Digital Transformation in Insurance Services: A Conceptual Framework of Smart Applications

Abstract

In contrast to previous times, the majority of insurance policies in developed nations are now provided on the internet. However, insurance companies are weary in digitizing their procedures and continue to allocate their products through conventional channels. The implementation of TD in the service sector, particularly in insurance, is in its nascent phase. The insurance industry, mostly reliant on information, might be significantly influenced by TD application. Enhanced revenue and transparency, reduced expenses, improved productivity, and superior marketing are benefiting that insurers and their clients can realize with the implementation of TD in their interactions. The implications of TD and digitization are issues of vigorous discourse within the insurance sector, and several studies have been conducted to evaluate the influence of e-commerce and IT applications on insurance businesses and client satisfaction. A prospective study to investigate the influence of TD on DIS and its effects on client operations is urgently required. Assumed the COVID-19 pandemic, it is important to ascertain the extent to which insurance companies possess high-specification devices and technology capable of addressing the current circumstances. In addition to owning systems and databases for managing all transactions effectively. Furthermore, networks that are capable of continuing the demands of established transactions while interacting with customers.