THE ROLE AND OPPORTUNITIES OF INSURANCE IN ROBOTICS INDUSTRY
DOI:
https://doi.org/10.47604/ijts.1629Keywords:
Role and Opportunities, Insurance, Robotics IndustryAbstract
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.
Downloads
References
Akkor, D. G., & Ozyukse, S. (2020). The effects of new technologies on the insurance sector: a proposition for underwriting qualifications for the future. Eurasian Journal of Business and Management, 8(1), 36-50.
Benhabib, J., Perla, J., & Tonetti, C. (2021). Reconciling models of diffusion and innovation: A theory of the productivity distribution and technology frontier. Econometrica, 89(5), 2261-2301.
Bertolini, A. (2016). Insurance and risk management for robotic devices: Identifying the problems. Global Jurist, 16(3), 291-314.
Bertolini, A., Salvini, P., Pagliai, T., Morachioli, A., Acerbi, G., Cavallo, F., ... & Dario, P. (2016). On robots and insurance. International Journal of Social Robotics, 8(3), 381-391.
Bohnert, A., Fritzsche, A., & Gregor, S. (2019). Digital agendas in the insurance industry: the importance of comprehensive approaches. The Geneva Papers on Risk and Insurance-Issues and Practice, 44(1), 1-19.
Christoforou, E. G., Avgousti, S., Ramdani, N., Novales, C., & Panayides, A. S. (2020). The upcoming role for nursing and assistive robotics: Opportunities and challenges ahead. Frontiers in Digital Health, 2, 585656.
Dearing, J. W., & Cox, J. G. (2018). Diffusion of innovations theory, principles, and practice. Health affairs, 37(2), 183-190.
Devarajan, Y. (2018). A study of robotic process automation use cases today for tomorrow's business. International Journal of Computer Techniques, 5(6), 12-18.
Doyle Kent, M., & Kopacek, P. (2020, September). Do we need synchronization of the human and robotics to make industry 5.0 a success story?. In The International Symposium for Production Research (pp. 302-311). Springer, Cham.
Dube, C., & Gumbo, V. (2017). Diffusion of innovation and the technology adoption curve: Where are we? The Zimbabwean experience. Business and Management Studies, 3(3), 34-52.
Eric, E., Geuna, A., Guerzoni, M., & Nuccio, M. (2018). Mapping the evolution of the robotics industry: A cross country comparison.
GarcÃa"Avils, J. A. (2020). Diffusion of innovation. The international Encyclopedia of media psychology, 1-8.
Goel, R., & Gupta, P. (2020). Robotics and industry 4.0. In A Roadmap to Industry 4.0: Smart Production, Sharp Business and Sustainable Development (pp. 157-169). Springer, Cham.
Hains, B. J., & Hains, K. D. (2020). Community reaction towards social innovation: A discussion of Rogers' Diffusion of Innovations theory in consideration of community emotional response. J. Int. Agric. Ext. Educ, 27, 34-46.
Hallikainen, P., Bekkhus, R., & Pan, S. L. (2018). How OpusCapita Used Internal RPA Capabilities to Offer Services to Clients. MIS Quarterly Executive, 17(1).
Iqbal, J., Khan, Z. H., & Khalid, A. (2017). Prospects of robotics in food industry. Food Science and Technology, 37, 159-165.
Javaid, M., Haleem, A., Singh, R. P., & Suman, R. (2021). Substantial capabilities of robotics in enhancing industry 4.0 implementation. Cognitive Robotics, 1, 58-75.
Kee, K. F. (2017). Adoption and diffusion. The international encyclopedia of organizational communication, 1, 41-54.
Kirchmer, M., & Franz, P. (2019, July). Value-driven robotic process automation (RPA). In International Symposium on Business Modeling and Software Design (pp. 31-46). Springer, Cham.
Kreps, G. L. (2017). Diffusion theory in integrative approaches. In Oxford Research Encyclopedia of Communication.
Lamberton, C., Brigo, D., & Hoy, D. (2017). Impact of Robotics, RPA and AI on the insurance industry: challenges and opportunities. Journal of Financial Perspectives, 4(1).
Leigh, N. G., & Kraft, B. R. (2018). Emerging robotic regions in the United States: insights for regional economic evolution. Regional Studies, 52(6), 804-815.
Modise, T. (2019). Employee reskilling in the South-African short-term insurance industry with the implementation of automation, robotics and artificial intelligence (Doctoral dissertation, University of Pretoria).
Mulumbi, A. (2021). Effects of digitalization on growth of life insurance firms listed in the Nairobi Securities Exchange in Kenya (Doctoral dissertation, Strathmore University).
Niraula, P., & Kautish, S. (2019). Study of The Digital Transformation Adoption in The Insurance Sector of Nepal. LBEF Research Journal of Science, Technology and Management, 1(1), 43-60.
Pagliarini, L., & Lund, H. H. (2017). The future of Robotics Technology. J. Robotics Netw. Artif. Life, 3(4), 270-273.
Patil, N. S., Kamanavalli, S., Hiregoudar, S., Jadhav, S., Kanakraddi, S., & Hiremath, N. D. (2021, June). Vehicle Insurance Fraud Detection System Using Robotic Process Automation and Machine Learning. In 2021 International Conference on Intelligent Technologies (CONIT) (pp. 1-5). IEEE.
Pillay, C. P., & Njenga, J. K. (2021). Opportunities for Reducing Expenses through Digital Innovation: The Case of an Insurance Company. The African Journal of Information Systems, 13(1), 5.
Pradhananga, P., ElZomor, M., & Santi Kasabdji, G. (2021). Identifying the challenges to adopting robotics in the US construction industry. Journal of Construction Engineering and Management, 147(5), 05021003.
Raynard, M. (2017). Understanding academic e-books through the diffusion of innovations theory as a basis for developing effective marketing and educational strategies. The Journal of Academic Librarianship, 43(1), 82-86.
Tantawi, K. H., Sokolov, A., & Tantawi, O. (2019, December). Advances in industrial robotics: From industry 3.0 automation to industry 4.0 collaboration. In 2019 4th Technology Innovation Management and Engineering Science International Conference (TIMES-iCON) (pp. 1-4). IEEE.
Willcocks, L., Lacity, M., & Craig, A. (2017). Robotic process automation: strategic transformation lever for global business services?. Journal of Information Technology Teaching Cases, 7(1), 17-28.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Dr. Ben Kajwang PhD
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
