Abstract:
The long-term insurance industry is undergoing a transformative shift driven by disruptive technologies, presenting both challenges and opportunities for insurers. This p...Show MoreMetadata
Abstract:
The long-term insurance industry is undergoing a transformative shift driven by disruptive technologies, presenting both challenges and opportunities for insurers. This paper explores the strategic management of disruptive technologies within the value chain stages of long-term insurance processes. The study investigates how an insurer effectively navigated this dynamic landscape to enhance operational efficiency, customer engagement, and overall competitiveness. The paper delves into the identification and categorization of disruptive technologies affecting various stages of the long-term insurance value chain, including product development, underwriting, policy administration, claims processing, and customer service. Drawing on a case study from a South African perspective, it provides a comprehensive analysis of how emerging technologies such as big data analytics, websites, social networks, digital platforms, robo-advice, application programme interface (API), robotic process automation (RPA), chatbots, voice recognition, artificial intelligence (AI), blockchain, telematics, and InsurTech solutions impact stages of the value chain. Furthermore, the paper outlines a strategic framework for insurers to proactively integrate and manage disruptive technologies into their existing processes. It emphasizes the importance of fostering a culture of innovation, establishing agile organizational structures, and nurturing cross-functional collaboration to swiftly adapt to technological advancements. The study explores potential challenges associated with the integration of disruptive technologies, such as data security concerns, regulatory compliance, and the need for upskilling the workforce. It offers insights into mitigating these challenges through robust risk management strategies, regulatory compliance frameworks, and targeted workforce development initiatives. In conclusion, the study provides a roadmap for long-term insurers to not only survive but thrive amidst th...
Published in: 2024 Portland International Conference on Management of Engineering and Technology (PICMET)
Date of Conference: 04-08 August 2024
Date Added to IEEE Xplore: 04 September 2024
ISBN Information:
Print on Demand(PoD) ISSN: 2159-5100