Embracing industry 5.0 in the insurance sector: A human-centric approach to digital transformation and risk management
Keywords:
Competitive Excellence, Digital Transformation Readiness, Environmental Engagement, Human Capital Agility and Innovation, Industry 5.0Abstract
Industry 5.0 centers on expansion and partnership between humans and machines working together. The idea mitigates venture risk, elevates consumer support, and optimizes performance using intelligence-based know-how like AI and ML. The human-centric industry is digitizing as Industry 5.0. Therefore, Industry 5.0 is the future of insurance. The imperative to build stakeholder trust will be further cemented for insurers who have adopted ESG, digital, and workforce agility. This study examined bivariate relationships in Structural Equation Modeling based on survey data. It illustrates how innovation, sustainability, human recharge, and AI together support achieving strategic ambitions and results. This research adds to financial services literature by examining antecedents of risk management effectiveness, strategic performance, and competitive advantage based on environmental engagement, human capital flexibility, innovation, and digital contingency readiness in insurance.
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