INSURTECH: TRANSFORMATION OF THE INSURANCE SECTOR OF UKRAINE UNDER THE DIGITAL ECONOMY
Abstract
The article has examined the impact of insurance-specific technologies (InsurTech) on the transformation of Ukraine’s insurance sector under the digital economy. The study has emphasized that the financial market has been experiencing rapid digitalization, which has required insurance companies to adapt their business models and implement innovative technological solutions. InsurTech has been considered as a key driver of innovation that has contributed to the development of new insurance products, digital services, and more efficient approaches to customer interaction. It has been noted that global investment in InsurTech has increased significantly in 2024, reflecting the growing importance of technological innovations for the development and competitiveness of the insurance industry. The article has analyzed examples of Ukrainian InsurTech initiatives, including TrustLife, Finance.ua, Easy Peasy, and Hotline Finance, which have facilitated the development of online insurance platforms and digital distribution channels. In addition, the study has examined fintech-based services implemented by traditional insurance companies, such as mobile applications, electronic insurance contracts, and digital service platforms. Special attention has been paid to key technological tools used in modern insurance activities, particularly artificial intelligence, big data analytics, telematics, blockchain technologies, and digital platforms. These technologies have contributed to improving underwriting processes, enhancing risk assessment accuracy, enabling product personalization, and increasing the overall quality of customer service. The authors have identified challenges to digitalization of Ukraine’s insurance market, including cybersecurity threats, limited investment resources, regulatory constraints, and insufficient workforce digital competencies. The authors have proposed strategic recommendations aimed at supporting the digital transformation of insurers, including investment in process automation and data protection; cooperation with InsurTech startups; improvement of workforce digital skills; expansion of innovative communication channels; increasing access to international reinsurance.
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