Essence and stages of e-insurance development in Ukraine

Abstract

The digitalization of all economic sectors, Ukraine's path to European integration, and the need for consumers to have fast, remote, and convenient insurance services highlight the relevance of implementing electronic insurance in the insurance market. This paper is dedicated to defining the essence of electronic insurance in the context of the digitalization of the insurance market and exploring the main stages of the development of electronic insurance in Ukraine, which has undergone rapid and technological changes since the first sale of an electronic compulsory civil liability insurance policy in 2018. Legislative and regulatory acts governing the process of electronic insurance have been studied. It has been found that the introduction of the electronic compulsory civil liability insurance policy, and later the electronic Green Card, has had a maximally positive impact on the development of the insurance market as a whole and has become an integral part of its innovative and technological breakthrough. It is emphasized that market participants have received additional technological tools for conducting their activities, which positively affects the development of their business and the insurance market as a whole. The further application of digital technologies, artificial intelligence, implementation of customer-oriented interface solutions, integration of all insurance products, and corresponding legislative groundwork will lead to the gradual increase of the share of electronic insurance in Ukraine, which will positively impact the entire financial market and economy in general. It is proven that the establishment of electronic insurance is an integral part of the development of the digital economy and innovative technologies in all areas of economic activity. E-commerce, electronic document management, 4-5G communication, the relentless shift of consumers to touchscreen phones, the use of technological and convenient mobile applications, the implementation of CRM systems, and various innovative solutions have allowed the provision of insurance services to reach a new level while optimizing costs.