The importance of information technology in the insurance industry

Abstract

Information technology has become ever so important in all industries and this dissertation sought to determine the role and importance that information technology has in the insurance industry. The insurance market is an information based market since there is lot of gathering, processing and distribution of information and thus information technology is needed to manage all this information. This study shows the way in which Information Technology can be used within the insurance industry and how it helps companies to be more effective and efficient. The findings from this study helped to determine how and to what extent information technology is used within the Maltese industry. These findings showed that the Maltese market is still lacking behind with regards information technology when compared to other markets. In Malta, not every company is using the same type of system and not every company has invested enough or in the right way to have a good IT system. Apart from this, local companies are still lacking behind in other areas such as e-commerce and other systems which are present in other markets such as the UK but not yet in Malta. iv In the final chapter of the dissertation the conclusions were outlined i.e. that local companies have to try and make use of the improved technology that is available. This is imperative since technology is continuously improving and companies have to keep up with such advancements in order to remain competitive.