Factors influencing the adoption of technologies in the insurance industry: A Thanachart insurance study

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Project Title: Factors influencing the adoption of technologies in the insurance industry: A Thanachart insurance study
Author: Ahaiwe Ikenna Joshua
Advisor: Dr. Tanakorn Limsarun
Degree: Master of Business Administration
Major: General Management
Faculty: Graduate Schools
Academic year: 2018

Citation

Joshua, Ahaiwe Ikenna. (2018). Factors influencing the adoption of technologies in the insurance industry: A Thanachart insurance study. (Independent study, Master of Business Administration). Bangkok: Siam University.


Abstract

This study aim to observe factors that influence the adoption of technology in the Insurance Industry using the example of Thanachart Insurance Public Company Limited (“TNI”). As a case study, the hypotheses was comprised of five elements; namely customer behavior, management strategy, technological trends, regulatory agencies, and environmental concerns which could influence technological adoption. Direct interviews of top management officials at Thanachart Insurance plc. used a semi-structured questionnaire, and used content analysis in analyzing the data. The results from the data analysis established the preeminence and importance of management strategy/leadership styles and regulatory decisions partially supported the importance of customer behavior and technological trends; while environmental concerns ranked lowest among the factors that influenced technological adoption. Given the sample size of the population and the singular focus on a specific insurance firm, further research is required to unveil the commonality of the factors in this study across the board, using at least five insurance industries. In particular, future research might exclusively focus on the role of customer behavior in technological adoption by these firms.

The result of this study established the significant role management plays in the success or failure of a project; therefore, the suggestion to insurance firms seeking to adopt technologies primarily would be to focus on committed and transformation-driven leadership. Also, environmental concerns should take a more prominent role in the final decision on what technologies to adopt given the current climatic concerns.

 

Keywords:  Insurance, Thanachart Insurance, technological adoption, business process.


Factors influencing the adoption of technologies in the insurance industry: A Thanachart insurance study

International Master in Business Administration (IMBA), Siam University, Bangkok, Thailand

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