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Platforms for Insurance 4.0

In: Insurance 4.0

Author

Listed:
  • Bernardo Nicoletti

    (Temple University)

Abstract

Insurance 4.0 platforms are strategic components to support organizational efficiency, effectiveness, profitability, and to create new business models, products, and services. The use of innovative digital platforms in insurance 4.0 can yield several benefits. They support the daily business and administrative tasks, aid to take complex decision-making, and help in managing processes. The real objective of the platforms is to free insurance organizations from operational tasks and support their focus on strategic decisions and activities. The leading platforms at the basis of insurance 4.0 are the internet of things, with black boxes and similar, the cognitive insurance, with its essential components of big data analytics, artificial intelligence, and RPA—robotic process automation. Blockchain, smart contracts, and mobileTechnologiesnetworkmobility, mobile can play essential roles in the insurance 4.0 transformation. This chapter confirms that to implement insurance 4.0, it is necessary to digitize insurance processes heavily. There might be challenges in this respect in current cultures, procedures, processes, capacities, and capabilities.

Suggested Citation

  • Bernardo Nicoletti, 2021. "Platforms for Insurance 4.0," Palgrave Studies in Financial Services Technology, in: Insurance 4.0, chapter 0, pages 173-259, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-030-58426-9_8
    DOI: 10.1007/978-3-030-58426-9_8
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