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Online Technology- A Faithful Friend for the Life Insurance Industry

International Journal of Banking, Risk and Insurance

Volume 5 Issue 1

Published: 2017
Author(s) Name: G. Balachandar, N. Panchanatham | Author(s) Affiliation:
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Abstract

Life insurance policies insure lives of people and financially support their kin after their demise. Life insurance industry gives direct and indirect job opportunities to many people. The contribution of life insurance business to GDP increases year by year. Life insurance industry in India has faced lot of changes from its inception. In the last one decade, as like other industries, the penetration of information technology has made incredible changes in the life insurance sector. The changes that occurred in life insurance industry are mainly for the benefits of policyholders and development of entire industry. The present paper aims to highlight the importance of Internet, smartphones, computers, its users, web aggregation, and social media network in India. The article also focuses on the prominence of online technology and its effect on the life insurance sector in India. This article attempts to disseminate the level of benefits gained by customers and companies due to the influence of online technology.

Keywords: Digital Insurance, Web Aggregator

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