Introduction of digital innovations as a factor in the development and modernization of the insurance market

Abstract

Aim. The presented study aims to investigate major problems associated with the introduction of digital innovations in the insurance industry; to determine the role and prospects for the development of digitalization in insurance; to systematize information technologies and prioritize the ones that best meet the strategic goals of insurers.Tasks. The authors explore the development stages of digital innovations in the insurance sector; identify factors affecting the improvement of insurance business management; assess and substantiate the need to introduce innovative digital products in insurance.Methodology. This study uses general and private scientific methods, as well as formal and logical approaches to analyze the contemporary insurance sector and to identify major directions for the development of digital innovations in the insurance business.Results. Factors affecting the improvement of insurance business management are identified. Information technologies and tools are systematized and the ones that best meet the strategic goals of insurers are prioritized.Conclusions. Considering the current economic situation and fierce competition, it is the right time for insurance companies to improve the quality, speed, and breadth of innovation. Today, a customer-oriented, personalized approach to the consumer is very important as it makes it possible to retain existing policyholders and attract new ones. Companies need to make the most of the opportunities offered by new digital tools and technologies to reach a new level of interaction with customers. The proposed steps to improve innovation will help to plan and implement innovative projects more efficiently.