Business Finance
contemporary issues confronting the insurance industry by the consumer and or the government

Question Description

his is a research paper that needs to discuss the contemporary issues confronting the insurance industry by the consumer and or the government. This research paper needs to be 10 pages and in APA format.. i also need a works cited page with all the sources listed.

Final Answer

Attached.

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CONTEMPORARY ISSUES CONFRONTING THE INSIRANCE INDUSTRY

Contemporary Issues Confronting the Insurance Industry
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CONTEMPORARY ISSUES CONFRONTING THE INSIRANCE INDUSTRY
Contemporary Issues Confronting the Insurance Industry
The insurance industry has a great history of contributing to the issues concerning individuals
and, businesses and the entire society as a whole. The insurance business has been in being for
quite long now, and it will not be right to claim that it is a young industry. With the passing of
time, several economic factors have changed including fluctuation in various economies all over
the world. In addition to other challenges arising either from the consumers or the government,
the Insurance industry is faced with additional problems to deal with. Some of these challenges
also pose as opportunities to be exploited by this benevolent industry. The current situation of the
insurance industry in various economies across the world can only be interpreted as a significant
storm which is threatening to sweep it away. The insurance industry has to unearth a way of
rising above these challenges to come up with a lasting solution for the various problems that
face it. But before finding solutions to the challenges, it is first essential to understand these
contemporary issues and the directions from which they arise. This article focuses on these
contemporary issues that tend to undermine insurance companies, focusing on those resulting
from the course of the government and the consumers themselves (Salman, 2014).
Before delving into these government and consumer issues facing insurance companies, let us
first look into some general problems which are the mothers of all the other contemporary
challenges. One of these issues is a lack of connectivity of most insurance companies with the
current generation. At such time when technological advancement is taking over almost every
industry in the entire globe, the insurance industry has remained somewhat conservative by
maintaining its traditional methods of operation. These conventional methods cannot be
undermined, they are right of course, and they worked perfectly in the olden days when the
issues of social networking were not under consideration. The current state of technology in the

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CONTEMPORARY ISSUES CONFRONTING THE INSIRANCE INDUSTRY
world, as said by many, has turned the world into a global village, making the sharing of
information very easy through social media. Many people no longer prefer to do things the
manual way. The younger generation especially prefers doing most of their stuff through the
various social networks available undermining the traditional methods; which most insurance
industries have stuck to. There is also a kind of attitude that the younger generation has
developed towards insurance industries that make have great contempt even towards insurance
agents who want to speak with them. Talking to insurance agents, who are probably promoting
their companies, is a problem because the current generation believes that any information they
might be in need of is available on the internet. The most astounding issue is that most insurance
companies still do not sell any of their products online. Most of them only give a list of their
agents who they expect the online users who get access to their sites to contact. This...

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