• Coline Michael Sabu

The insurance sector has historically been sluggish to adopt new technology, digitalization advances have recently upended the sector and changed how insurance companies do business. This empirical study intends to investigate how technology is affecting the insurance sector and evaluate how adopting new technologies might boost organisational performance. It also focuses on the frauds and the false claims reduction that have been made possible with the introduction of the wearables as well as other technological interventions. A thorough literature analysis and a poll of a randomly selected sample population will make up the study's mixed-method methodology. The literature evaluation will evaluate the advantages and difficulties of applying technological solutions, as well as the current research on technology adoption and its effect on the insurance business. Data will be gathered from the random sample population in the survey and also from the industry experts on their opinions of technology adoption, the kinds of technological solutions they have used, and the effects these have had on company performance. The research and the survey anticipates that the implementation of technology has had a substantial influence on the insurance sector, increasing operational effectiveness, customer satisfaction, and financial success. Additionally, the research will point out the main obstacles to technology adoption and offer suggestions for insurance businesses wishing to use technology to their advantage. The findings of this research will add to the expanding body of knowledge on how technology is affecting the insurance sector and give insurance businesses crucial information about how to deal with the possibilities and difficulties posed by digital transformation.

technology, wearables, AI, blockchain, Insurance

"Impact of Technology on Insurance Industry", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 2, page no.d19-d40, February-2023, Available :http://www.jetir.org/papers/JETIR2302303.pdf

"Impact of Technology on Insurance Industry", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 2, page no. ppd19-d40, February-2023, Available at : http://www.jetir.org/papers/JETIR2302303.pdf