Role of It in Insurance Sector

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  • Topic: Insurance, Risk, Actuarial science
  • Pages : 18 (4970 words )
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  • Published : October 15, 2009
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IT FOR FINANCIAL SERVICES

Report on

Role of Information Technology (IT) in insurance

Date: August 18, 2009

Abstract

This report investigates the role of information technology in insurance sector and examines that how information technology affects insurance sector. What are insurance and brief history of the insurance and its types and the concept of insurance in Islam? Role of information technology in insurance sector The discussion then focuses on the advantages and disadvantages of Information technology use today in insurance sector and the reasons for insurance. Then it will tells us that how IT helps companies to get competitive advantage in today’s environment It is concluded that further technological advances in insurance sector will continue to improve the efficiency of the companies.

Table of contents

Contents Page no

1. Introduction ……………………………………………………………………………..1 2. Reasons for insurance …………………………………………………………………. .1 3. History of Insurance……………………………………………………………………...2 4. E Insurance ………………………………………………………………………………2 5. The Importance of Insurance……………………………………………………………..2 6. Some Types of insurance ………………………………………………………………...4 • Home Cover ……………………………………………………………………….4 • Travel Sure ………………………………………………………………………...4 • Health Sure ………………………………………………………………………..4 • Auto Cover ………………………………………………………………………..4 7. Insurance companies in Pakistan………………………………………………………...5 8. Concept of insurance in Islam …………………………………………………………...6 • Takaful……………………………………………………………………………..7 • Difference b/w Takaful and insurance…………………………………………......7 9. What is information technology? ......................................................................................8 10. Role of information technology in insurance sector?.........................................................8 11. Importance of information technology in 21st century in insurance sector ….…………...9 • MULTINATIONAL PARTNERSHIPS……………………………………………9 • FASTER DECISION MAKING…………………………………………………...9 • INFORMATION EXPLOSION……………………………………………………9 • EASIER CLAIMS SETTLEMENT ……………………………………………......9 • BANCASSURANCE ………………………………………………………………9 • IMPROVED CUSTOMER SERVICE - THE ULTIMATE AIM:

12. Advantages of information technology in insurance sector……………………………...10 • Easier Information Accessibility ………………………………………………......11 • Electronic Data ………………………………………………………………….....11 • Comparison Shopping  …………………………………………………………......11    • Newer Channels of Distribution …………………………………………………...13 • Packaged Software Solutions ………………………………………………………14 • Technology in Rural Areas …………………………………………………………14 13. Contribution in GDP……………………………………………………………………….14 14. Usage of Insurance due to IT………………………………………………………………14 15. Software use in insurance Industry………………………………………………………. .14 • SAS( Statistical Analysis system)……………………………………………………15

Insurance
Legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life

1. Introduction

Insurance, legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance, called policies, from a variety of insurance organizations. Almost everyone living in modern, industrialized countries buys insurance. For instance, laws in most states require people who own a car to buy insurance before driving it on public roads. Lenders...
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