How digitalization affects insurance companies: overview and use cases of digital technologies

Eckert, Christian; Osterrieder, Katrin

doi:10.1007/s12297-020-00475-9

Cited by 46 publications

(29 citation statements)

References 46 publications

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“…Chatwin et al [89] 1996 x Durrani and Forbes [90] 2018 x Eckert and Osterrieder [91] 2020 x x Khan et al [92] 2020 x Ryou et al [93] 2020 x Sawhney [94] 1991 x Sharma et al [95] 2014…”

Section: Discussionmentioning

confidence: 99%

Artificial Intelligence and Business Strategy towards Digital Transformation: A Research Agenda

2021

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In the past decade, current literature and businesses have drawn attention to Artificial Intelligence (AI) tools and in particular to the advances in machine learning techniques. Nevertheless, while the AI technology offers great potential to solve difficulties, challenges remain implicated in practical implementation and lack of expertise in the strategic usage of AI to create business value. This paper aims to implement a systematic literature review analyzing convergence of the AI and corporate strategy and develop a theoretical model incorporating issues based on the existing research in this field. Eighty-one peer-reviewed articles were discussed on the basis of research methodology from Webster and Watson (2002). In addition to gaps in future research, a theoretical model is developed, discussing the four sources of value creation: AI and Machine Learning in organizations; alignment of AI tools and Information Technology (IT) with organizational strategy; AI, knowledge management and decision-making process; and AI, service innovation and value. These outcomes lead to both theoretical and managerial viewpoints, with extensive possibilities to generate new methods and types of management practices.

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“…Chatwin et al [89] 1996 x Durrani and Forbes [90] 2018 x Eckert and Osterrieder [91] 2020 x x Khan et al [92] 2020 x Ryou et al [93] 2020 x Sawhney [94] 1991 x Sharma et al [95] 2014…”

Section: Discussionmentioning

confidence: 99%

Artificial Intelligence and Business Strategy towards Digital Transformation: A Research Agenda

2021

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“…First, we discuss relevant digital technologies, based on which we identify potential digital applications in insurance sales. Analyses by Eckert and Osterrieder ( 2020 ) and Eling and Lehmann ( 2018 ) show that big data, artificial intelligence, cloud computing and new communication channels are strong drivers of digitalization.…”

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

“…Big data are usually characterized by the ‘three Vs’: volume, velocity and variety (Owadally et al. 2019 ; Eckert and Osterrieder 2020 ). There are some extensions within the multitude of definitions.…”

Section: Theoretical Background and Hypotheses Developmentmentioning

confidence: 99%

“…Like most other industries, the insurance industry is strongly affected by digital transformation (see Eling and Lehmann 2018 ; Eckert and Osterrieder 2020 ). In an age of customer centricity in which companies like Amazon set new standards, digital transformation is not an end in itself but a means to meet changed customer expectations.…”

Section: Introductionmentioning

confidence: 99%

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The status quo of digital transformation in insurance sales: an empirical analysis of the german insurance industry

Eckert

Eckert²,

Zitzmann³

2021

ZVersWiss

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In this paper, we focus on the impact of digital transformation on traditional ways to sell insurance products. Our goal is to investigate how widespread the use of digital technologies in insurance sales is and which values of these digital technologies are perceived by insurance intermediaries. Moreover, we aim to analyze underlying influencing factors in this regard. We conducted a survey in July 2020, i.e., after the first wave of COVID-19, in which 671 exclusive agents from various insurance companies, independent agents and independent brokers from Germany participated. Our results show that even at this point of time, in a high proportion of sales workforces, digital transformation is not yet very advanced. Further analyses show that exclusive agents and younger people are further ahead in digital transformation even though COVID-19 pushes digital life across all ages and social classes. Based on our results, we derive initial recommendations for action for the insurer.

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“…However, to the best of our knowledge, there is a lack of academic and practitioneroriented research focusing on the benefits and opportunities of digital applications when managing customer satisfaction from the perspective of insurers, with a focus on the major customer touch points. By including them, we extend the investigations of Eckert and Osterrieder (2020), who take a more technical perspective on implementing digital technologies (e.g. big data, artificial intelligence, cloud computing, the Internet of Things and distributed ledger technology) and discuss the interdependencies between them.…”

Section: Introductionmentioning

confidence: 99%

Managing customer satisfaction: digital applications for insurance companies

Eckert

Neunsinger

Osterrieder

2022

Geneva Pap Risk Insur Issues Pract

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Customer satisfaction management is increasing in importance within the insurance industry. In particular, to define a customer-oriented strategy, installing digital applications based on technologies, e.g. including artificial intelligence or cloud computing, ranks among the major strategic challenges. Against this background, the aim of this paper is to take an integrated perspective on managing customer satisfaction and the digital transformation. Towards this end, we identify and assess a set of digital applications, as a result of a comprehensive review of 106 academic papers and publications of the industry and supervisory authorities. We illustrate the opportunities to increase customer satisfaction and emphasise their impact on insurers at four major customer touch points: contract conclusion, contract modifications, the event of damage and further contacts. Our results are strategic measures to strengthen the position for sales and marketing, to simplify standard processes and to increase efficiency and interaction with the customer.

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How digitalization affects insurance companies: overview and use cases of digital technologies

Cited by 46 publications

References 46 publications

Artificial Intelligence and Business Strategy towards Digital Transformation: A Research Agenda

Artificial Intelligence and Business Strategy towards Digital Transformation: A Research Agenda

The status quo of digital transformation in insurance sales: an empirical analysis of the german insurance industry

Managing customer satisfaction: digital applications for insurance companies

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