The Impact of Emerging Technologies on Risk Management Strategies in the Insurance Sector

Abstract

This study aims to explore the influence of emerging technologies on risk management strategies within the insurance industry, focusing on the adoption, integration, and challenges associated with these technologies. A qualitative research design was adopted, utilizing semi-structured interviews with senior managers and technical experts from various insurance companies. Data analysis was conducted through thematic analysis, identifying main themes and concepts related to the impact of emerging technologies. The study identified four main themes: the influence of emerging technologies, risk management strategies, challenges and opportunities, and regulatory changes. Emerging technologies like blockchain and artificial intelligence were found to improve transparency, reduce fraud, and enhance operational efficiency. Challenges include the insurability of cyber risks and integrating new technologies within existing systems. Emerging technologies present both significant opportunities and challenges for the insurance industry. While they offer the potential to revolutionize risk management practices, their effective integration requires careful consideration of legal, technical, and organizational factors.