Application of customisation and personalisation in digital solutions of the non-life insurance market: a case study of Lithuanian, Latvian and Estonian e-sales platforms

Abstract

The Baltic non-life insurance market has not only continued recording a dynamic premium growth in the past three years but also has shown a significant transition to digital technologies and solutions. Here, the development of customised insurance products and systems, assessment of claims, and creation of personalised customer experience can be considered best practices in the application of theoretical concepts and, accordingly, require continuous studies from a scientific point of view. Therefore, the following research aims to present an as-is status of existing solutions of digital insurance platforms in Baltic countries and to clarify their compatibility with customisation, personalisation, and value co-creation features at the practical product and functional levels. Accordingly, a case-study method following a combination of a descriptive embedded single-case design and the state-of-the-art method was applied in the analysis of the non-life insurance market, its e-channel environment, and platforms of three Baltic countries — Lithuania, Latvia, and Estonia. The multidimensional assessment matrix has been designed to present the results of the case study analysis on the practical product and functional levels. Research results refer to an assumption that ideas and methods of Mass Customisation and Mass Personalisation concepts, as well as their combination with digital solutions, penetrate the analysed part of the non-life insurance market in the Baltic countries and result in a mutually useful outcome for insurance companies and end-users. The paper contributes to further theoretical investigation of digitalisation and digital transformation of the non-life insurance market in the Baltic countries, as well as the development of practical knowledge in combined management and IT solutions application.

Fintech framing financial ecologies: Conceptual and policy-related implications

“…Furthermore, Fintech transcends borders and geographical frontiers, as exemplified by crowdfunding in financial centers accessible to start-ups and growth firms from peripheral locations (Bonini & Capizzi, 2019;Spigel, 2022). However, the ongoing digital transformation of financial services has a strong spatial and multiscalar dimension and takes various forms and outcomes, depending on the socioeconomic and institutional specifics (Leyshon, 2020;Baranauskas, 2021;Coe, 2021).…”

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“…Furthermore, Fintech transcends borders and geographical frontiers, as exemplified by crowdfunding in financial centers accessible to start-ups and growth firms from peripheral locations (Bonini & Capizzi, 2019;. However, the ongoing digital transformation of financial services has a strong spatial and multiscalar dimension and takes various forms and outcomes, depending on the socioeconomic and institutional specifics (Leyshon, 2020;Baranauskas, 2021;Coe, 2021).…”

Expert-based evaluation of digitalization and mass customization in the Baltic non-life insurance online platforms

“…Studies on digital maturity indicate that the current status as-is is considered as a technological breakthrough and a pre-stage towards a full digitalization of the insurance industry (Mustafina, Kaigorodova, Alyakina, Velichko & Zainullina, 2020). Researchers such as Wiesböck et al (2017), Klapkiv, Lyubov and Zarudna (2018), Voronova et al (2018), Zarina et al (2019), and Shubenko (2020) have made analyses of specific insurance value chain parts, for instance, strategic management, claims operations management, sales distribution, and insurance product digitization (Baranauskas, 2021). It is important to note that these researchers are limited by the origin country or region, for instance, Germany, Poland, Ukraine, Latvia, three Baltic countries.…”

“…Bohnert, Fritzsche and Gregor (2019), Łyskawa et al (2019), and El Arif (2020) have selected a more comprehensive focus on digital agendas and their implementation and development. Moreover, financial investments from insurance organizations and possibilities of online distribution in Europe also have been analyzed by the authors mentioned above (Baranauskas, 2021). The analysis of prevailing studies suggests that researchers mostly concentrated on digitalization, information and data, communication technologies and the behavior of insurance end-user researchers.…”