Analyze the impact of Emerging Technologies on the Existing Insurance Industry

Term insurance can be considered as a societal regime aimed at decreasing or reducing the threat of damage to vital and non-vital objects. In India, insurance is usually considered a tool to save on tax rather than the rest of the financial aid. Due to the entry of many companies supported by FDI, the financial market must prove to be the backbone of the economy. Every modern economy, whether it is developed or not, needs a strong and emerging insurance-original sector. The insurance industry offers important avenues for public welfare as motivating the public to save money, acting as a protection against many business losses and acting as a long-term source of financing for the entire development of the nation. The contribution of the insurance industry to a a healthy economy can never be ignored. The insurance also offers protection as a cover against many natural calamities and tragedies. Insurance too helps to minimize the risk associated with the health of the individual, life and property. To support all of the above benefits, the growth of insurance- ance’s business has become mandatory.
In 1818, life insurance in India was born when theeastern life insurance the company was established in Kolkata. It was considered an income to be offered for English widows. Meanwhile, the premium for Indian life was higher only non-Indian lives. The origin of non-life insurance in India can be traced back to the Company Triton Ltd., the first non-life insurance company established in 1850 in Calcutta by the British. In 1870, the Bombay mutual life insurance the company has started its business.
The regulation of insurance has been legally initiated in India with the approval of the Life Insurance Companies Act of 1912.
The insurance industry developed at a rapid pace after freedom. Despite its growth, insurance has remained an urban phenomenon.
Over the past few decades, the speed at which technology is evolving has have been multiplied and aim to develop by greatly expanding the possibilities- of one or more of its dimensions such as the customer group, the customer function, and technology.
Factors such as convergence, innovation, efficient the importance, speed and preferences of buyers indicated the emergence of technology.

Emerging technology and digitalization have already had a considerable impact- impact on the insurance services industry. Many new entries on the market opportunities are being created by the increasing penetration of the Internet with emerging technologies, thus increasing the pressure to with- hold the competition in the market. These emerging technologies in the form of capsules can be formulated as new technological goods and facilities designed to customers through the application of scientific knowledge.
The insurance industry constitutes the largest and most important
sector of activity in the customer service industry.
The performance of the insurance industry can be evaluated based on factors such as their level of pen- etration as well as density. The division of the subscribed premium into one the year and the respective GDP of the same year resulted in a penetration value.

The Indian insurance industry is based on 57 insurance companies among which 24 companies deal with life insurance companies, including products such as life, health, debility and death while the other 34 treat with a general insurance including automobile, commercial, property and casualty- alty. It is estimated that this trade will increase at a CAGR of 5.3% from 2019 to 2023.
In the 2021 financial year, the penetration rate of Indian insurance was estimated at 4.2% of which 3.2% and 1.0% are contributed in the long term and short-term insurance, respectively. According to the S&P worldwide Market Intelligence data, on the insurance technology market in Asia-Pacific, India acts as a challenger against the market leader. Due to the advancement of technology- as a result, many companies have entered into strategic alliances to provide cyber insurance. Persistent changes in the regulatory framework can lead to a promising future for insurance companies.
Undoubtedly, insurance is a potential and profitable business, but most of the rural public is still deprived of insurance services due to the slow penetration rate, the demand for its services and the lack of awareness in such areas. As a rule, the emerging technology in India is mainly focused on the efforts of enclosure directing the under-disadvantaged markets that are now disrupting the traditional insurance mode with state-of-the-art technology through Internet and mobile technologies to increase the range, frequency, and the impact of affordable insurance on the target market. Existing insurance- ance companies are faced with a dilemma due to a mismatch between dig rates- it transformation and the rates of technical progress in insurance trade.
Current insurance companies have only three options left either to adapt or collaborate, or to eliminate emerging technologies.
The present study attempts to investigate the challenges faced by insurers- emerging companies, the potential level of emerging technologies, the gaps available, and the capabilities to fill these gaps. The purpose of the study is help insurance companies understand the areas most affected by emerging technologies.

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