Adoption of Insurtech Services The Moderating Role of Technology Readiness

Abstract

The advent of digital transformation in the insurance sector has given rise to Insurtech, a blend of newlineinsurance and technology that is reshaping traditional insurance processes. Insurtech leverages newlineadvanced technologies such as artificial intelligence, blockchain, big data analytics, and cloud newlinecomputing to improve customer experience, streamline operations, and offer customized newlineproducts. The innovative technologies like AI, Big data, blockchain, IoT led to the transition of newlinetraditional model to Insurance 4.0 model. This study investigates the adoption of Insurtech in newlineNorth India, a region marked by diverse socio-economic dynamics and evolving consumer newlinepreferences. Specifically, it examines the moderating role of technology readiness an newlineindividual s propensity to use new technologies in shaping the adoption of Insurtech services. newlineTAM was extended incorporating seven factors affecting intention to use Insurtech services. The newlinestudy collected data through structured surveys and interviews with 560 customers across urban newlineareas of North India. The findings highlight key factors influencing Insurtech adoption, including newlineperceived need, trust, social-influence, company initiative and internet usage efficacy. newlineTechnology readiness was found to play a pivotal moderating role, amplifying or dampening the newlineeffect of perceived ease of use and perceived usefulness. The study concludes that while newlineInsurtech holds significant potential for enhancing insurance penetration and accessibility in newlineNorth India, fostering technology readiness through targeted training, awareness programs, and newlinesimplified digital interfaces is crucial for its widespread adoption. This research contributes to newlinethe growing body of literature on digital innovation in the insurance sector by providing a newlineregion-specific perspective on Insurtech adoption. It offers practical recommendations for newlineinsurance companies, technology developers, and regulators seeking to harness the newlinetransformative potential of Insurtech in North India. By emphasizing the importance of newlinetechn