ABSTRACT
In the fast-moving era of the Industrial Revolution (Industry 4.0), digitally fueled devices and technologies are paramount for driving innovation and creating values across a myriad of industries. A case in point is - Healthcare Industry. Healthcare insurance companies, hospitals, and other providers around the world are belligerently leveraging digital tools and technologies such as Big Data analytics, Lake, Machine Learning, Artificial Intelligence, Internet of Things (IoT), Natural Language Processing, smart sensors, and the Internet of Things (IoT), for improving the overall quality of care and overall process efficiency and effectiveness. The Healthcare industry has been a center of discussion for embracing Big Data practice across the value chain for the past couple of decades due to the prodigious potential that is concealed in it. With so much abundant information, there have been numerous provocations related to the apiece stage of maneuvering big data that can only be amplified by leveraging high-end computer science results for big data analytics, as mentioned above. Well-organized healthcare ecosystem, analysis, and magnification of big data can influence the course of the game by opening new paths in terms of offering unique yet innovative products and services for the modern age technology-propelled healthcare value chain. This paper emphasizes the impetus of Big Data across the healthcare value chain, which involves the amalgamation of technology, data, and business, yielding better decisions and improving the experience across all touch points. © 2022 IEEE.
ABSTRACT
As the global economy grapples with the advent of novel coronavirus and its variants, the aftermath has left all industries with ongoing uncertainties and incalculable loss of life and livelihood in most countries worldwide. In such unpredictable situations, the insurance industry and governments worldwide have become the prominent source of optimism to sail through the situation. This applies to the insurance industry globally, which is currently in the grip of fear due to the COVID-19 outbreak and anticipating significant economic slowdown and hardship because insurance rides on the back of other Industries. Therefore, to overcome a few of the tenacious roadblocks due to the COVID outbreak, Insurers will be forced to reassess all aspects of their business life cycle and take necessary steps to continue operations with minimum disruption. Precisely, the impact of COVID on General Insurers and Life and Health Insurers varied depending on the lines of business, product lines, and a bouquet of benefits offered by the insurers. The pandemic has taken a hit on new gross written premiums on specific lines of business, such as medical, travel, commercial, and business insurance. Few lines of business such as motor and home have remained muted during the COVID timeframe. However, the claims volumes for personal insurance (e.g., motor) have significantly decreased due to the lockdown and travel restriction;the industry has witnessed the highest claims volumes in life and health compared to the past several decades. They say, "As every dark cloud has a silver lining,” it has given an opportunity to many insurers to develop new products (e.g., Pay Mile Auto insurance) and push toward greater productivity, i.e., digital capability across product range which will result in an elevated position to understand and address to the customer and intermediary self-service (such as Portals) and implicit and explicit needs. Notably, the Insurance industry is likely to lean toward offering personalized yet custom-made products and services, which are sharply focused on preventative care and embracing digitalization across the value chain. Besides enabling scalability and connectivity, insurers are strategically focused on digitizing the core of the business and cloud implementation;automation across the insurance value chain is necessary to compete successfully with new innovative product development or inclusive business models. Around the globe, the insurance industry is continuously putting a deep focus on revitalizing the technology paradigm to grow and strive to achieve cost-effectiveness amid emerging markets, rapidly changing economic conditions and stiff competition from Insurtech. According to industry experts across geographies, growth may be a balanced blend of preventative and protective approaches, with a gamut of new and improved services and products, and insurers are deeply fostering redefining service-oriented strategies and innovative products. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
ABSTRACT
As the global economy grapples with the advent of novel coronavirus and its variants, the aftermath has left all industries with ongoing uncertainties and incalculable loss of life and livelihood in most countries worldwide. In such unpredictable situations, the insurance industry and governments worldwide have become the prominent source of optimism to sail through the situation. This applies to the insurance industry globally, which is currently in the grip of fear due to the COVID-19 outbreak and anticipating significant economic slowdown and hardship because insurance rides on the back of other Industries. Therefore, to overcome a few of the tenacious roadblocks due to the COVID outbreak, Insurers will be forced to reassess all aspects of their business life cycle and take necessary steps to continue operations with minimum disruption. Precisely, the impact of COVID on General Insurers and Life and Health Insurers varied depending on the lines of business, product lines, and a bouquet of benefits offered by the insurers. The pandemic has taken a hit on new gross written premiums on specific lines of business, such as medical, travel, commercial, and business insurance. Few lines of business such as motor and home have remained muted during the COVID timeframe. However, the claims volumes for personal insurance (e.g., motor) have significantly decreased due to the lockdown and travel restriction;the industry has witnessed the highest claims volumes in life and health compared to the past several decades. They say, “As every dark cloud has a silver lining,” it has given an opportunity to many insurers to develop new products (e.g., Pay Mile Auto insurance) and push toward greater productivity, i.e., digital capability across product range which will result in an elevated position to understand and address to the customer and intermediary self-service (such as Portals) and implicit and explicit needs. Notably, the Insurance industry is likely to lean toward offering personalized yet custom-made products and services, which are sharply focused on preventative care and embracing digitalization across the value chain. Besides enabling scalability and connectivity, insurers are strategically focused on digitizing the core of the business and cloud implementation;automation across the insurance value chain is necessary to compete successfully with new innovative product development or inclusive business models. Around the globe, the insurance industry is continuously putting a deep focus on revitalizing the technology paradigm to grow and strive to achieve cost-effectiveness amid emerging markets, rapidly changing economic conditions and stiff competition from Insurtech. According to industry experts across geographies, growth may be a balanced blend of preventative and protective approaches, with a gamut of new and improved services and products, and insurers are deeply fostering redefining service-oriented strategies and innovative products. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
ABSTRACT
In today’s dynamic and hyper-competitive era, knowledge is the backbone of an organization and provides unflagging support in inclusive growth including financial and non-financial terms to the organization. It is essential for organizations including MSME firms to cultivate and nurture knowledge-enriching system within organizations to extract knowledge from external stakeholders, internal stakeholders (like employees), and customers through organization learning ecosystem to understand the essence of past, administer the present, and envision the future roadmap. In recent times, knowledge management practice garners significant attention at leadership level and being considered as strategic initiative in organization which helps in achieving competitive advantage and propel inclusive growth. It also highlights on various factors which are being positively influenced by adopting knowledge management practices in day-to-day operations such as organization’s performance, innovation capability, improve products and services, and job satisfaction. Therefore, organization needs to define a standard practice to acquire, retain, and leverage the knowledge through “knowledge management” initiative constituting creation, acquisition, transfer, storage, and sharing of tacit and external knowledge to reap the benefits across business value chain. To promote the growth of knowledge management in organization’s setting, knowledge management system (KMS) and practice play paramount role with the support of disruptive technologies. Additionally, disruptive technologies arm not only simplify activities to manage knowledge but also enhance experience of the business users. Ubiquitous penetration of disruptive technologies, primarily accelerated by rapid adoption of digital channels (accelerated through COVID), advent of FinTech and InsurTech and adjacencies that many players are getting into with their scale. The small, medium, and micro-sized firms must explore digital technologies to improve customer experience, time to market and reduce costs by honing organizational knowledge. Also, they had to find additional dollars to invest in Next-Gen Technologies-led platforms including Cloud, API, Agile, DevOps, AI/ML, intelligent automation to stay relevant for their customers. Precisely in MSME context, knowledge management is one of the most important factors to secure sustainable growth, create unique offerings (products and services), accelerate business performance and attain inclusive growth. Whether MSME firms are ready to take up the challenge to marry existing knowledge management system and practice with new age disruptive technologies to secure first mover advantage and set an example to Industry and nation for radical growth? © 2022, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.