IoT Adoption Challenges and Solutions in Pakistan: A Systematic Literature Review Approach

Abstract

Background: The concept of insurance was born many thousands of years before the birth of Christ (BC). In the second and third millennia BC, merchants from China and Babylon engaged in spreading or sharing risks. In contemporary times, insurance stands as a cornerstone of the economy, yet broadening its reach remains a challenge in developing countries. The fourth wave of the insurance sector revolution in the industrialized world was initiated by the recent emergence of Blockchain, IoT, Big Data, and InsurTech.

Objective: To enhance insurance protection in Pakistan, this analysis explores the challenges associated with remedies for IoT adoption.

Research Methodology: To uncover the themes and elements related to challenges and solutions in adopting IoT within the insurance sector of Pakistan, this research conducted a thorough literature review using the Systematic Literature Review (SLR) approach. Various keywords were utilized to locate relevant material via Google Scholar. The selected studies were assessed according to specific inclusion and exclusion criteria.

Findings:  This document highlighted challenges to the uptake of IoT in the insurance sector of Pakistan, along with possible solutions and viable solutions. The recommendations may assist policymakers in enhancing service provision within the insurance industry.