Factors Influencing Technological Adoption in the Slovak Insurance Market

Abstract

The global insurance sector has undergone significant transformation due to the widespread integration of digital technologies. E-insurance, which involves the provision of insurance and related financial services through digital platforms, represents a significant advancement in this context. Digital innovation has not only increased profits to insurance companies but also facilitated the development of effective business strategies, enhancing their market share. The objective of this analysis is to uncover the determinants influencing the adoption of innovative technological solutions in the Slovak insurance landscape between 2011 and 2021. Utilizing the Technology-Organization-Environment (TOE) framework, the study categorizes the factors affecting the incorporation of IT in e-insurance into three groups: technological, organizational, and environmental. The findings reveal that the environmental factor exerts the most substantial influence on technological adoption in insurance market. Moreover, the study highlights the ample opportunities for insurance companies in the Slovak market to enhance their position through digitalization. Particularly noteworthy is the positive impact of an insurance company's market share on the likelihood of e-insurance adoption.