Life Insurance Transmission through the Digital World: Harnessing Innovation Value

Abstract

The overwhelming nature of technological innovations is altering the landscape of every form of business including life insurance. The resultant effects of technological change are causing the entire value chain to undergo transformation across business functions, from product development to distribution and communication to customer service. The impact of contemporary innovations brought in by technology in the domain of life insurance is immense. However, technological innovations are known to upend the business model, thereby requiring a proper framework to assess their impact, complexity and other repercussions before deployment. Although, life insurers are known for employing technology as an enabling factor, in the current situation the overarching character of innovations needs to have a regulatory sandbox mechanism so that the careful iterations protect the customer interest and enterprise value in the life insurance sector. Secondly, to develop an approach that fulfills the aspirations of the technology providers and the insurance community as a whole, and lastly to employ the innovation process as a catalyst for furthering life insurance intermediation.