recognition 13 1.7.3 Redefinition of the traditional ways of policy management and claims during the age of digital insurance 13 1.7.4 Usage of IoT and social media in personalised insurance pricing 13 1.7.5 Disruptive business model − P2P insurance 14 1.7.6 Innovation through insurance APIs 14 1.7.7 Industries are brought to a new level by insurance fraud detection software 14 1.7.8 Product distribution is brought to online space by the insurance marketplace 14 1.7.9 Insurance data analytics: data pipelines and ingestion 15 1.8 What Should the Insurance Industry Expect? 15 1.9 Literature Survey 15 1.10 Advantages of Implementing Insurance Technology 16 1.11 Conclusion 17 References 17 2 Analysing the Impact of Emerging Technologies on the Existing Insurance Sector 21 2.1 Introduction 22 2.2 Background: Origin and Growth of Insurance 22 2.3 Research Problem 23 2.4 Literature Review 24 2.5 Research Methodology 25 2.6 Results 25 2.7 Conclusion 26 References 27 3 The Impact of Technology in the Health Insurance Sector 29 3.1 Introduction 30 3.2 Literature Review 31 3.3 Emerging Technologies and the Insurance Sector 32 3.3.1 Big data 33 3.3.2 The cloud computing 33 3.3.3 The Internet of Things 34 3.3.4 Artificial intelligence 34 3.3.5 Blockchain 35 3.4 Theoretical Concerns 36 3.5 Research Questions 37 3.6 Research Objectives 37 3.7 Working Hypothesis 37 3.8 Methodology 38 3.8.1 Sample 38 3.9 Significance of Study 39 3.10 Research Analysis 39 3.10.1 Your age? 40 3.10.2 Do you have insurance? 40 3.10.3 Do you believe in technology to let them make your decisions like self-driven cars? 41 3.10.4 Seeing the advancement in technology, will a machine advise you on some decisions? Will you pay heed to it? 41 3.10.5 Does the convergence of technology and insurance make you feel comfortable? 42 3.10.6 With the advent of online technology in the insurance sector, would emerging technologies like AI, ML, big data, etc., be successful? 43 3.10.7 Assuming that you own a company that is well established, will you take the risk of rebasing your company to include the new age industry 4.0? 44 3.10.8 Has the inclusion of technology reduced the time required for paying premiums and purchasing policies? 45 3.10.9 Have the inclusion of technology helped you to lessen your company's workload and save time? 46 3.11 Inference 46 3.12 Conclusion 47 Acknowledgement 48 References 48 4 Adoption of Artificial Intelligence to Revolutionise the Insurance Industry 51 4.1 Introduction 51 4.2 Key Benefits of Artificial Intelligence in the Insurance Industry 52 4.3 Artificial Intelligence-related Trends Shaping Insurance 53 4.4 Application of Artificial Intelligence in Insurance Industry 55 4.5 How Can Insurers Prepare Themselves for Rapid Change? 58 4.6 Risk and Compliance Implications of Artificial Intelligence 60 4.7 AI Implementation Challenges in Insurance 61 4.8 Regulations Governing Artificial Intelligence in Insurance Industry 62 4.8.1 Regulation and guidelines on AI usage 62 4.8.2 Impact of AI regulation on the insurance industry 64 4.9 Things to Consider While Establishing Artificial Intelligence in the Insurance Sector 64 4.10 The State of Insurance in 2030 65 4.11 Conclusion 69 References 69 5 Data Science in Insurance 73 5.1 Introduction 74 5.2 Data Science and Machine Learning in Insurance 74 5.2.1 Data scientists and actuaries 75 5.3 Big Data: Challenges and Opportunities 76 5.3.1 From classical statistics to machine learning 78 5.3.2 Reaping the benefits 80 5.4 Data Science in Insurance: Benefiting from the Digital Experience 81 5.4.1 Stronger engagement with consumers 82 5.4.2 Data science: potential for innovation in insurance 82 5.4.3 Better consumer targeting/product design 83 5.4.4 More accurate risk assessment, underwriting, and pricing 83 5.4.5 Better claims management 83 5.4.6 Data: property of insurer or individual? 84 5.4.7 Transparency and judgement 84 5.4.8 Insurance unavailable for some? 84 5.4.9 Less pooling of risk 85 5.4.10 Price discrimination 85 5.4.11 Cyber risk 86 5.5 Regulation Data Protection 86 5.5.1 Regulating actuaries in the public interest 87 5.6 Data Science in Insurance 87 5.6.1 Underwriting and claims processing 87 5.6.2 Fraud detection 87 5.7 Conclusion 88 References 88 6 The Application of Big Data in the Insurance Market 91 6.1 Introduction 92 6.2 Claim Management in Insurance 93 6.3 Regulatory Framework in Insurance 94 6.3.1 Main insurance assets 94 6.3.2 Insurance principle 96 6.4 Big Data in Insurance 96 6.5 Data Availability in Insurance 97 6.5.1 New development in insurance policy 97 6.5.2 Data connection with insurance 98 6.5.3 Massive data through the network 99 6.5.4 Availability outside data 99 6.6 Application of Big Data in Insurance 99 6.6.1 Suitable set premium with the help of data 100 6.6.2 Data collected through the sensor 101 6.6.3 Table-based insurance 102 6.6.4 Saving life through insurance 103 6.6.5 Analysis of fraud activities 104 6.6.6 High-frequency algorithm 105 6.6.7 Refined in insurance policy 106 6.7 Data Science Play a Big Role in the Insurance Market 106 6.7.1 Technological development in insurance industry 108 6.7.2 Development constraints in insurance 108 6.7.3 CNIL 108 6.7.4 Priorities of investment capacity 109 6.7.5 Constraints in the insurance industry 109 6.7.6 Data evaluation through machine learning 111 6.7.7 Auditability algorithm 112 6.7.8 Lack of development in data science-based insurance 112 6.8 Conclusion 113 References 113 Section II 117 7 A Comprehensive Overview of the Application of Blockchain in the Insurance Sector 119 7.1 Introduction 120 7.2 Literature Review 120 7.3 Methodology 122 7.4 The Insurance and Financial Industry 123 7.5 Underwriting 126 7.6 Fraud Detection (FD) 127 7.7 Automation 127 7.8 Low Level of Understanding 127 7.9 Smart Contracts (SC) 127 7.10 Bitcoin 128 7.11 Artificial Intelligence 128 7.12 Internet of Things (IoT) 129 7.13 Cyber-Insurance 129 7.14 Travel Insurance 129 7.15 Crop Insurance 129 7.16 BC-Health Sector 130 7.17 Findings 131 7.18 Practical Implications 131 References 131 8 A Systematic Review of Publications on Blockchain Application in the Insurance Industry 135 8.1 Introduction 136 8.2 Review of Literature 137 8.3 Research Methodology 139 8.3.1 Keywords 139 8.3.2 Data analysis 140 8.3.3 Data selection 140 8.4 Data Analysis 142 8.4.1 Publications by year 142 8.4.2 Publication by document type 142 8.4.3 Top 10 journals 142 8.4.4 Keyword and title clouds 143 8.4.5 Co-authorship with countries 144 8.4.6 Co-occurrence of all keywords 144 8.4.7 Network association of co-occurrence of index keywords 145 8.5 Conclusion 145 References 147 9 An Evaluation of the Operational and Regulatory Aspects of using Blockchain in the Insurance Industry 151 9.1 Introduct
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10.4.2 Issuing insurance license through IRDAI 168 10.4.3 Insurance premiums paid by customers 168 10.4.4 Unique insurance number 169 10.4.5 Blockchain use in IoT and telematics for insurance policy 169 10.4.6 Advantages of insurance system 170 10.5 What Is Pay as You Drive? 170 10.5.1 Innovative technology used in blockchain 170 10.5.2 Insurance parametric format 171 10.5.3 Incentives provided for customers 172 10.5.4 Benefits 173 10.5.5 Vehicle insurance facility 174 10.5.6 Peer-to-peer insurance 174 10.6 Conclusion 174 References 175 11 Blockchain Application with Specific Reference to Smart Contracts in the Insurance Sector 179 11.1 Introduction 180 11.2 Applications of Blockchain 180 11.2.1 Blockchain-based smart contracts 180 11.2.2 Blockchain in asset tracking and identity management 184 11.2.3 Specific potential implications of Blockchain: vehicle, marine, life, fire, disability, motor insurance 196 11.3 Conclusion 201 Acknowledgements 201 References 201 12 A Review and Application of Blockchain Technology in Health Insurance 209 12.1 Introduction 210 12.2 Why Blockchain? 210 12.3 Employment of Blockchain System in Healthcare 211 12.3.1 Blockchain applications in healthcare 211 12.3.2 E-medical record 211 12.3.3 Clinical trial research 213 12.3.4 Medical drug supply chain 213 12.3.5 Medi ...
Weitere Ausg.:
Print version: APPLICATION OF EMERGING TECHNOLOGY AND BLOCKCHAIN IN THE INSURANCE INDUSTRY. [Place of publication not identified] : RIVER PUBLISHERS, 2023 ISBN 8770040060
Sprache:
Englisch
DOI:
10.1201/9781032630946
URL:
https://www.taylorfrancis.com/books/9781032630946
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