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TECHNOLOGIES EVOLUTION
activities and products. Fintech products have an impressive impact on insurance. Platforms using
Big Data technologies, artificial intelligence (AI), etc. allow insurers to create new, more profitable
products.
In the field of technologies consumerism creates prerequisites for both insured and insurers
to use mobile devices and services in creating the connection between them. Thus, servicing
customers and solving insurance cases becomes much faster and more efficient for both parties. The
mobile devices have made possible the interaction of the insurer with the client on the principle "at
Insurance companies are adapting to the new challenges of digitalization through using
digital technologies to offer to their customers unique products and services, taking into account
their customers' consumption preferences. Among the most widespread platforms for digitizing
customer connection are P2P platforms. At the same time, while collecting data on each client these
platforms allow insurers to adopt an individual pricing policy towards each and every client. We
can consider that a first degree discrimination is applied (discrimination based on personal
It is important to highlight that in the international practice we could define Lemonade (insurer) as
It is essential to mention that not all the challenges conditioned by the development of
digital technologies are accepted by all insurers. It is highly likely that a certain percentage of
insurers will become potential victims of disruptions in the digital era as it is often the case in
different fields. Technological changes are supported by InsurTech investments, which in 2017
• notify the insurance company or broker, that the insured case occured;
• ask for help or assistance in the event of occurence of the insured case;
• GPS localization of the place where the insured case took place;
• Take and send pictures of damaged goods and so on. product damage;
• performing the evaluation with the help of the video application from the client's smartphone to
the operator's smartphone that is in the office, in order to make a decision regarding the distance
value of transactions in this area have increased from 0.35 to 2.21 billion. USD in 2017. About 60
percent of InsurTech investments were allocated to broaden the value chain of insurance; 30% were
directed to exclude intermediaries. Such investments were made when large insurance companies
became major investors in InsurTech companies. In 2017, approximately 83 percent of the total
number of
InsurTech
transactions were
performed by an
insurer or
reinsurer.
Last but not least, the development of computing technologies, mathematical models and
software applications has allowed the spread of stochastic models, at the expense of deterministic
models. All these elements of economic, technical and financial nature have cumulatively generated
a real improvement of the system of evaluation of the solvency of the insurance companies, offering
the possibility of comparisons between the results of the participating companies in different
In some countries, such as Australia, Singapore, the United Kingdom, with the development
of Insurtechs, regulatory barriers to entry into the insurance market are evident. Also, there is a
reorientation of the successful Insurtech projects from the financing of the risky projects at the early
stage (seed and venture capital) to the financing of perspective research (advanced funding).
want to have access to some functions of the insurance programs of the companies. It is unclear
how insurers react to these customer expectations, but it is clear that those who come up with digital
solutions to these challenges will be more competitive. The most requested is the system of direct
liquidation of the damage, system implemented in some European countries, such as Poland.
We must mention that for a wide integration of digital technologies in insurance, in addition to the
technical possibilities, in some countries, it is necessary to revise the regulatory framework. At the
same time, efficient innovations in the field of insurance are copied by the competitors within 6
months of implementation.
These and other aspects of digitalization in the insurance sector have boosted the sales of
products and services. At the basis of the development of sales of insurance products online is the
Directive of the European Parliament and of the Council of Europe 2016/97 of 20 January 2016 on
insurance distribution (recast) - Insurance Distribution Directive. From the moment of entry into
force, on 23.02.2016, all EU Member States had to bring the normative acts in line with the