Emerging Technologies in insurance sector: An evidence from scientific literature


ZIA Adil KALIA Prateek

Year of publication 2022
Type Chapter of a book
MU Faculty or unit

Faculty of Economics and Administration

Description 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 insur- ance paradigm. Purpose: In this chapter, we discuss emerging technologies such as artificial intelligence (AI), big data, blockchain, the internet of things (IoT), mo- bile 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 data- base. Certain inclusion and exclusion criteria were formed for the articles and excluded for further analysis. R-studio was used for the data analysis and visualisation. Findings: It was found that the highest number of research articles pub- lished are related to big data, followed by AI and social media. The first ar- ticle 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 insur- ance 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.

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