Technology and the Insurance Industry

Cappiello, Antonella

doi:10.1007/978-3-319-74712-5

Cited by 41 publications

(8 citation statements)

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“…According to Nicoletti (2017), distribution channels, user experience, revenue and return possible cooperation, and risk need also to be considered. Cappiello (2018) emphasizes user experience because the customer relationship risks being neglected as a result of digitalization. Additionally, evaluation of other Fintech products can provide guidance for the selection of indicators of InsurTech innovation.…”

Section: Literature Reviewmentioning

confidence: 99%

A framework for the evaluation of InsurTech

Zweifel

2020

Risk Manage Insurance Review

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In recent years, the insurance industry has known rapid development and application of new technologies, leading to the emergence of a large number of innovative products. This constitutes a challenge for stakeholders ranging from consumers, management, investors, and on to regulators, who need to evaluate these so‐called InsurTech innovations. This study applies a modified Delphi method in combination with the Analytical Hierarchy Process of Saaty to first provide the weightings of 42 individual indicators for aggregation to 9 subdimensions, among which degree of innovation, size of potential user base, and delivery of services turn out to be the most important. These subdimensions are in turn aggregated into three main dimensions, (i) management and operations, (ii) level of technology, and (iii) user experience, which are found to have equal weight. In conclusion, this paper proposes a transparent way of evaluating InsurTech innovations that also may provide guidance for their future development.

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Section: Literature Reviewmentioning

confidence: 99%

A framework for the evaluation of InsurTech

Zweifel

2020

Risk Manage Insurance Review

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“…Digitalization, including digitization, digital transformation, digital technology, online insurance, or digitalization of insurance in combinations of urbanization, individualization, and population aging receives much scientific interest in the modern insurance research field (Klapkiv et al, 2018;Bohnert et al, 2019;Łyskawa et al, 2019). Researchers of the insurance field carry different definitions at the semantical level, where one side stands for an interpretation of the expression digitization of insurance that is limited to implementation of Information and Communication technologies into insurance in the context of digitalization processes (Stoeckli, Uebernickel & Brenner, 2016;Cappiello, 2018). This position is partly supported by results of practical analyses illustrating that the main effects of digital transformation in the insurance industry are recognized in divided parts as personal line insurance products, distribution channels, or back-office operations.…”

Section: Introductionmentioning

confidence: 99%

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

Baranauskas

Raišienė

2021

JEECAR

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The expansion of online distribution platforms illustrates how non-life insurance companies are shifting to digital and customized personal line insurance products. This research extends previous investigations on digital insurance transformations and customization trends in the European and Baltic markets. Expert-based evidence on predominant as-is features in existing non-life insurance online platforms and evaluation on a practical spread of 3 capabilities of the Mass Customization concept are key research outcomes. Results reveal that neither the Mass Customization concept and its capabilities nor combinations with digital and personalization solutions are sufficiently widespread. Results of the digitalization evaluation indicate that the level in the Baltic non-life insurance sector is between Satisfied and Rather Good and is equal to the level of service provider’s preparation for digital solutions. However, it is behind the actual needs of end-users. Findings show that standardization is a predominant as-is feature in the Baltic non-life insurance online platforms.

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“…E.g. Cappiello notes the key importance of digital transformation as a strategic development priority while analyzing the role of innovative technologies in increasing the competitiveness of insurance companies [3]. Introduction of digital technology will increase the speed of decision-making in all business processes of the insurer.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Digitalization Risks on the Business Processes of an Insurance Company

Фаизова¹,

Kalayda²,

Malova³

et al. 2020

Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)

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Nowadays digitalization is one of the key drivers of insurance market development in Russia. Introducing InsurTech provides insurance companies with a number of competitive advantages, such as increasing speed of making decisions, opportunities for portfolio expansion, tools for risk assessment and fraud detection. Application of digital technologies helps them to increase effectiveness of business processes. Among all business processes of an insurance company we emphasize the most significant in terms of insurance service provision. Those include the processes of underwriting, conclusion and support of an insurance contract, settlement of an insured event. However, adoption of innovations blurs borders between business processes. The paper discusses InsurTech tools implemented in these business processes, evaluates the effectiveness of their use, identifies the associated risks. The conclusion is made that the risk of unauthorized access or use of personal data is the most significant. Another significant risk is the model risk arising from the imperfection of the models used, insufficient data or its poor quality. In addition to that, the impact of digitalization on the activities of insurance companies and its business processes should not be overestimated. Funding: The reported study was funded by RFBR, project number 20-01-00785.

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Technology and the Insurance Industry

Cited by 41 publications

References 0 publications

A framework for the evaluation of InsurTech

A framework for the evaluation of InsurTech

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

The Impact of Digitalization Risks on the Business Processes of an Insurance Company

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