The Role of Information Technology & Insurance Penetration: A Study

Shenoy , Sandeep and Rao, Guru Prasad and Rao , Abhishek (2014) The Role of Information Technology & Insurance Penetration: A Study. International Research Journal of Business & Management - IRJBM, 7 (10). pp. 77-85. ISSN 2322 - 083X

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Abstract

The developments in IT are the working wonders in all the fields of activity. It has become possible to send and receive information almost instantaneously. If circulars do not reach the agents on time or doubts are not cleared quickly, or the agent does not have details of the new plans announced in the press, the agent may face awkward situation with the prospects. Insurance companies face problems which can be totally ducked with the use of technology. The insurers who are conventionally have been quick to adapt latest developments in the field of IT. The scope of information technology will vary between insures. The IT has constantly played a very imperative role in the operations of every insurance company. The fact is that of all the business stablishments in the facility sector, of the life insurance companies were the first to adopt Computerization as an incontrovertible part of their operation all over the world. The swift innovation in the area of information and communication technology has stood with serious challenges for the insurance industry in India. The practice with the application of information technology in comprehensive variety of guarantor’s operations has now become strategic in the sense that it has direct impact on the efficiency of resources, and a steepening impact on reducing the case of various activities. With the entrance of private insurance players, the competition has become more powerful and an important role is being played by the insurance sector. The use of information technology is not new to the insurance sector, yet we may find constricted computerization regarding the use of information technology in various departments of the insurance companies including the major players from past several years. The most evident departments are accounting, Legal issue and servicing, claim processing, sales management etc.

Item Type: Article
Uncontrolled Keywords: Insurance, Technology
Subjects: Departments at MU > Commerce
Depositing User: MIM User
Date Deposited: 15 Oct 2014 08:02
Last Modified: 26 Nov 2014 06:46
URI: http://eprints.manipal.edu/id/eprint/140876

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