Abstract:
1. Introduction
The Sri Lankan life insurance sector is increasingly adopting advanced
technologies to improve service delivery and customer engagement.
However, growth and penetration remain limited, primarily due to
economic challenges and relatively low levels of technological adoption
(IRCSL Annual Report, 2023). Thus, this study investigates how
technological innovations in marketing, products, and services contribute
to the growth of life insurance firms in Sri Lanka.
2. Research Methodology
The study used a descriptive research approach, and the data were
collected through a structured questionnaire from a sample of 384
respondents across the technology, marketing, sales, and operations
departments of registered life insurance firms in Sri Lanka. A convenience
sampling technique was used, and the data were analyzed using factor and
regression analysis using SPSS to assess the impact of different
technological innovations on organizational growth.
3. Findings and Discussion
Results indicate that technological innovations in services, marketing, and
products significantly enhance the growth of life insurance firms. Service
technological innovation demonstrated the strongest positive impact (B =
0.403, p < 0.01), followed by marketing technological innovation (Beta
0.309, p < 0.01) and product technological innovation (Beta 0.113, p <
0.05). These findings highlight the importance of adopting advanced
technologies to improve market segmentation and customer targeting
within the industry.
4. Conclusion and Implications
The findings emphasize that life insurers’ creative use of technology
enhances their services, online marketing, and market segmentation. These
results will help management and policymakers establish advanced
technologies such as AI, improve digital infrastructure, train employees,
sustainably grow, and increase market penetration in the life insurance
sector.
