World Insurance Market Development Under Digitalization
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2016, Vol 5, Issue 182
Abstract
The role of digitalization in the insurance market development was studied. It was found that digitalization served as a catalyst for the development of the insurance market and encouraged insurers to implement innovations. The benefits of using digital technologies for insurance business were determined. They are the development of new channels of promoting of insurance services; reducing the share of manual labor and automatisation of management of all business processes; reducing the time of operations, including such operation as settlement of claims; the ability to work with big data; cost reduction; improving of service; improving and increasing the quality of insurance services; attempt to gain customer loyalty; improving safety of insurance operations; organization of effective customer feedback. The features of digitalization of insurance markets in foreign countries were investigated. It was found that digital-insurance was an integral part of business processes of leaders of the insurance market and it was necessary condition for their competitive position in the insurance market. Thus, it was found that nonlife insurance companies had a greater level of digitalization than life insurance companies. The major trends of the global insurance market development under digitalization were discovered and analyzed. They are the growing of role of the Internet; development of mutual insurance; the spread of the Internet of things; enhancing of the role of social media; development of telematics; the increasing of the role of cloud platforms; using of technology "Big data"; enhancing of the role of mobile gaming and video technology. The key benchmarks of insurance companies in modern conditions were determined. They should be customer-oriented and include formation of a new kind of customer service; development of new insurance products and improving existing products; development of new sales channels and improvement of existing ones; formation of digital-skilled personnel; optimization of processes; costs reduction.
Authors and Affiliations
Tatiana Motashko
Keywords
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- EP ID EP240372
- DOI 10.17721/1728-2667.2016/182-5/3
- Views 68
- Downloads 0
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