Study of the Digital Transformation Adoption in the Insurance Sector of Nepal

Title The Impact of Digitalization on the Insurance Value Chain and the
Insurability of Risks (Eling & Lehmann, 2017)

Author Name/Year Martin Eling and Martin Lehmann /2017

Features Discussion of digital technologies implemented in insurance sector

Impact of digitalization on the insurer’s value chain

Benefits The results illustrate four major tasks the industry is facing:

 enhancing the customer experience,

 improving its business processes,

 offering new products, and

 preparing for competition with other industries.

Limitations  Study done based on a dataset of 84 papers and industry

studies

Advantages Advantages include:

1. It allows insurance sector to know the developing

technologies trends in insurance market.

2. It helps to explore the impact of digitalization on insurer's

value chain.

Methods of Research Literature review

Model Used Qualitative Quantitative

Title Impacts of ICT Application on the Insurance Sector (E-Insurance)
(Sapa, et al., 2014)

Author Name/Year Supriya Ganesh Sapa, Sangita Babasaheb Phunde and Madhuri
Ravindra Godbole /2014

Features Benefits of ICTs application in the insurance sector.

Barriers the insurance sector may face in complete ICT application.

Critical look at the level of ICT penetration in the insurance industry.

Benefits Benefits to the Insurer By e-insurance:

Increase of customer loyalty and goodwill as a result of online

services.

Reduce costs of gathering, storing, retrieving, processing, analysing

and transmitting information reduces the administration and
production costs.

Improved internal controls and quality of information.

Limitations  Study is limited to Pune and Ahmednagar City of India.

Advantages Advantages include:

Presents the existing obstacles of ICT-enabled interaction in more

details and helps to take practical steps to setup an efficient
electronic interaction channel with customer.

Shows how e-insurance has progressed in interacting electronically

with its customers

Methods of Research Case Study

Model Used Qualitative

Title The Impact of Digitization on Information System Design - An
Explorative Case Study of Digitization in the Insurance Business
(Schmidt, et al., 2017)

Author Name/Year Rainer Schmidt, Michael Mohring, Florian Bar, and Alfred
Zimmermann /2017

Features Investigation on the influence of digitization on the relationship with

the customer, the design of products and the value creation model
of insurance company.

Benefits Digitization fosters bidirectional value creation by net-work and

lock-in effect on platforms

Limitations  Sample size limited to the financial industry in a European

country

Advantages Advantages include:

Information systems helps to support service lifecycle management

Methods of Research Case Study

Model Used Qualitative

Title Technological innovations in the insurance industry (Kalpkiv &
Kalpkiv, 2017)

Author Name/Year Lyubov Klapkiv, Jurij Klapkiv /2017

Features Overview of the use of technological innovations for the effective

insurance value chain.

SWOT-analysis of the technological innovations

Benefits Benefits of innovation in insurance sector:

Client interaction and channels – personification of forms and

channels for customer relationship.

Flexible and low-cost, error-free and fast claim processing and core
policy management.

Integrate, manage and analyse data from various sources, including

the Internet of Things and telematics.

Limitations  Dependence on the quality of technicians, lack of a clear

state regulation, risks of cyber-attacks .

Advantages Advantages include:

the possibilities of providing insurance services are expanding

effective risk underwriting, decrease of insurance frauds, higher

effectiveness of the claim

Methods of Research Literature review, SWOT-analysis

Model Used Qualitative

Title Digitalization Of Insurance Sector: Issues And Challenges To An
Insurance Advisor (Acharya & Hebbar, 2016)

Author Name/Year Meenakshi Acharya and Dr. C. K. Hebbar /2016

Features The issues and challenges faced by a life insurance advisor due to
digitalization.

Benefits Customers, who got highly customer-centric digital experience in

other fields, also expect the same from insurance.

Still 40% advisors are not updated to digitalization

64% of advisors below 48 prefer digital platform

Combination of direct face-to-face contact and contacting through

e-mail, mobile and social media will give a better impact.

Limitations  Study is limited to 50 life insurance advisors of Mangaluru

city of India.

Advantages Advantages include:

Youth agents are will to go digital, hence planning accordingly

insurance company could gain advantages.

Methods of Research Questionnaire

Model Used Qualitative

Title A case for participatory practices in the digital transformation of
insurance (Persson, et al., 2018)

Author Name/Year Michael Persson, Casandra Grundstrom and Karin Vayrynen

/2018

Features Current digital development practices, based from the perspectives

of participatory design, towards informing marketing research.

The value of user involvement in the design process

Benefits Despite the knowledge of participatory practices among service

developers, it is found that usually customers are involved only at
the end of the project.

Limitations  Study is limited to a Finnish insurance company.

Advantages Involving customers in development and customer experience could

create new models of practice that could successfully facilitate the
digital transformation.

Methods of Research Interviews

Model Used Qualitative

Title Digitalization In Insurance Companies (Lyskawa, et al., 2019)

Author Name/Year Krzysztof Lyskawa , Arleta Kedra , Lyubov Klapkiv, Jurij

Klapkiv /2019

Features The higher invests in technologies could be a factor of insurers’

effectiveness.

Benefits The biggest insurance group in the European Union started spending
more money on software and IT comparing 2017 to 2008.

Shows that insurance companies are more interested in new

technologies.

There is no general regularity between the raising of gross premium

and ICT expenses.

Limitations  Data were collected from notes to financial statements of

top 4 European insurance groups.

 IT expenses and software gross value are only parameters

from financial statements are used for analysis of digital
activity in the insurance company.

Advantages Advantages include:

ICT costs is a consequence of a decision that isn’t directly connected

with insurance inflow

Methods of Research Financial Statements analysis

Model Used Quantitative

Title ICT Application in the Insurance Industry: Its Impact in Customer
Relationship Management (Bazini & Madani, 2015)

Author Name/Year Evelina Bazini and Dr. Filloreta Madani /2015

Features The effects of ICT in customer relationship management in the

insurance industry in Albania.

Adoption of the latest Information Technology advances

Benefits The adoption and use of ICTs in their organization has following
benefits

Improve organizational management.

reduces the cost of running insurance companies

increase productivity

increased number of customer patronage

Limitations  Study is limited to insurance companies in Albania.

Advantages Use of ICT could led to an increase in organizational productivity,

customer relation and reduce operational cost.

Methods of Research survey

Model Used Qualitative

Title The Effect Of ICT On Insurance Industry In Selected Countries
(Salatin, et al., 2014)

Author Name/Year Parvaneh Salatin, Fatemeh Yadollahi and Sahar Eslambolchi

/2014

Features The level of ICT impact on insurance industry of in average income

countries.

Benefits The increment in ICT usage has positive and significant effect on
insurance services of insurance industry.

Limitations  Study is limited to average income countries.

Advantages Electronic insurance provides customers’ access to insurance

services by using safe intermediates and without physical present.

Methods of Research survey

Model Used Qualitative