Finding Trends In Your Profrssion (Insurance Industry) (Research Paper Sample)
Review your tasks. You are to provide a research paper that provides a summary of the three top trends in your industry (with associated NAICS codes). Provide sufficient background for your reader that the trend is clear and supported by resources you have found. Review resources in References and Citations to ensure that you are using "in text" citations to give credit for the ideas of other authors and to build your credibility as a researcher, neither ignoring sources nor quoting excessively
You will develop a paper that accomplishes two objectives:
It will identify the three top trends in your industry and your rationale for your choices based on the resources you found;
It will discuss an issue within one of the trends that you deem important, based on the current state of the industry, and will be supported by your analysis of facts and a well-reasoned conclusion of what it means to the industry.
Start with an outline and flesh out the main themes with supporting statements. This will become your road map to an organized paper. Draft, sleep on it, and edit. Repeat.
Your citations, both "in text" and in References, will be in accordance with the APA Style Manual Sixth Edition. You may also find this sample APA paper helpful.
Your headings will follow this general pattern:
Paper Title (First level position, not bold)
Findings (First level heading, centered, bold)
Top Trends of the _____ Industry (Second level heading, bold, flush left)
An important emerging issue in a trend (and what it means in context to the industry) (Second level heading, bold, flush left)
Conclusions (First level heading, centered, bold)
References (New page, first level position, not bold)
MILESTONE: Many students are asked to resubmit their papers based on incomplete or inaccurate citation formats. This milestone will get you off to a good start with APA citations and enable your instructor to check your trends to make sure that you are off to a good start. By the end of Week 2, submit a shell of your paper with the following elements:
(THIS IS WHAT I NEED FOR TODAY)
a cover sheet in good APA format;
a "template" for your paper that includes the headings;
your opening paragraph that will introduce the industry, the top trends, the issue that you have chosen, and the question that you pose to answer; and,
your draft References page.
Use the APA style guide or APA examples to draft your complete citations. This is an opportunity to get feedback before your project is graded. When you submit your paper template with draft References for review, your instructor will provide feedback to incorporate into your final draft for submission at the end of Week 3.
Trends in the Insurance Industry
Trends in the Insurance Industry
The insurance industry is one of the crucial components of any country’s economy, based on its monetized value, employment and investment opportunities that it offers, as well as the economic and social role it plays in offering coverages for both business and personal risks. In the 21st century, the premiums paid as well as the profits associated with the insurance industry have made it one of the prime economic sectors globally (OECD, 2019). Trends in other sectors have influenced changes in the insurance industry, due to its integration with other economic sectors. For instance, technology has revolutionized many aspects of our lives in the 21st century, from communication to learning environments as well as how business is done today. There have been several trends that are influencing key aspects of the insurance industry, with the adoption of new technologies and transformation of insurance products to more personalized insurance covers (Pain, Tamm, & Turner, 2014). The three top trends that l will focus on include new models and personalized products, cybersecurity issues, and technologies that are changing the face of the insurance industry. The identified issue is the application of Blockchain in the insurance industry and the question posed; How is Blockchain revolutionizing the Insurance Industry?
Top Trends of the Insurance Industry
New Models and Personalized Products
With the increase in competition in the insurance industry, companies have been resorted to alternative measures to gain a competitive advantage. The clients’ demands and preferences are always changing based on the trends and advances experienced in other aspects of life. There has been a shift from the traditional covers to more personalized and customized claims. Based on a study conducted by Gasc, Sandquist, Fanfarillo, and Tyner (2015), approximately 80% of insurance consumers prefer personalized claims. A common practice is grouping clients based on the age brackets, such as family covers, single covers, elderly covers, and adolescents, among others. Such covers are customized based on the needs associated with a certain age bracket.
The 21st-century business environment is characterized by digital disruptions, which has created the need to develop innovative products. The traditional one-size-fits-all strategy is slowly becoming irrelevant as consumers shift to more personalized insurance covers (Plunkett, 2017). In addition, this has led to changes in marketing strategies, as companies shift to more personalized offers and promotional messages. Insurance companies are adopting emerging marketing strategies that enable them to reach consumers more effectively. To survive the competition and other threats such as new entrants, insurance companies need to shift their marketing strategies and products to a more personalized approach. This may require investing in research and technology, which will help them to analyze and understand the changing customer preferences. By understanding their clients, insurance companies can customize offers and services that match their targeted market preferences.
Advancements in technology have led to the emergence of complex and more sophisticated methods utilized by hackers. Cybersecurity has become a major threat in the insurance industry from two major perspectives, as a client and a security provider. The insurance companies are at equal risk as their clients whom they insure from such risks. Since the emergence of hacking in the 1980s, the sector has attracted many individuals, especially in the rise of hacking for financial gains (Holt & Schell, 2013). Insurance companies hold a lot of data...
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