AN EVALUATION OF INFORMATION TECHNOLOGY APPLICATIONS IN THE MANAGEMENT OF THE INSURANCE SECTOR A CASE STUDY OF CORNERSTONE INSURANCE PLC.
Abstract
ABSTRACT
This research investigates how the adoption of IT tools has improved efficiency, customer service, data management, and overall performance in the insurance industry, with a focus on Cornerstone Insurance Plc. A descriptive research design was used, and data were collected using structured questionnaires administered to staff and management of Cornerstone Insurance Plc. The data were analyzed using simple percentages and frequency tables. The results showed that although information technology may help communication within a firm or among its various departments, reduce costs for the company by streamlining service delivery, increase accuracy of data processing, barriers existed such as high cost to implement, lack of technical expertise on how to integrate it into an entire organization and threat from cyberspace limit its use. The research findings show that IT can improve operational efficiency and competitiveness if applied successfully; therefore, insurance companies should invest more in upgrading their IT infrastructure, staff training, and cyber-security systems.
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