Key problems and directions of development of digitalization of the insurance market

Abstract

The main problems of the development of digitalization of the insurance market of Ukraine were analyzed. It was argued that the main reasons for the low level of development of the insurance market digitalization are the high cost of appropriate technological upgrades, the lack of professional qualification of employees of insurance companies, the high level of insurance fraud, and the overall low level of confidence in insurance companies. It was substantiated that today the main technological trends in insurance are: chat-bots, Big Data, Blockchain, multi-channel communication, Mobile ID, Bank ID, the creation and maintenance of large information centers, the use of information technology and wireless technology in insurance. It is proved that the positive factors in the development of digitalization of the insurance market are the emergence of the possibility of using new financial instruments in the context of digitalization, the diversity of insurance products, the increase in the share of remote interaction of insurance market participants, the creation of digital insurance infrastructure. The key areas of further development of the digitalization of the insurance market are the development of artificial intelligence and the Internet of Things, Big Data, telematics, as well as protection systems aimed at preventing the implementation of digital threats.