INSURANCE MANAGEMENT IN THE FOURTH INDUSTRIAL REVOLUTION

Abstract

The article identifies the content and main factors of the fourth industrial revolution and its impact on such a conservative type of economic activity as insurance. The description of insurance business is given, its specificity, which affects management decisions is defined. Insurance management like other areas will soon be affected by technologies such as the Internet of Things (IoT), Data Science, Connected machines, Artificial Intelligence. The directions of the front and back office of insurance companies, which have radically changed under the influence of digital technologies, have been identified. The affect of modern digital technologies that change and optimize internal business processes in insurance companies is analyzed. The prospect of improving the supervision of the insurance market with the help of digital technologies is outlined. The issue of legal support of insurance market regulation in the field of digitalization is presented. The article focuses on the impossibility of creating digital insurance companies without an office today (although this is a modern global trend). It also describes a situation where the use of Big Data technology and telematics devices will be the basis not only for the analysis of the insurance market, but also in the development of personalized insurance services. The existing programs of this type in car insurance are presented as an example. In the future, artificial intelligence will be used to develop personalized insurance services and insurance logistics. Prospects for the using of blockchain technology to manage insurance transactions are considered, namely: customer identification; deposit of funds; lending from the insurance reserves of housing construction; safe transfer of insurance contracts; storage of personal data about insured persons. The concept of traditional and insurance marketing synergy is formed. In the coming periods, it will provide the best efficiency in the field of insurance services. Areas of insurance business, where the process of implementing insurance services will be carried out for a long time with the help of financial advisers, have been identified. According to open data, an analysis of the manufacturability of the leading companies in the insurance market of Ukraine was conducted. Strengths and weaknesses in the digitalization of Ukrainian insurers have been determined. The directions of further research in the field of digital technologies impact on insurance management are outlined.