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Digitalization and Sustainability - Opportunities and Challenges for Insurance Industry

Author

Listed:
  • Jelena Stanković

    (University of Niš - Serbia)

  • Jovica Stanković

    (University of Niš - Serbia)

  • Zoran Tomić

    (University of Niš - Serbia)

Abstract

Digital revolution and demands for sustainability are the most important determinants of the economic development in the last years. Insurance as a risk protection mechanism can support the achievement of many Global Sustainable Development Goals of the United Nations in direct or indirect manner. Decision engines and artificial intelligence support to decision-making allow insurers to propose tailored customer-centric services based on micro-segments and personalized risk profiles. Providing a more adequate set of products insurance creates a financial safety net for women, families and businesses and contributes to poverty alleviation and supports economic growth, innovations and employment. Therefore, the aim of this paper is to present the possibilities of application of information technology in insurance and challenges for its implementation.

Suggested Citation

  • Jelena Stanković & Jovica Stanković & Zoran Tomić, 2020. "Digitalization and Sustainability - Opportunities and Challenges for Insurance Industry," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 2 Year 20, pages 43-57.
    • Handle: RePEc:dat:earchi:y:2020:i:2:p:43-57
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    File URL: http://hdl.handle.net/10610/4348
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    References listed on IDEAS

    as
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    3. Bernardo Nicoletti, 2016. "Innovation in Insurance," Palgrave Studies in Financial Services Technology, in: Digital Insurance, chapter 1, pages 6-46, Palgrave Macmillan.
    4. Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75002, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    digitalization; insurance; sustainability;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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