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Adoption of IoT in insurance sector of Bangladesh

Author

Listed:
  • Maryam Saeed

    (UMT, Lahore – Department of Islamic Banking & Finance)

  • Noman Arshed

    (Sunway University – Department of Economics)

Abstract

Background: The idea of insurance was discovered several millennia before Christ (BC). In the second and third millennia BC, traders from China and Babylonia practiced shifting or dispersing risks. Today, insurance is the foundation of the economy, but expanding its penetration is difficult in emerging nations. The fourth insurance industry revolution in the developed world was sparked by the recent advent of IoT, Big Data, and InsurTech. Objective: To boost insurance coverage in Bangladesh, this study examines the problems with and potential solutions to IoT. Research Methodology: To identify the themes and factors pertaining to problems and solutions in implementing IoT in Bangladesh’s insurance business, this study used a systematic literature review. To find pertinent material from Google Scholar, several keywords were employed. The filtered studies were examined based on inclusion and exclusion standards. Findings: This report outlined many obstacles to IoT adoption in the Bangladesh’s insurance sector as well as potential remedies. The proposals could help policymakers improve the insurance industry service delivery.

Suggested Citation

  • Maryam Saeed & Noman Arshed, 2025. "Adoption of IoT in insurance sector of Bangladesh," Journal of Islamic Banking, Economics and Policy, Islamic Finance Review Ltd, vol. 2(1), pages 31-42, December.
    • Handle: RePEc:epz:jibepj:v:2:y:2025:i:1:p:31-42
    DOI: 10.63740/j6wxty53
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    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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