Insurance Industry: Role of IT
Over the past two decades information technology has grown in stature within the insurance industry, from a back office account keeper to an all pervasive business enabler, enveloping marketing, claims settlement, reinsurance and investment functions.
With the opening up of the Indian insurance sector local companies are no longer insulated from the changes taking place around the world. The need of the hour is to devise a comprehensive strategy that will help the firms face the challenges of the future.
The financial services industry around the world over is undergoing a major transformation. The regulatory hurdles preventing non-insurance companies from offering insurance products is easing.
The lines of distinction between banks insurance companies and brokerages are getting blurred. The future seems to belong to financial supermarkets that will offer a host of services and products to the consumer.
A case in point is the merger of Citibank and Travelers group. The US government is now debating the a new financial framework for covering the entire financial services sector.
It is expected that the new policy will create financial supermarkets where customers can purchase insurance stock mutual funds mortgages and other financial products
Over the past two decades information technology has grown in stature within the insurance industry, from a back office account keeper to an all pervasive business enabler, enveloping marketing, claims settlement, reinsurance and investment functions.
With the opening up of the Indian insurance sector local companies are no longer insulated from the changes taking place around the world. The need of the hour is to devise a comprehensive strategy that will help the firms face the challenges of the future.
The financial services industry around the world over is undergoing a major transformation. The regulatory hurdles preventing non-insurance companies from offering insurance products is easing.
The lines of distinction between banks insurance companies and brokerages are getting blurred. The future seems to belong to financial supermarkets that will offer a host of services and products to the consumer.
A case in point is the merger of Citibank and Travelers group. The US government is now debating the a new financial framework for covering the entire financial services sector.
It is expected that the new policy will create financial supermarkets where customers can purchase insurance stock mutual funds mortgages and other financial products