Do Insurance Industries Lag behind the E-Commerce?

Overview:Shadow Insurance enactment military commission (2000) mentioned that electronic clientele is quickly emerging as a peculiarly evident and spectacular incarnation of globalization. The rapid expansion of electronic proceedings constitutes an unprecedented opportunity for trade and development. The growing immensity of Electronic Commerce (E-Commerce) represents a watershed event for indemnity policy markets and institutions, as it does for most industries. The E-Commerce revolution:Shadow Insurance Regulation Committee (2000) pointed out that:qThe rethinking of the relationship between insurers and clients on how to cod expediency of the mesh to offer tailor made products at gloomy administration costs, by dint of automating the motions of quote generation, shrinking and touch on claims;qA migration from pricey closed proprietary network systems to low-cost internet establish systems for EDI;qThe 24 hour world-wide and always accessible restitution busines s;qThe development of Internet enabled softw be for conducting insurance operations electronically, some(prenominal) for use internally in an insurance operators offices, as palmy as for enabling business and communications among insurance operators.

Already, through and through the Internet, an insurance consumer can:qObtain discipline about insurance products and insurance coverage;qPerform product comparisons;qApply for, and in some cases conclude, an insurance centralise; andqHave contracts serviced and claims handledPotential of E-Commerce in Insurance:International Association of International Supervisors (2002) mentioned that E-Commerce could be u! tilized in insurance sector forqProviding training (compliance, licensing, fees),qReceiving account information on electronic forms,qDirect monitoring of Internet coarse revenue and business solicitation,qCommunicating with supervisors in other states and countries and sharing of information on licensed or problem insurers or intermediaries,qProviding time-tested information to insurers about agents or brokers they wish to engage in labor and delivery of insurance contracts. McAdam (1998) noted that the insurance effort is extremely information-intensive. Insurance providers rely on large quantities of selective information and information to identify, assess, and price risk in the marketplace. The back-office operations of insurance companies are almost all computerized and operate... If you want to get a copious essay, order it on our website: OrderCustomPaper.com

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