Technology pays a tremendous role in the modern insurance
industries. The use of computers, specifically, has allowed changes with regard
to how data is retained and transactions conducted. Computers also link up
branches from anywhere in the world. Communication and information transfer
happens in a matter of moments. These functions make computers an extremely
valuable tool in the insurance industries.
Computers are instrumental to the way the Insurance Company
performs its business. This technology allows Insurance to be able to take
transactions and update accounts in real time. Online Insuring is another
effect of computer technology on the insuring industry; computers allow people
to set up automatic payments from their bank accounts to such places as utility
companies and insurance groups. The insurance industry uses sophisticated
computer software to analyse risk. Automated underwriting systems adjust
premiums and recommend acceptance or denial of risk for a potential client.
With the use of the Internet, insurance companies are able to access
information which will determine whether they accept client or not.
Computers decrease the amount of time needed to perform
complex calculations and allow professionals in this industry to calculate many
formulas at the same time. Computers also increase the efficiency of this
industry by reducing the potential of humans to err and make incorrect
calculations. Computer technology makes this information more easily accessible
and also requires less amount of physical space. Records can be backed up
easily with computer storage.
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