Digital transformation in insurance

The introduction and development of digital technologies has led to a market transformation, which, in turn, requires entrepreneurs to reconsider their business models and realize new business development prospects. Research shows that Russian companies are steadily increasing their digital potential. Digitalization affects financial markets and transforms their individual segments, including the insurance market. Issues of a debatable nature on the use of end-to-end technologies in insurance require clarification and the development of new approaches. Research materials and methods include analysis of the state, problems and prospects for the development of end-to-end technologies in insurance, which necessitated the use of methods of horizontal and vertical analysis, comparison, observation and others. Digitalization for the insurance market is an opportunity for a qualitative breakthrough. The use of new technologies in the digital economy will affect the insurance industry without changing its economic essence. In addition, the digitalization of insurance activity is accompanied by significant innovations that increase the efficiency of the previous one, and the development of new insurance programs within the framework of digitalization in order to transform insurance. The most common end–to-end technologies in insurance are "smart" technology – telematics, artificial intelligence, Big Data and Machine Learning, blockchain and others. The role and directions of using end-to-end technologies in insurance are substantiated. It has been established that insurance is a necessary tool for maintaining the stability of society, changes in the structure of this industry have been identified, which made it possible to make an assumption about the willingness of the population to use these services. The rating assessment of the digital maturity of insurance companies revealed the top five in terms of the digitalization of insurance services. The scientific novelty of the work consists in substantiating the use of end-to-end technologies in insurance in order to increase the efficiency of insurers, minimize risks, reduce transaction costs, increase profits and speed of interaction with the market.

1. O Strategii razvitiya informacionnogo obshchestva v Rossijskoj Federacii na 2017–2030 gody: Ukaz Prezidenta Rossijskoj Federacii ot 09.05.2017 g. No 203 (On the strategy of information society in the Russian Federation in 2017-2030: the law) / Oficial`nyj internet-portal pravovoj informacii. URL: http://publication.pravo.gov.ru/Document/View/0001201705100002 (Accessed: 03.12.2022).

2. Nacional`naya programma «Cifrovaya ekonomika Rossijskoj Federacii» (National programme “Digital economy in the Russian Federation”). URL: https://digital.gov.ru/ru/activity/directions/858/ (Accessed: 03.12.2022).

3. Pakova O. N., Konopleva Yu. A., Deduk A. I. Osobennosti i problemy` realizacii «Industrii 4.0» v sovremennom bankovskom sektore (Features and problems of implementation of “Industry 4.0” in the modern banking sector) // Vestnik Severo-Kavkazskogo federal`nogo universiteta. 2021. No 2 (83). P. 98–106.

4. Oficial`nyj sajt Central`nogo banka Rossijskoj Federacii (Banka Rossii) (The Bank of Russia: the official website). URL: http://www.cbr.ru (Accessed: 03.12.2022).

5. Paradigmy cifrovoj ekonomiki: Tehnologii iskusstvennogo intellekta v finansah i fintehe: monografiya (Paradigms of digital economy: AI in finance and financial technologies) / pod red. M. A. Eskindarova, V. I. Solov`eva. M.: Kogito-Centr, 2019. 325 p.

6. Nacional`naya tehnologicheskaya iniciativa (National technological initiative). URL: https://nti2035.ru/ (Accessed: 03.12.2022).

7. Obzor rynka transportnoj telematiki v Rossii (The review of transport telematics market in Russia). URL: https://www.ey.com/ru_kz/consulting (Accessed: 03.12.2022).

8. Big Data, Machine Learning i Internet of Things v strahovanii: 5 kejsov (Big Data, Machine Learning and Internet of Things in insurance: 5 cases). URL: https://www.bigdataschool.ru/blog/insurance-big-data-iotmachine-learning.html (Accessed: 03.12.2022).

9. Oficial`nyj sajt rejtingovogo agentstva «Ekspert RA» (Rating agency «Ekspert RA»). URL: https://raexpert.ru/ (Accessed: 03.12.2022).

10. Indeks cifrovoj zrelosti strahovyh kompanij (Digital development index of insurance companies) – 2022. URL: https://calmins.com/wp-content/uploads/2022/09/sdi360-strahovye-2022.pdf (Accessed: 03.12.2022).