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Insurance
Insurance sector deals with laws and agreements between two parties to compensate for financial losses based on the
premium paid by them. Information technology has automated this sector drastically which has proven beneficial to
both the company and the customer. Some of the applications of IT in the field of insurance are listed below:
• Using computers, the insurance companies can easily maintain the database of their customers with the details of
the policies.
• Renewal notices to be sent for the payment of the premium for a large database of customers can easily be done
through computers.
• Front offices equipped with the latest technology will carry out business transactions efficiently and will provide
efficient customer services.
• Policies can be purchased online and payment of the premium made online by the customers easily through the
company’s websites.
• Through the networks all the branches of the company across the globe are interlinked to provide better services
to the customers.
Marketing
Marketing is advertising, buying, selling and delivering of products or services to the customers. Application of IT in
marketing depends completely on the requirements of companies. Some of the common applications are listed below:
• Customer Relationship Management is an important component of marketing. Technology can help keep a track of
customer details, behaviour and preferences for increasing the sale of a product or a service.
• Digital marketing is an emerging technology where an Internet is used to reach the consumers by attracting them
through online promotions, advertisements and marketing.
• Through social media channels, technology helps a company to interact with their customers, talk to them, and
engage for better grasp on customer preferences, their behaviour and purchase trends.
• Marketers use IT to recognise their suppliers, distributors, sponsors, employees, etc., to have a significant impact on
improving productivity.
• E-mails, blogs, social networking sites, etc., can be used to get direct feedback and create a good word of mouth in
the market.
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