TRUST; The Leverage for grooming the insurance industry

Trust plays a pivotal role in shaping the dynamics of the insurance industry, impacting both consumer behavior and insurer practices. This literature review delves into the multifaceted concept of trust within the insurance sector, exploring its influence on claim behavior, pricing, and overall market sustainability. Key areas of investigation include behavioral economics, where trust mitigates irrational biases, and the role of technology in fostering transparency and reducing fraud. Emerging technologies such as blockchain and artificial intelligence offer new avenues for enhancing trust by improving data security and claims processes. By examining these themes, this review highlights the critical importance of trust in reducing transaction costs, addressing moral hazard, and boosting insurance demand. The findings suggest that trust-building strategies can significantly contribute to the growth and efficiency of the insurance market, emphasizing the need for proactive measures to strengthen insurer-customer relationships in both mature and emerging markets.

TRUST; The Leverage for grooming the insurance industry Keywords:

Trust , Insurance , Behavioral Economics , New Technology