Influence of Information Technology on Insurance Industry in New Century

The insurance companies are becoming aware that thanks to the business environment which is becoming more and more competitive nowadays, their priority should be the control over the ultimate market. That means holding good relationship with customers. Companies can get feedback of what customers are trying to find by understanding them better, their choices, preferences and what they expect and what they need from company?s product or services offered. The advance in Information Technology offer new ways of managing relationship. In this paper an attempt has been made to give a better understanding with regard to Insurance Industry issues and challenges in this new century, methods to overcome these challenges and Insurance Technology trends transforming the industry in this new era and finally presents conclusions based on the study.