Intelligent Optimizing and Computing for Sustainable Insurance Business and Sustainable Development

Intelligent optimization and computing significantly influence society’s behavior and culture, as well as the business processes in the field of services and the financial framework and development of the nation. The primary problem is implementing suitable digital innovations to establish novel business models, methods, systems, and software that enhance competitive advantage, efficiency, and revenue. The operation of insurance business has changed significantly as a result of the advent of new technologies and the increased use of the internet in the insurance market, with the most significant change being the shift from physical payments to online payments, where no physical presence is required to complete the transactions. In addition, the internet has revolutionized the insurance industry. In numerous countries, the retail electronic payment system is expanding at breakneck speed, and India is no exception when it comes to incorporating such advanced technologies into its insurance system. Online insurance is knowledge-based and scientific in nature, involving the use of electronic devices for computer resolution and substantial use of IT without the consumer providing direct resources to the insurance company. It has considerable benefits, but because over than half of Indian’s residents live in remote rural areas, the acceptance of such virtual insurance is still not on par with what other countries have achieved. In recent days, there seems to be an increase in the propagation of online insurance in India, but it is important for understanding the concerns and challenges that it faces, resulting in poor penetration. The aim of this article is to explain the fundamentals of intelligent optimizing and computing for sustainable insurance business while also looking at the benefits that accrue to both the insurer and the insured.