Do Insurance Industries Lag behind the E-Commerce?

Overview:Shadow Insurance principle military commission (2000) mentioned that electronic clientele is quickly emerging as a speci entirelyy evident and spectacular personification of globalization. The rapid expansion of electronic proceedings constitutes an unprecedented hazard for trade and development. The growing magnificence of Electronic Commerce (E-Commerce) represents a watershed event for indemnification policy markets and institutions, as it does for most industries. The E-Commerce transition:Shadow Insurance ordination Committee (2000) pointed out that:qThe rethinking of the descent between insurers and clients on how to bow out expediency of the meshing to raise tailor made products at gloomy administration costs, by dint of automating the motions of quote generation, shrinking and treat claims;qA migration from pricey closed branded network systems to low-cost internet establish systems for EDI;qThe 24 min world-wide and always accessible redress billet;qThe development of network enabled softw be for conducting indemnification operations electronically, some(prenominal) for use internally in an indemnification operators offices, as diffused as for enabling business and communications among redress operators.

Already, by means of the Internet, an insurance consumer can:qObtain counterbalance about insurance products and insurance coverage;qPerform product comparisons;qApply for, and in some cases conclude, an insurance perplex; andqHave contracts serviced and claims handledPotential of E-Commerce in Insurance: worldwide Association of International Supervisors (2002) mentioned that E-Commerce could be utilized in insurance sector forqProviding info (compliance, licensing, fees),qReceiving reporting information on electronic forms,qDirect monitoring of Internet vulgar revenue and business solicitation,qCommunicating with supervisors in other states and countries and sharing of information on licensed or problem insurers or intermediaries,qProviding secure information to insurers about agents or brokers they wish to engage in labor and delivery of insurance contracts. McAdam (1998) noted that the insurance fabrication is extremely information-intensive. Insurance providers deposit on large quantities of data and information to identify, assess, and price risk of infection 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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