Peculiarities of the Insurance Market of Ukraine Functioning in Conditions of the Current Digital Transformation

Zavoloka, Yu.; Yefremenko, Andriy; Malashenko, Yu. R.

doi:10.32702/2306-6806.2020.6.102

Cited by 8 publications

(4 citation statements)

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“…The research conducted by N. Mandra and O. Loktionova [3] identified the need to use innovative and intelligent tools in the business processes of insurers, including automation, chatbots, cloud computing, and technologies with elements of artificial intelligence. Other scholars, such as L. Chvertko, T. Kornienko, O. Vinnytska [4], Y. Zavoloka, A. Efremenko, and Y. Malashenko [5], have also contributed significantly to this topic. Among foreign authors, G. Perrott's research [6] is noteworthy for examining the role of InsurTech in the insurance sector and analyzing the potential risks associated with the introduction of innovative technologies in insurance activities.…”

Section: Analysis Of Recent Research and Publicationsmentioning

confidence: 99%

Current trends in insurance market digitalization

Zhuravka,

Medvid,

Zhuravka

2023

VSDU

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The insurance market is currently transforming due to the widespread introduction of digital technologies. Digitalization is a global trend in the modern insurance market, involving the use of the latest technologies to develop innovative insurance products, minimize insurance risks, meet customer needs, and increase the efficiency of insurance activities. This study aims to examine the impact of global digital transformation on the insurance sector and analyze the extent to which digital technologies are utilized in insurance activities. The analysis reveals that both domestic and foreign scholars are increasingly focusing on the integration of digital technologies into the insurance industry. The article explores the current trends in the digitalization of the insurance market and outlines how insurers are utilizing innovative business processes to improve their operations. The penetration of digitalization into the domestic insurance market was assessed, and the presence of digital elements in the top 10 insurance companies of Ukraine was analyzed. The conclusion was drawn that the introduction of innovations has begun to facilitate the interaction of insurers with customers and optimize their processes. The next step was to assess the trends in the development of InsurTech, a component of financial technology. The paper presents a SWOT analysis of InsurTech implementation in the insurance industry, identifying its strengths, weaknesses, opportunities, and threats. It also analyzes the state and dynamics of investments in insurance technology from 2019 to 2023, showing a positive upward trend in global investments every year. The article analyzes the distribution of investments among individual countries, with the United States providing the largest funding. It also examines the innovative developments of InsurTech and their advantages in insurance activities. The main digital trends for the insurance market of Ukraine are suggested in the conclusions of the work.

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Section: Analysis Of Recent Research and Publicationsmentioning

confidence: 99%

Current trends in insurance market digitalization

Zhuravka,

Medvid,

Zhuravka

2023

VSDU

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“…On-line insurance contributes to the entry of the insurance market into a qualitatively new stage of its development. According to the authors [37], both policyholders and insurers receive a positive result in the possibility of online operations in the field of insurance, the advantages will be an increase in sales volumes and, as a result, in an increase in the amount of financial income from the conclusion of insurance policies. The authors [8] have developed a mechanism for digitalization of the financial ombudsman institute, which will help in resolving disputes and preventing them through a special electronic platform of the financial ombudsman, which optimizes the cooperation of consumers of financial services with the ombudsman.…”

Section: Figure 1 Advantages Of Activating the Activity Of The Insura...mentioning

confidence: 99%

Introduction of the ombudsman institute in the insurance market of Ukraine

Allakhverdiyeva¹

2022

UBSRAS

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The insurance industry plays an important role in the economy, contributing to the intermediation and risk-bearing mechanism. At the same time, the insurance industry contributes to socio-economic growth due to accumulated long-term financial resources that can be directly used in the economy. The purpose of the article is to develop recommendations on the possibility of creating an insurance ombudsman institute in Ukraine based on international experience. The set goal determined the solution of the following tasks: to investigate the legal aspects of the activity of the financial ombudsman in different countries and provide their comparative characteristics; to determine the specifics of the implementation in Ukraine of the alternative dispute resolution mechanism on the insurance market; justify the benefits of activating the activity of the insurance ombudsman institute in Ukraine. In the process of carrying out a scientific search, such general scientific methods as: abstract-logical; monographic; comparative; graphic; dialectical method; comparative legal method; structural-functional method. The peculiarities of the functioning of the relevant alternative mechanisms for resolving insurance disputes in different countries, the mechanisms for dealing with customer complaints, and the resolution of disputes with the participation of a professional mediator were studied. It was determined that in world practice, two main models of financial ombudsmen are usually distinguished: British and German. It is substantiated that the introduction of the insurance ombudsman institute in Ukraine as an alternative platform for considering complaints will have advantages for all participants of the insurance market.It has been proven that the activities of such an institution can consider disputes related to settlement of claims, wrongful sale, payment of insurance premiums, legal registration of the policy, delay of settlements, failure to issue insurance documents, etc. Such an insurance ombudsman institution will be responsible for protecting the interests and handling policyholder complaints, and the main purpose of the ombudsman’s activities is to handle policyholder complaints outside the court system in a cost-effective and impartial manner

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“…Ю. Заволока, А. Єфременко та Ю. Малашенко в своїй статті [12] дослідили можливості використання цифрових і інтернет технологій в страховій галузі, які надають нові можливості в страхуванні як для страхувальників, так і для страховиків. На їх переконання, це буде сприяти збільшенню кількості угод.…”

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Вплив Інформаційних Технологій На Розвиток Страхових Послуг

Кучерівська

2024

ПСТ

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У статті досліджується вплив інформаційних технологій на розвиток страхових послуг, акцентуючи на можливостях застосування штучного інтелекту для підвищення конкурентоспроможності страхових підприємств. Сучасні інформаційні технології радикально змінили численні галузі, включаючи страхову сферу. Цей процес трансформації охоплює і позитивні, і можливі негативні впливи на різноманітні аспекти страхової діяльності. У епоху широкомасштабної цифровізації, вплив цифрових технологій на страховий ринок сприяє відкриттю нових можливостей для його розвитку та вдосконалення послуг. Проведений аналіз ключових тенденцій та інновацій, які формують майбутнє страхового ринку, зосереджуючись на перевагах штучного інтелекту, блокчейну, великих даних та інших цифрових інструментів для розробки нових страхових продуктів і покращення внутрішніх процесів. Розглядаються інновації та тенденції, які трансформують страхові послуги, включаючи блокчейн, великі дані та Інтернет речей. Наголошено на потенціалі цих технологій для оптимізації процесів управління ризиками, покращення якості обслуговування клієнтів та розробки нових страхових продуктів. Акцентовано що, активне втручання держави для сприяння цифровим ініціативам у страховій галузі стає вирішальним для прогресу національної економіки. Створення безпечного та ефективного цифрового страхового середовища вимагає злагоджених зусиль усіх заінтересованих сторін, з метою одночасного забезпечення системної стабільності, захисту прав споживачів та заохочення інноваційного розвитку. Результати дослідження підкреслюють значення цифрових інструментів для розвитку сучасних страхових продуктів і послуг, пропонуючи шляхи для зміцнення позицій страховиків на ринку. Тип статті – емпірична.

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Peculiarities of the Insurance Market of Ukraine Functioning in Conditions of the Current Digital Transformation

Cited by 8 publications

References 0 publications

Current trends in insurance market digitalization

Current trends in insurance market digitalization

Introduction of the ombudsman institute in the insurance market of Ukraine

Вплив Інформаційних Технологій На Розвиток Страхових Послуг

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