DEVELOPMENT OF INSURANCE MARKET DIGITALIZATION OF UKRAINE

Abstract

The article is devoted to topical issues of the functioning and development of the insurance market of Ukraine, which needs drastic changes. This is a consequence of the development of the digital economy and the introduction of innovative technologies into all spheres of economic activity through the expansion of e-commerce, e-business, the use of various mobile applications and platforms that are widely available and provide competitive advantages. It has been proven that modern economic realities, including the innovativeness of the digital economy, shape new needs of insurers and provide insurance companies with the opportunity to develop at the expense of competition. At the same time, it should be noted that the digitalization of insurance activity "lags behind" compared to other areas. Although recently there has been a significant increase in investments in Insuretech – technology companies, the significant increase in efficiency of which is connected with the development of the digital economy. The author emphasizes that in today's conditions, in order to support the stable operation of insurance companies, it is necessary to resolve acute issues regarding the development of new and improvement of existing sales channels for insurance products, the successful use of the existing potential of information and computer technologies and information networks, which will allow expanding the insurance market. World practice shows ways to reduce insurance costs through the introduction of Internet sales policies. It is suggested that insurers actively use such technologies as automation, chatbots, cloud data processing, technologies with elements of artificial intelligence. We share the opinion that digitalization has certain advantages both for clients of insurance companies and for insurers. For the policyholder, the most important thing is the reduction of time and effort, the simplicity and versatility of payment methods for insurance services, the ability to review the status of the insurance contract and change it. For insurance companies, this means a reduction in personnel costs, an increase in opportunities to promote insurance services, an increase in sales of insurance products due to open access to customers, revision of the insurance contract.