Impact of Technological Advancements on Life Insurance Policyholder Experience in Kancheepuram District

Abstract

Technological advancements have transformed the life insurance industry, reshaping the policyholder experience through enhanced accessibility, efficiency, and personalization. This study examines the impact of these advancements on life insurance policyholders in the Kancheepuram District of Tamil Nadu. By employing a mixed-methods approach, the research integrates quantitative data collected through surveys of 400 policyholders and qualitative insights derived from interviews with insurance agents and industry experts.
The study investigates key dimensions of the policyholder experience, including service accessibility, customer satisfaction, claims processing, and communication. It explores the role of digital platforms, such as mobile apps and web portals, in streamlining policy management and improving convenience for policyholders. Furthermore, it assesses the influence of emerging technologies, such as artificial intelligence, big data analytics, and block chain, on underwriting, risk assessment, and fraud detection.
Findings reveal a significant increase in customer satisfaction due to the adoption of digital technologies, with policyholders benefiting from faster claims processing, 24/7 access to policy information, and tailored product recommendations. However, the study also highlights challenges, such as the digital divide among rural and urban policyholders, concerns over data security, and the need for greater digital literacy among older policyholders.
The research emphasizes the importance of a balanced approach that leverages technology while maintaining a human touch to address the diverse needs of policyholders. Recommendations include enhancing digital infrastructure in rural areas, conducting awareness programs on digital tools, and implementing robust cyber security measures to build trust among policyholders.
This study contributes to the growing body of literature on the intersection of technology and the insurance industry, offering valuable insights for policymakers, insurance providers, and stakeholders seeking to improve the policyholder experience. By focusing on Kancheepuram District, the study also sheds light on the unique socio-economic dynamics of the region, providing a localized perspective on the broader implications of technological advancements in life insurance.