IMPACT OF MODERN TECHNOLOGY

How can modern technology be used in a company in order to help it be sucessful?

How can modern technology be used in a company in order to help it be sucessful?

Introduction

Insurance is the presumed protection against a possible loss in exchange for a predetermined fee, which assumes a fee low enough to make the purchase of insurance attractive to the purchaser, but still generating a profit for the company supplying the coverage. Insurance coverage ranges from the mundane (car, life, flood, health) to the exotic (singer's voice, athlete's arms, weather on a certain day). Both parties to an insurance transaction must be amenable to the cost of the coverage.(Goldman, 2006)

Research Discussion

Like all other fields, the insurance sector has also witnessed an onslaught of technology. Companies can set up not only paperless but people less branches that would handle the whole insurance operation. Insurance businesses are now looking forward to new and varied concepts in technology that gives a marked advantage to software companies. Many insurance agencies using technology to expand their business operations and increase the effectiveness have also shown a remarkable business growth. Let us first understand how expertise helps insurance companies towards their "Paperless" is synonymous with digital imaging. It involves scanning and storage of pages and photos, and integrates them into a computer filing system. Once the domain of wealthy large-scale corporations, digital imaging today hasfound place with small firms as well. Take the case of Cortes & Hay. For the last 30 years as their business increased so did the mountains of paper. Their basement contained rows of filing cabinets. Not only did they have to store the years' of paperwork but also have access to them when situation demanded.

Over the past decade, expertise has changed the face of most businesses, advancing communications, managing data more effectively and changing expectations of customer service. The insurance industry is no exception. Insurance companies, brokers and agents use expertise to better manage their portfolio of accounts, analyze the cost of their policies and settle claims faster and more efficiently.

 

Rate Analysis

Insurance rates have always been based on an analysis of the factors that cause an insurance claim. Using information about the insured, or the characteristics of a risk location, actuaries form that information against their loss know-how to recognise trends. These trends are used to set insurance rates based on the prospect of a certain policyholder experiencing a claim. Technology allows insurance actuaries to form possibilities at a much more granular grade, using an unlimited number of variables. (Goldman, 2006)

 

Insurance to Value

One of the most widespread mistakes made by both insured and insurance companies is under-insuring a risk. Too often, awareness of this difficulty occurs only after a claim if filed. New valuation tools tap into information gathered from contractors, retailers and trades to set benchmark replacement costs for construction supplies and personal house based on the address of the risk. This information is blended with factors such as the square footage of the house to ...