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Digital Transformation of Insurance Sector

Author

Listed:
  • Tonina Yaneva

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

Nowadays the digital revolution is one of the most important determinants of economic development. The penetration of Internet and the dynamically changing business environment confronts the conservative insurance sector with the opportunities and challenges, arising from the need to adapt to the digital economy. The global pandemic COVID-19 has had its impact and accelerated the digitalization process in the lagging insurance sector. The subject of this study are the problems, related to the determination of the nature and features of the digital transformation in the insurance sector. The purpose of this report is to examine the need of digital transformation in the insurance sector and the change in business models, due to the implementation and expansion of information technology. Through a theoretical summary will be revealed the impact of digitalization on the activities of insurance companies, on customers' behavior and will be drawn conclusions about the application of technologies for increasing the competitive power.

Suggested Citation

  • Tonina Yaneva, 2021. "Digital Transformation of Insurance Sector," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 10(1), pages 97-104, April.
    • Handle: RePEc:vra:journl:v:10:y:2021:i:1:p:97-104
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    File URL: http://su-varna.org/journal/IJUSV-ESS/2021.10.1/97-104.pdf
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    More about this item

    Keywords

    digital transformation; digital insurance; digital insurance leaders; SOG-e model; value chain;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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