Networks and Innovations in Modern Insurance Business

Abstract

The presented study examines such important modern trends in the development of the insurance business as mutual liability insurance with a network organization of participants and an innovative combination of insurance and charitable activities. Aim. The study aims to analyze some recent trends in the insurance business and to make substantiated proposals on their implementation in the form of mutual (non-commercial) insurance. Tasks. The authors examine the international experience of mutual insurance and identify innovative directions; substantiate prerequisites for the creation of new professional liability insurance societies based on the principles of mutual insurance; consider a practical example of a successful combination of insurance and charitable activities; forecast the prospects of using modern information technologies and network models in insurance and provide recommendations for further scientific and practical research. Methods . This study uses analysis of public information and subsequent synthesis of new knowledge in the form of expert proposals and forecasts. During the study, the authors examine scientific publications on insurance, federal law, international information on mutual insurance, and data from an innovative startup website. Results . The basic principles, advantages, and drawbacks of mutual insurance are described, and its role and significance in the international insurance market are shown. It is established that mutual insurance is most promising for a number of areas of liability insurance - primarily those focusing on the professional commonality of participants (members of a mutual society). The authors propose using information technologies to unite potential participants and organize the actual activities of modern mutual societies for the purpose of insurance against professional liability risks. Indicators and a general business model of an existing innovative insurance startup are provided. Conclusions . The emergence and successful operation of an innovative insurance startup has empirically set new promising trends in the insurance business, particularly in mutual insurance. As nonprofit insurance organizations develop in the future, they will be able to use modern information technologies and innovative ways of organizing insurance business. It is reasonable to propose promising directions for further scientific and practical research, including interdisciplinary research.