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Automation of Insurance Industry: Personal Reflection

With the sudden outbreak of Covid-19, different industrial companies have invested in advancing digital platforms and technologies to guarantee the sustainability of their operations. As technological developments accelerate, customer expectations are constantly changing. Through a variety of innovative solutions, an essential change in the insurance industry is, therefore, being encouraged. Insurance has become a customer-friendly industry, thus, insurers need to revise their core IT infrastructure in order to bring speed, facilities, transparency, and personalization into their service. Legacy IT structures represent the greatest challenge to the digital advance of the insurance industry. Not only people are incompatible with modern technology, but they also bring to insurance companies high maintenance costs. Legacy IT modernization, therefore, represents not only a trend but also an imperative for insurers to adopt their services on a digital basis. Thus, I perceive the information included in this educative piece as relevant to enabling the insurance industry to become highly competitive. The filed also guarantees that the companies will become highly resilient during the Covid-19 pandemic.

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I consider the automation of the insurance industry as crucial for its likelihood of reaching an expanded customer cloud. Many insurers have little contact with a significant share of end-users because their business is intermediate in considerable quantities (Skidelsky & Craig, 2020). Moreover, the higher prevalence of interplay between insurance providers and insurers has been hindered by the industry’s slow numeration. The lack of additional contact points for customers has led to fewer chances for insurers to gain insight of the customer’s needs and use insights to tailor products. The whole industry shares a desire to be more consumer-centered and to improve personalized services. However, I believe that investing in the evolving technology will save the cost and ensure that the various companies have contact with their specific customers.

Additionally, the specific research approaches make the piece reliable and valid, with the argument that the findings are comprehensive. Both induction and deduction reasoning options are critical in ensuring that the entrusted research assistants and scholars gather all relevant facts about a topic before making decisions to improve the operations of the various syndicates. Indicative reasoning aims to develop a theory, whereas deductive reasoning intends to evaluate an existing theory, with the enlightened community members perceiving this as the biggest distinction between inductive and inductive logic. Inductive reasoning is shifted from particular observations to widespread assumptions and deductive thinking (Stephens, Dunn & Hayes, 2018). For both progressive and adaptive reasons, I choose to use a mixed methodology approach. I consider one can use both methods because their research questions are meaningful, and they get the results they want by combining the various approaches.

Moreover, the available literature about the topic provided background data for the insurance companies’ workers and scholars to make sound decisions on how to ensure that the industry remains sustainable despite the challenges it faces, including the current Covid-19 pandemic. The purpose of the literature review would be to develop insight and reveal that understanding in the written report of existing debate related to a particular subject or area of study. Other than building your knowledge in this area by conducting literature, you will learn about key concepts, research methods, and test techniques in your field. You will also learn how investigators apply the concepts that they learn in real-world situations. Another great advantage of the reviewed literature is to better understand how study results are discussed and summarized in the specific domain.

Controversially, the comprehensive results found after the successful combination of the two distinct reasoning strategies made me understand the negative impacts associated with automating activities in the insurance industry. For instance, shifting to the use of machines will leave many people unemployed. Moreover, some experts worry about the human worker’s coming obsolescence of recent advances in automation and artificial intelligence. It is so unfortunate that people that lose their jobs end up struggling to access the essential needs and social services needed for their existence. On the other hand, the innovations require qualified personnel to help run the machinery and ensure that they operate efficiently and effectively towards the overall satisfaction of the target customers (Skidelsky & Craig, 2020). Thus, I regard the dissertation to be reliable and valid because of its ability to address the controversies surrounding the use of technology in the insurance industry. This includes any other sector known to contribute to global survival.

In conclusion, I believe that the research document is crucial in enlightening society about the significance of technology in overseeing the success of various businesses. In the insurance industry, team members benefit from increased profit margins despite advancement, putting some of them out of work. Furthermore, the authors acknowledged the importance of innovative ideas in boosting a company’s resilience during the Covid-19 pandemic. Thus, the introduction of high-tech communication equipment during this outbreak will enable the team players to operate remotely to help the health department curb the spread of the virus, making me perceive it as applicable in all industries.

References

Skidelsky, R., & Craig, N. (Eds.). (2020). Work in the future: The automation revolution. New York, NY: Springer Nature.

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Stephens, R. G., Dunn, J. C., & Hayes, B. K. (2018). Are there two processes in reasoning? The dimensionality of inductive and deductive inferences. Psychological Review, 125(2), 218.

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