INSURTACH AS A DRIVER OF INSURANCE DEVELOPMENT
Abstract
The article is devoted to a comprehensive study of InsurTech as a key driver of the transformation of the insurance market in the context of digitalization and globalization of the economy. It reveals the reasons for the emergence of InsurTech, in particular, changing customer expectations, the development of digital technologies, the high complexity of traditional insurance, problems with fraud, the growing need to improve insurance services through the use of innovative technologies to increase their efficiency, accessibility and personalization. Two main approaches to interpreting the essence of InsurTech are substantiated: technological, which focuses on the implementation of digital innovations, and institutional, which considers InsurTech as companies specializing in the integration of these technologies into the insurance sector. The author's definition of InsurTech as an integrated insurance phenomenon that combines the use of innovative technologies and the activities of specialized companies aimed at transforming the insurance market, improving business models, improving customer experience and increasing the efficiency of risk management is proposed. This definition reflects the current state of development of InsurTech as a complex phenomenon, which is simultaneously the result of the introduction of technologies and the activities of institutions aimed at a radical renewal of the insurance business. The main innovative InsurTech solutions are analyzed, including artificial intelligence, blockchain, big data, the Internet of Things, cloud technologies, robotics, etc. A comparative characteristic of these solutions is carried out, which revealed their impact on the efficiency of insurance operations and the quality of services. The types of insurance where the implementation of InsurTech is most appropriate and promising are identified, in particular, health insurance, small business insurance and property insurance, which have a high potential for increasing competitiveness thanks to digital technologies. The study proves that the implementation of InsurTech has great potential for optimizing and developing the insurance market, making it more flexible, accessible and effective for end consumers.
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