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Transformative Data Practices in the Insurance Industry: Addressing Benefits, Challenges, Exploring Emerging Trends, and Utilizing Advanced Technologies

Swati Gupta (Chitkara University, India)

Navpreet Kaur Sidhu (Chitkara University, India)

Dixit Kalra (Chandigarh University, India)

Data Alchemy in the Insurance Industry

ISBN: 978-1-83608-583-6, eISBN: 978-1-83608-582-9

Publication date: 21 November 2024

Abstract

Purpose

Disruptive technologies are transforming the insurance market, affecting individuals' and organizations' behavior and adaptability. Effective data utilization has become critical to success in the dynamic insurance sector.

Design/Methodology/Approach

The current research utilized electronic Scopus databases to include all pertinent prior studies. Employing cutting-edge technology, highlighting benefits, resolving challenges, identifying emerging trends, and identifying new practices, the study chapter explores how data practices alter the insurance industry.

Findings

The emergence of novel technologies, namely the Internet of Things, mobile devices, blockchains, cryptocurrencies, cloud computing, artificial intelligence, machine learning, and cognitive systems, alter the competitive environment on multiple fronts and at different stages. Insurance companies gain essential insights to enhance their decision-making procedures by addressing data accuracy, integration, and regulatory compliance.

Originality/Value

The overview highlights new developments that are radically changing the evolving domain of the insurance business, including augmented analytics, blockchain, predictive analytics, telematics, and ethical AI. This technology is being used so insurers can improve client happiness, handle risks more effectively, and stay competitive. The insurance industry achieves increased efficiency, stimulates innovation, and strategically uses data to strengthen resilience in today's data-centric economy.

Keywords

Citation

Gupta, S., Sidhu, N.K. and Kalra, D. (2024), "Transformative Data Practices in the Insurance Industry: Addressing Benefits, Challenges, Exploring Emerging Trends, and Utilizing Advanced Technologies", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 183-195. https://doi.org/10.1108/978-1-83608-582-920241027

Publisher

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Emerald Publishing Limited