The influence of technology on the insurance industry
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The influence of technology on the insurance industry
Description/Paper Instructions
The insurance industry has been significantly impacted by technology in recent years, with advances in data analysis, automation, and communication transforming the way insurance is purchased, managed, and delivered. In this sense, technology has influenced the insurance industry in several ways.
One of the biggest influences has been in the area of customer engagement. The rise of digital channels has made it easier for customers to research and purchase insurance policies, as well as to manage their policies and make claims. Customers are increasingly able to use online tools to compare insurance options, get quotes, and purchase policies, which has led to a more efficient and convenient purchasing process. Additionally, mobile apps and online portals have made it easier for customers to manage their policies and make claims, with real-time updates and streamlined processes reducing the time and effort required to manage their insurance needs.
Another area in which technology has influenced the insurance industry is data analysis. The vast amounts of data generated by insurance policies and claims is being used to develop more accurate pricing models and underwriting processes, as well as to identify fraud and improve risk management. Insurers are using big data analytics and machine learning algorithms to analyze data on policyholder behavior, claims patterns, and other factors, which is helping to improve their understanding of risk and enabling them to offer more tailored and cost-effective insurance products.
Technology has also influenced the insurance industry through automation. The use of robotic process automation (RPA) and artificial intelligence (AI) has led to significant improvements in the efficiency of insurance operations, reducing the time and effort required to manage policies and claims. For example, automated underwriting systems can quickly assess risk and generate pricing models, while automated claims systems can help to reduce the time required to process claims and provide faster and more accurate payments to policyholders.
The insurance industry is also leveraging technology to improve customer service. For example, the use of chatbots and virtual assistants is helping to provide customers with fast and convenient support, reducing the time required to answer questions and resolve issues. Additionally, the use of telematics and wearable devices is enabling insurers to offer usage-based insurance policies, which provide customers with more accurate and cost-effective coverage based on their driving patterns and other behaviors.
Finally, technology is also having a significant impact on the insurance industry through blockchain technology. The use of blockchain is enabling insurers to develop secure and transparent insurance networks, improving the efficiency and reliability of policy management and claims processing. By enabling real-time data sharing and tracking, blockchain is helping to reduce the time and effort required to manage insurance operations and improving the accuracy of policy and claims data.
In conclusion, technology has had a profound impact on the insurance industry, influencing the way policies are purchased, managed, and delivered. From improved customer engagement and data analysis, to automation and improved customer service, technology is helping to drive innovation and improve the efficiency and effectiveness of the insurance industry. As technology continues to evolve, it is likely that these trends will continue, driving further changes in the way insurance is provided and experienced.
The influence of technology on the insurance industry
RUBRIC
QUALITY OF RESPONSE |
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POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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