INNOVATIVE FINANCIAL TECHNOLOGIES FOR THE INSURANCE SECTOR
Abstract
The purpose of this article is to examine the impact of technological innovations, particularly InsurTech and FinTech, on the transformation of the insurance market in Ukraine. The article aims to analyse the main trends in the development of digital technologies in the insurance industry, study their impact on the efficiency of insurance companies, and identify the challenges and opportunities they create for the insurance sector. The article analyses the impact of technological innovations on the development of the insurance market, in particular through the integration of FinTech and InsurTech. It examines how modern technologies, such as online insurance, cloud technologies, chatbots and business process automation, are transforming traditional models of insurance sales, providing simplified access to products and services for consumers. Particular attention is paid to categories of InsurTech companies, such as D2C and B2B, as well as their impact on the market, in particular through the application of the latest technologies to optimise the activities of insurers and improve the customer experience. The article discusses the importance of government regulation to ensure transparency in the insurance market, as well as the need to improve the regulatory framework to stimulate the development of this sector. It analyses the challenges faced by Ukrainian insurance companies, including low financial literacy, unstable legislation and insufficient digitalisation in the regions. The opportunities provided by large technology companies such as Apple and Google in integrating their ecosystems into the insurance industry are highlighted separately. The adaptation of insurance products to the conditions of martial law and the need to develop new products that meet the current needs of consumers are also considered. Key measures that will contribute to the stable development of the insurance market in Ukraine are identified, including improving the financial literacy of the population and integrating advanced technologies into insurance activities.
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