Digitization in the insurance sector – challenges in the face of the Covid-19 pandemic

Pauch, Dariusz; Bera, Anna

doi:10.1016/j.procs.2022.09.225

Cited by 6 publications

(3 citation statements)

References 20 publications

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“…Digital finance not only promotes the balanced development of the regional economy, innovation, and entrepreneurship but also enhances residents' income and boosts consumption growth ( 59 , 60 ). The COVID-19 crisis coincides with the rapid advancement of various disruptive technologies ( 33 – 35 ), which has accelerated the need for a digital transformation of insurance companies ( 35 ). In China, the strict quarantine led to the inaccessibility of traditional offline services and processes.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

“…We consider risk perception and risk preference as entry points to further analyze the impact of the pandemic on commercial insurance participation, which enriches existing research in this field. Third, the COVID-19 crisis coincided with the rapid advance of various disruptive technologies, the confluence of which has been called “digital transformation” ( 33 – 35 ). This has accelerated the need for a digital transformation of insurance companies ( 35 ).…”

Section: Introductionmentioning

confidence: 99%

“…Third, the COVID-19 crisis coincided with the rapid advance of various disruptive technologies, the confluence of which has been called “digital transformation” ( 33 – 35 ). This has accelerated the need for a digital transformation of insurance companies ( 35 ). In China, the strict quarantine made traditional offline services and processes inaccessible and digital technologies enable digital trade to substitute for face-to-face trade in the pandemic context ( 36 , 37 ).…”

Section: Introductionmentioning

confidence: 99%

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Can major public health emergencies increase the participation of commercial insurance? Evidence from China

Wang,

Guo,

et al. 2024

Front. Public Health

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BackgroundPublic health emergencies have a lasting impact on a country's economic and social development. However, commercial insurance can disperse these negative consequences and reduce risk losses.MethodBased on the Chinese Household Tracking Survey and Peking University Digital Inclusive Finance Index, this study employed a difference-in-differences model to test the impact of the COVID-19 outbreak on commercial insurance participation and the impact mechanism.ResultsThe analysis showed that the outbreak of COVID-19 improved residents' risk perception, risk preference and digital finance and promoted their participation in commercial insurance, commercial endowment insurance, and commercial medical insurance.ConclusionMajor public health emergencies can increase commercial insurance participation, but the promotional effect of commercial insurance on rural and low-income individuals is relatively limited. To tap into potential customers, financial institutions should focus on vulnerable societal groups. This study supplements the relevant literature on the impact of major public health emergencies on commercial insurance participation.

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Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Can major public health emergencies increase the participation of commercial insurance? Evidence from China

Wang,

Guo,

et al. 2024

Front. Public Health

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Determinants of the Behaviour of Entities on the Insurance Market in the Light of Changes Introduced by the IDD Directive

Fras,

Pauch,

Walczak

et al. 2024

J Consum Policy

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One of the most significant legal acts concerning the sale and management of insurance risk was issued on January 20, 2016, based on Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD Directive). The adoption of European IDD principles aims to enhance transparency in the operations of insurance distributors and improve the standards of their business practices. Its protective scope encompasses all individuals and entities involved in the sale of insurance products. The aim of the article is to ascertain the regulatory authorities’ impact on the insurance market, consideration of consumer protection, in light of the changes introduced by the IDD directive. The primary entities under examination, in the mentioned context of consumer protection, are distributors and supervisory authorities. The discussion includes an overview of the scale of the insurance market and its fundamental applications, as well as compliance within the framework of behavioural economics theory. Additionally, the paper addresses the aspect of threats posed to consumers by the analyzed changes in the European insurance distribution market. In this segment, the authors concentrate on the economic and social ramifications of IDD implementation for entities operating within the insurance market. The concluding section outlines the potential for development and the future prospects of financial intermediation concerning IDD utilization.

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Exploring the impact of InsurTech adoption in Indian life insurance industry: a customer satisfaction perspective

Kaur,

Singh

2023

TQM

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PurposeIn the era of Industrial Revolution (IR) 4.0, the integration of digital technologies, automation and data-driven insights has generated a broad wave of transformation across all industries, including the insurance sector. The study focuses on determining how the adoption of these technologies (InsurTech) is changing the life insurance industry, ultimately enhancing the level of customer satisfaction.Design/methodology/approachThe data analysis has been performed with 304 useable responses from the policyholders of life insurance in the north-west region of India. The methodology adopted for this study is partial least squares (PLS) structural equation modeling (SEM). To investigate the predictive relevance of customer satisfaction, the PLS predict technique has been used. Also, importance performance map analysis (IPMA) has been applied to assess the important and performing dimensions of customer satisfaction.FindingsThe outcomes show that the adoption of InsurTech has a positive impact on customer satisfaction. Customer service management and policy management are among the strongest predictors of customer satisfaction, and the predictive relevance is reported to be moderate. IPMA results have suggested that improvements in online distribution of insurance services and customer service management lead to higher customer satisfaction.Research limitations/implicationsThe conceptual model can be tested with the moderating effect of different demographic factors (age, gender etc.), and future research can be done to analyze the mediating role of customer satisfaction between InsurTech adoption and customer loyalty.Practical implicationsThe study offers valuable contributions to the marketing literature, shedding light on the influence of InsurTech adoption on customer satisfaction within the Indian life insurance sector. The research offers a practical approach that could help marketing professionals and policymakers comprehend the utilization of online insurance services, and this understanding can help industry experts to develop customer-oriented products and services.Originality/valueThis research is the first of its kind to test the association between InsurTech adoption and customer satisfaction in the life insurance sector in the Indian context. Research also provides novel insights for policymakers to enhance the satisfaction of customers towards using online insurance services in the near future in developing countries like India.

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Digitization in the insurance sector – challenges in the face of the Covid-19 pandemic

Cited by 6 publications

References 20 publications

Can major public health emergencies increase the participation of commercial insurance? Evidence from China

Can major public health emergencies increase the participation of commercial insurance? Evidence from China

Determinants of the Behaviour of Entities on the Insurance Market in the Light of Changes Introduced by the IDD Directive

Exploring the impact of InsurTech adoption in Indian life insurance industry: a customer satisfaction perspective

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