• S.R. Pranav Sai
• Rohan Yashraj Gupta
• Satya Sai Mudigonda
• Pallav Kumar Baruah

Enhancing operational efficiency is a key for any business. Insurance business is one such industry where this plays a significant role. Enhancing operational efficiency in insurance is not straightforward owing to the complex underlying business structure and stringent regulation that prevails. One of the ways of enhancing the operational efficiency in an insurance organization is by implementing new technology in the business and seamlessly integrating with the underlying insurance operations involved. Integration of new technology will enhance the other two components of operational efficiency – process and people. Enhancing the speed of the process, reducing errors and solving macro level are achieved with new technology which could not be addressed earlier due to the magnitude and the challenges involved in solving the same. But for implementing new technology in insurance operations, it is very much essential to assess the various challenges and opportunities involved in implementing the same. We propose a methodology to assess the impact of new technology adaptation by analyzing how different levels and operations of an insurance organization is impacted by the implementation of the new technology. This is a scoring mechanism which will give a consolidated score across various operations and levels. Based on the organization’s business structure, risk appetite along with this score, it can decide whether to implement the new technology or not. This work also gives a use case built on the assessment of the implementation of AI and deeplearning models in insurance operations based on the proposed methodology.

Actuarial control cycle, Claims handling, Underwriting, Fraud detection, Pricing, InsurTech

"A proposed method with a use case to facilitate the decision of implementing new technology in insurance organizations to improve operational efficiency", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.1145-1153, June 2019, Available :http://www.jetir.org/papers/JETIR1908D45.pdf

"A proposed method with a use case to facilitate the decision of implementing new technology in insurance organizations to improve operational efficiency", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp1145-1153, June 2019, Available at : http://www.jetir.org/papers/JETIR1908D45.pdf