Emerging Technologies in the Insurance Market

Abstract

Purpose: The primary objective of this investigation is to determine the importance of big data, machine learning, and systems integration in the creation, production, and promotion of the corporation’s life insurance products marketed in India overall designated insurance carriers. It is also necessary to investigate the function of these instruments in the sectors financial designed and operated managing approaches.

Methodology: The approach used for this analysis is mainly connected to evolutionary and exploratory research. Secondary information is used to obtain the necessary data for the study topic. Secondary data included scientific papers and videos supplied by specialists in diverse domains.

Findings: In this chapter, the authors explain the financial function of large data sets, computer sciences, and content marketing modelling and simulation in the designing, developing, and deploying financial products. The researcher investigated the sale of life insurance plans in India. Insurance Governing Planning Commission is a controlling organisation from the Government of India that oversees all registered insurance businesses in India. Insurance Regulatory and Development Authority (IRDAI) regulates a total of 60 businesses. Thirty-four are in the commercial banking industry, 24 are in the life insurance industry, and 2 are more significant than the average total cost.

Practical implication: Data analytics approaches in financial technological processes and private insurers are helping them increase their business turnovers, collections, and revenue. Similarly, big analysis of data is becoming increasingly important in corporate finance in the life insurance industry, particularly in improving operations, as well as attempting to address numerous problems such as how to optimise marketing strategies and how to enhance customer experience, which has resulted in the most significant goal of improving operational efficiency in the financial industry.

Citation

Dhatterwal, J.S., Kaswan, K.S., Preety, D. and Balusamy, B. (2022), "Emerging Technologies in the Insurance Market", Sood, K., Balusamy, B., Grima, S. and Marano, P. (Ed.) Big Data Analytics in the Insurance Market (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 275-286. https://doi.org/10.1108/978-1-80262-637-720221016