How Digitalization Can Help Manage Risks in Insurance Sector

6 Pages Posted: 22 Jul 2021

See all articles by Sonjai Kumar

Sonjai Kumar

Fortune Institute of International Business

Date Written: July 19, 2021

Abstract

Digitalization such as big data, artificial intelligence, the internet of things, cloud computing, and Blockchain is an enabler in the insurance sector. The key areas from where some of the risks in the insurance sector arise are customers, claims, cross-selling, churning, mis-selling, fraud, etc. Such areas often lead to the cropping up of operational risks. Digitalization helps in managing such risks.

Keywords: Risk Management, Risk Mitigation, Enterprise Risk Management, Operational Risk, Risk Culture, Insurance

JEL Classification: G10, G20. G21, G22, G23,G24,G25,G26,G27,G28,G29

Suggested Citation

Kumar, Sonjai, How Digitalization Can Help Manage Risks in Insurance Sector (July 19, 2021). Available at SSRN: https://ssrn.com/abstract=3889553 or http://dx.doi.org/10.2139/ssrn.3889553

Sonjai Kumar (Contact Author)

Fortune Institute of International Business ( email )

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New Delhi, DE 110031
India
9810389622 (Phone)

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