Can Adoption of Disruptive Technologies Improve Performance of Insurance Firms in Developing Countries?

Abstract

Purpose: This study aimed at assessing whether adoption of disruptive technologies can improve performance of insurance firms in developing countries.
 Methods: The study adopted a desktop research design. Relevant books references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed materials that were related to technology and the performance of insurance firms.
 Findings: The study found that various aspects of disruptive technologies have a significant impact on performance of insurance firms in developing countries. The findings also revealed that mobile phone technology has contributed to increased customer base and real-time customer service delivery. The study also established that disruptive technologies can enable real-time business evaluation through big data analytics thus boosting overall performance and profitability of insurance firms.
 Conclusion: There exist numerous disruptive technologies such as big data analytics, artificial intelligence systems, cloud computing, digital currency technologies, etc that can be adopted to boost performance of insurance firms in developing countries. Adoption of disruptive technologies can increase operational efficiency, increase customer base and increase competitive advantage.
 Recommendations: Insurance firms in developing countries should adopt disruptive technologies to improve on both financial and non-financial performance. The study recommend insurance firms in developing countries should redefine their operations to pave way for adoption of disruptive technologies. Also, developing countries should mandate their respective insurance regulatory bodies to create a favorable environment for the adoption of disruptive technologies.