Mobile Technology and its Influence on Insurance Sector Operations

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THE POTENTIAL IMPACT OF
TECHNOLOGY ON INDUSTRY OR
ACTIVITY
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
PART ONE – RESEARCH.........................................................................................................4
PART TWO – BRAINSTORMING............................................................................................6
PART THREE – REGULATION AND ETHICS.......................................................................8
PART FOUR – DISRUPTION..................................................................................................11
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
In this modern age, technology is transfigured the way the insurance industry manages their tasks
and operating their operational activities. Mobile phone technology is more helpful for the
organization to get benefits from the economic marketplace. There is a different level of
organizations in the insurance industry uses mobile phone technology for the betterment of their
planning process for modernized integration and also helpful for building opportunity for future
enlargement. Different business organizations in the insurance industry use technology to reduce
their cost, unusual expenses and different software helps to manage back-office functions such as
finance and accounts. With the assistance of innovative technology, the human resources
department effectively evaluates their employee's performance by their payroll chart and figure
which is done by various applications. In this assignment discussed the impact of cell phone
technology in insurance industry activities and how they react for managing internal and external
responsibilities. Lawrence Lessig's regulations provide a brief analysis of the impact of
innovative technology on regulation and ethics. It is also identifying the process within the
industry which changes as a result through the influence of mobile phone technology.
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PART ONE – RESEARCH
No matter the size of the insurance industry, mobile phone technology plays a significant role in
managing organizational activities. There is the presence of innovative technology will reducing
cost and generating more profit. It manages various operational activities effectually and gives
support to the organization to replace manpower with enormous machines and effectual
software. Through software and different applications, the industry can formulate some technical
programs to accumulate required information and reduces the redundant work by employees
(Lee et al, 2015).
Mobile technology is the best sources of establishing a communication channel between the
organizational functions and it is more helpful to convey the messages to another person.
Technology permits to proceeds resources through outsourcing and it helps to grab more
benefits. Technology has a supportive structure which helps to manage more operational
activities easily and effectively. Through the use of technology, the insurance industry can
manage their upcoming events. With the help of cell phones technical tools and equipment,
industry easily succeeds the safety and security of the data and information of people and about
resources. It is an indispensable platform for operating business activities in different markets for
the motive of more profit.
 Provides safety and security for people to safe and secure their data and information.
 Various updates and different modification can enhance communication technology
through cell phones and the whole world communication process is based on this wireless
technology.
 With the help of advanced cell phone technology, employees of the company can
increase their performance and productivity level through collecting information about
the daily routine and sources of entertainment which enhance the overall performance of
the industry.
 Through online services and e-commerce, the insurance industry can promote and
advertise their products and services in different channels and, also they can sell their
items through the internet which is more effective sources of revenue.
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The insurance industry is rapidly growing with the support of new advanced mobile phone
technology; it helps to communicate easily and anywhere (Liu et al, 2012). This technology
helps to increase the business of the insurance industry and provides them with drastic
opportunity along with effective support. The insurance industry is using advanced mobile phone
technology for dealing with defending clients and different locations at any time which helps
them solve uncertain issues and help to expand their business for the motive to more profit and
resources. There are various organizations in the insurance industry which uses some their
network to importing and exporting information and it is done through mobile phone (Cummins
et al, 2012).
 Mobile phone reduces the file and documentation work of the insurance industry and
makes it simple through online or through various software.
 It increases work productivity and gives an effective response in the form of managing
hard work for accomplishing organizational activities.
 With the help of data evaluation and monitoring tools insurance industry can make their
forecasted report for future benefits.
 For managing operational activities, it requires various technologies but one of the
essential technologies is mobile phone operating it increases the response of the client
and increase the sales of insurance policies (Eastwood et al., 2017).
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PART TWO – BRAINSTORMING
CUSTOMER SERVICES
Technology helps to identify the opportunities with the help of their tools and techniques.
Different technologies play their performance for accomplishing tasks and different activities
which helps to provide effective customer services to their clients and customers (Schrijver,
2014). Some customer support software and other value able networks are working for the
managing issues and problems arise during the insurance process of customers. Technology
helps to remove various lacking from the process and make it more effective and valuable.
Mobile phone technology provides different customer support applications to solve and ask any
queries at any time, these services are available for 24x7 and indifferent way (Eastwood et al.,
2017).
SIMPLIFYING AND EXPEDITING THE CLAIMS PROCESS
Various applications and different software are working to provide information about the assets
and claim procedure of the customer. With the help of technology, the insurance industry can
able to transfer and share their date anytime anywhere according to the requirements (Schrijver,
2014). With the help of mobile technology, anybody can make their claim from anywhere and
also clear their claim related issues. This mobile technology gives effective responses to other
people to communicate for the query, collaborate for the betterment of the business. Customers
can claim their insurance through mobile phones and other moveable technology like a laptop
and other gadgets. This process reduces the cost, expenses and other efforts of the customer as
well as organization (Schrijver, 2014).
ENHANCE PRODUCTIVITY AND REVENUE OF THE INDUSTRY
Mobile technology works to enhance productivity through applications and software which helps
to make research on the outcome and performance of employee (Cao & Li, 2015). This process
will help to provide effective information about the lacking point in the performance and remove
it for increasing efficiency. In today's generation, various insurance organizations use the mobile
application to promote their products and services. This process enhances the revenue of the
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industry by the increases in sales. Sales and revenue increase constantly by using this
technology. The insurance industry can accomplish its objective and targets by the using of such
mobile technology (Cao & Li, 2015).
INCREASES SALES THROUGH ONLINE SERVICES
In is modernize world, the insurance industry uses different online tactics to attract customers to
buy their insurance policies and services. With the help of mobile technology, they circulate
some attractive advertisement which influences the customers to but their products and services.
With the help of online portals and other application tools (Agnihotri et al, 2012).
DATA-DRIVEN INDUSTRY
With the use of mobile technology, the insurance industry can manage their work online and it
helps save time and cost. For gaining benefits from the help of this technology are rapid
increases. There are various assumptions which help to make an effective response to the process
of managing insurance activities (Schrijver, 2014).
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PART THREE – REGULATION AND ETHICS
INCREASES SALES THROUGH ONLINE SERVICES
The insurance industry is hastily increasing their scope by promoting their authentic and genuine
services through online portals, applications and other software which helps to increase sales and
revenue of all insurance industry. With the help of technology, the industry is getting innovative
ideas which have been applied in the process creatively to make an effectual impression on the
market. The insurance industry works to manages different organizational activities with the help
of this easy and quick response to mobile technology. Form the analysis of effective outcomes
from the usage of this mobile technology boost sales and it helps to generate more and more
business to the companies (Öğüt & Onur Taş, 2012).
Various factors make an impact on the insurance industry along with the positive impact which
is following as:
Dispersal Awareness: It performs to spreading information about the insurance products and
services through the mobile technology and it has been work to provide their product's benefits
to the customers and many more members those who are no aware from such benefits. Insurance
products provide various facilities and these facilities attract the customers and this process has
been done only on their cell phones (Stagnaro, 2017).
Promotion and advertisement
Every industry needs to advertise and promote their products and services, insurance industry
sharing their products and services information by a different mode of technology to the
customer to purchase and get more benefits. There is need to make effective promotional
activities on online or offline, through offline customer are not more attractive but through the
online process, many people can be visit websites to understand the products and its services
(Stagnaro, 2017).
Finding a resourceful market
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With the help of mobile applications and different software, organizations can find their
competent market where they can sell their products and services effectively. Some varieties of
markets have that potential which makes the insurance industry successful and also provides
more sales and revenue in the form of enhancing customer base (Öğüt & Onur Taş, 2012).
Improvement in technical equipment
Some essential technical equipment works manage all these operational activities in this
insurance industry. There are various approaches which have been applied within the
organizations to maintain the work through mobile technology effectually (Stagnaro, 2017).
LAWRENCE LESSIG'S REGULATIONS- PATHETIC DOT THEORY
This theory has been introduced by Lawrence Lessig in 1998; this theory has been mention in
their book Code and Other Laws of Cyberspace. This theory has been describing that this
modern society is moving towards technology and every single decision is based on the
technology which creating dependency on technical equipment and other applications. Lawrence
has been divided into four broad modalities of the regulation (Leiser, 2016).
Figure 1: Pathetic Dot Theory
Source: Karanasiou (2016)
Market: according to this theory, technology is effectively captured whole insurance market and
gives better opportunities to the industry to increase their sales and revenue, through the usage of
mobile applications and other technical resources (Leiser, 2016).
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Law: there are various laws which playing a various role in improving technology and also
allow to introduces different applications for managing insurance activities.
Architecture (Physical/Natural): some online services and various technical issues created in
the firewalls on the internet and their gateways. It helps to remove all such issues very easily and
make it more compatible with future uses (Karanasiou, 2016).
Norms (Social/Ethical): different varieties of norms which reduces the impact of the negative
impact of technology from the insurance industry (Leiser, 2016).
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PART FOUR – DISRUPTION
THE IMPACT OF COMMUNICATION ON INSURANCE INDUSTRY
Communication is the major factor which makes more impact on the insurance industry and it
helps to increase communication within the process. There is a different insurance industry
which constantly trying to improve their communication channels to increase their efficiency and
performance (Rai & Medha, 2013). Through the help of such technology will helps to set up
effective interaction with many people and also helps in managing activities on their define time.
Communication works to manage organizational accusations effectually which provides the
strongest support to the insurance industry (Lock & Seele, 2015). Establishing good
communication with the manufacturer for their products and services are more essential to be
effective for facing competitive challenges. Without communication, any industry is facing
failures to manage their distribution of products and service; today any person can easily buy
different policies from the various insurance organizations with the help of online portals, mobile
applications and through different mediums (Sani, 2012).
Communication manages different roles and responsibility within the industry and allocates
other to accomplish different tasks and activities. With the help of technology, insurance industry
set up an effective and strong communication system which helps to make contact with the
customer and provide them with effective services through online tools. Some different tools are
more helpful for performing technological tasks and activities. Communication is the source for
managing things effectively and also it makes several changes in the traditional communicating
process.
Example: In the insurance industry, the main requirement is to deliver the services to the
customer on their predefined time. ABC insurance organization introduces an effective channel
of communication within the organization to increase performance and efficiency. It establishes
some next-level technologies, software, applications and gadgets in the operational process for
betterment of the insurance industry. ABC ltd provides a unique communication channel to their
people to interact with each other at any time for effectiveness in sales and revenue. This is the
most significant technology for the insurance industry.
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There are various innovative steps taken by insurances industry to enhance sales and revenue for
more profit.
Components would be affected by the change
Communication supports to provide effective changes in the traditional communicating process
which helps to increase the attentiveness in the procedure of the insurance industry. This process
is more helpful in managing organizational activities effectively (Rai & Medha, 2013). There are
various assumptions uses to make communication technology effectually in various departments
of the organization (Lock & Seele, 2015). There are various components which have been
affected by this disrupted change are following as:
Figure 2: Communication
Source: Sani (2012)
The traditional communication process refers to face-to-face integration and meetings, which is
not that effective and also it consumes too much time to arrange meetings and other activities
(Sani, 2012). Communication is done at that time with the help of memo, notes and in
documents. In traditional communication, there is a requirement to manage documentation which
is the proof of the activities but carry all these documents for a long time is not possible in the
insurance industry. In traditional communication, the insurance industry uses telephones
connected with wire and that process is not much affected, it creates various issues and problem
to manage things (Sani, 2012).
After the decades, this insurance industry adopts various technologies for establishing effective
communication in the process which gives new birth to the insurance industry. In this modern
communication process, activities are done on a single phone call which is wire-less and people
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