E-Business As a Driver in the Insurance Sector
Abstract
After privatization, multinationsl have introduced their professionalism, expertise and man-management skills globally. Industry has gone through a revolutionary change due to increased convergence and consolidation. Insurers are beginning to feel the heat of the competitions. So they have had to sit up and think hard on strategies to take the competition head-on. Among all the factors, one that has brought sweeping changes in the industry, in the manner it will work, is information technology. This paper presents the scope and prospect of E-Business in insurance. It also examines the trend of E-Business in insurance. Due to innovation and changes in technology, many new business models have come up like point of sales portals, aggregators etc. This paper also addresses how E-Business facilitates the break up of value-chain. On the basis of the study conducted at centre for research in Electronic Commerce in the University of Texas at Austin, seven drivers which maximize the benfit and profitability have been discussed.
Authors
G N Patel, Monika Mithai