Digitalization of the Insurance Market: Tasks, Problems and Prospects

Abstract

The subject of the research is the impact of digital technologies on the insurance market in terms of internetization, digitalization and individualization of the insurance business. The purpose of the research was to analyze the digital insurance concept and the process of digitalization of the insurance market based on the Russian and foreign insurers’ practices in the promotion of digital technologies, including the use of general scientific approaches and research methods. Among the results of the research were the definitions of the «digital insurance» and «digitalization of insurance activities» concepts as well as the formulation of problems and prospects for further use of digital technologies in the insurance market. The paper concludes that the introduction of new technologies in the digital economy will influence the insurance technology without changing its economic substance. Moreover, the digitalization of insurance activities will be followed by significant innovations improving the effectiveness of the former, development of new insurance programs, convergence of commercial and mutual insurance and things alike.