Emerging Technologies in Insurance Sector: Evidence from Scientific Literature

Abstract

Introduction: The world is passing through a technology explosion phase where one technology is being replaced by another very quickly. Emerging technologies play more important roles in the insurance sector directly or indirectly. These technologies have a high potential to change the insurance paradigm.

Purpose: In this chapter, we discuss emerging technologies such as artificial intelligence (AI), big data, blockchain, the internet of things (IoT), mobile technology, predictive analytics, social media, telematics, chatbots, low codes, and drones in the context of the insurance industry.

Methodology: To carry out our analysis, we searched for data using the keywords for each technology from the Web of Science (WoS) coral database. Certain inclusion and exclusion criteria were followed to select the articles for further analysis. R-studio was used for the data analysis and visualisation.

Findings: It was found that the highest number of research articles published are related to big data, followed by AI and social media. The first article on AI in insurance appeared in 1975. Social media is the highest cited new technology, whereas the low codes are the undiscovered paradigm for the insurance sector with no published research. Research on the impact of chatbots, drones, and mobile technology in the insurance industry is still at a nascent stage. We also noticed that the United States is leading the research on emerging technologies in the insurance sector.

Implications: This chapter audits the emerging technologies in the insurance sector and identifies technological areas with the highest, least, or no research, dominant journals, authors, and countries. This holistic overview empowers managers and academicians to decide the future course of action.

Citation

Zia, A. and Kalia, P. (2022), "Emerging Technologies in Insurance Sector: Evidence from Scientific Literature", Sood, K., Dhanaraj, R.K., Balusamy, B., Grima, S. and Uma Maheshwari, R. (Ed.) Big Data: A Game Changer for Insurance Industry (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 43-63. https://doi.org/10.1108/978-1-80262-605-620221004