Do Insurance Industries Lag behind the E-Commerce?

Overview:Shadow Insurance decree military commission (2000) mentioned that electronic clientele is quickly emerging as a specially evident and spectacular incarnation of globalization. The rapid expansion of electronic proceedings constitutes an unprecedented opportunity for trade and development. The growing immensity of Electronic Commerce (E-Commerce) represents a watershed event for amends markets and institutions, as it does for most industries. The E-Commerce revolution:Shadow Insurance Regulation Committee (2000) pointed out that:qThe rethinking of the relationship between insurers and clients on how to force expediency of the meshwork to offer tailor made products at gloomy administration costs, by dint of automating the motions of quote generation, shrinking and bear upon claims;qA migration from pricey closed proprietary network systems to low-cost internet establish systems for EDI;qThe 24 hour world-wide and always accessible damages business;qThe devel opment of Internet enabled softw be for conducting restitution operations electronically, some(prenominal) for use internally in an insurance operators offices, as lento as for enabling business and communications among insurance operators.

Already, by the Internet, an insurance consumer can:qObtain discipline about insurance products and insurance coverage;qPerform product comparisons;qApply for, and in some cases conclude, an insurance sire; andqHave contracts serviced and claims handledPotential of E-Commerce in Insurance:International Association of International Supervisors (2002) mentioned that E-Commer ce could be utilized in insurance sector for! qProviding development (compliance, licensing, fees),qReceiving describe information on electronic forms,qDirect monitoring of Internet utter(a) revenue and business solicitation,qCommunicating with supervisors in other states and countries and sharing of information on licensed or problem insurers or intermediaries,qProviding accepted information to insurers about agents or brokers they wish to engage in labor and delivery of insurance contracts. McAdam (1998) noted that the insurance diligence is extremely information-intensive. Insurance providers rely on large quantities of selective information and information to identify, assess, and price risk 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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