Innovative activity of insurance organizations: Course of development

Abstract

Aim. The presented study aims to develop a model for the innovative development of insurance in Russia based on an in-depth analysis of scientific papers, a survey of insurers, and the market situation.Tasks. The authors examine innovative development models in the insurance sector; identify problems affecting the introduction of innovations in the insurance business; analyze channels through which insurers purchase insurance products; test the hypothesis about insurers giving preference to digital channels when choosing insurance depending on age and gender; identify the most popular types of insurance products among insurants; highlight promising innovative approaches in Russian insurance.Methods. This study uses general and private scientific methods, a formal logical approach, and survey of insurers.Results. A model for the innovative development of insurance in Russia is developed based on an in-depth analysis of scientific papers, a survey of insurers, and the market situation. Testing of the hypothesis about the dependence of the choice of insurance channels on age (generation) for different types of insurance indicates that such a dependence exists only for car insurance. The hypothesis about the joint influence of gender and generation on the choice of channels for purchasing insurance policies is not confirmed. According to the survey, the most popular types of policies include car insurance and travel insurance. Conventional insurance remains more popular among respondents than digital insurance.Conclusions. A problem of interaction and communication between the insurer and the insurant is revealed. Digital insurance is not sufficiently developed among Russian insurers. The developed client-oriented model will make it possible to establish long-term relationships between companies and customers. Convenient, functional digital tools will create the prerequisites for the sustainable growth of companies, allowing them to gain important competitive advantages in the market.