THE ROLE AND OPPORTUNITIES OF INSURANCE IN ROBOTICS INDUSTRY

Abstract

Purpose: The study examined the role and opportunities of insurance in robotics industry.
 Methodology: The research methodology used in this study was based on a critical literature review of available studies on insurance and robotics industry in different countries across the world. This research method was preferred since it is quite reliable, cost-saving and time-saving as compared to primary research methods. This study relied more on online journals, articles and published work from libraries since they provide easy access to secondary information/data.
 Findings: Generally, the researcher noted that most of the studies failed to explain the role of insurance in the robotics industry but emphasized more on the opportunities of insurance in the robotics industry. The results revealed that the reviewed studies had conceptual and contextual gaps. This is because some studies discussed on a specific line of insurance firm or a different firm other than insurance but has adopted the digital innovations in the robotics industry. While other studies discussed more on the effects or impacts of application of RPA in the insurance firms which is a resultant outcome or benefit but failed to clearly outline the role and opportunities of insurance in the insurance industry.
 Unique Contribution to Theory, Practice and Policy: This study will be of great importance to the management teams in the insurance industry by providing good insights on the available opportunities in the robotics industry that insurance firms can benefit from. On the other hand, policymakers in the insurance sector will be benefit from this study since it explains on the key role that policymakers and insurance regulatory authorities play in the adoption of RPA in the insurance firms. This will help them in implementing better policies that promote technological developments in the insurance sector. Further, the study will also be of academic value to the researchers and scholars by adding more insights to the knowledge base of insurance and robotics industry since its generally still scarce. The identified research gaps from the reviewed studies will also motivate the researchers and scholars to carry out more studies on insurance and robotics industry. Especially on the role of insurance in the robotics industry which stood out as the main research gap in this study.