MODERN INFORMATION TECHNOLOGIES IN INSURANCE: ANALYSIS OF ADVANTAGES AND DISADVANTAGES

Abstract

The article examines the influence of modern information technologies, in particular artificial intelligence, on the field of insurance. Innovative approaches and digital solutions that are revolutionizing the traditional insurance market are highlighted. The main focus of the article is the use of artificial intelligence and data analytics in the processes of underwriting policies, risk assessment, loss regulation and improving customer interaction. The main types of use of artificial intelligence in the insurance industry are highlighted: risk assessment and pricing; automation of signing policies; settlement of losses; customer service and maintenance; fight against insurance fraud. The characteristics of certain types of use of artificial intelligence in the insurance industry are given. Individualization of insurance policies becomes possible thanks to the analysis of a large amount of data with the help of artificial intelligence algorithms, which contributes to providing a more accurate and adapted approach to the needs of each client. In addition, it was investigated how the use of artificial intelligence improves risk forecasting in the field of insurance. Machine learning allows for data analysis at a level unattainable for humans, which makes the risk assessment process more efficient and objective. The article analyzes the advantages and disadvantages of using artificial intelligence. Perspectives in improving the accuracy of risk assessment, optimizing loss settlement processes and ensuring more effective communication with clients are considered. It is noted that the introduction of information technologies leads to certain difficulties, such as confidentiality and ethical issues, but at the same time creates new opportunities for the development and growth of the insurance market. Important aspects and trends are analyzed in the context of changes in the modern world, which are reflected in the strategic development of the insurance sector. In general, the article aims to raise awareness of the potential opportunities and challenges associated with the use of information technology in insurance, contributing to the further improvement of this important sector of the financial market, taking into account the challenges of modernity and the prospects of the post-war revival of Ukraine.