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InsurTech: challeges and development perspectives

Author

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  • VOLOSOVICH SVETLANA

    (Kyiv National University of Trade and Economics)

Abstract

The article is focused on analyzing the current status and perspectives of financial technologies use by insurers. This research points out the trends of insurance technologies flows among participants of the insurance services market, discusses the differences between insurance companies and start-ups services. The article has focused on the statement that Blockchain-technology is the basis for the application of technological innovation in the insurance market. It is proved that automation of claims handling, operation a reliable and transparent payout mechanism for the customer can be considered as effective ways of applying blochain-technologies in the insurance services market and can be used to enforce contract-specific rules. It has been determined current challenges for InsurTech as the following: insufficient knowledge of start-ups regarding the functioning of the insurance market, the lack of consumers’ rights protection concerning the insurance services, the inability to attract officials for the cooperation. At the same time the article emphasizes the main perspectives of blockchain-technology application, it should be used as a reliable platform for clients control of their personal data, P2P (peer-to-peer) insurances and smart contracts.

Suggested Citation

  • Volosovich Svetlana, 2016. "InsurTech: challeges and development perspectives," International Journal of Innovative Technologies in Economy, CyberLeninka;ROSTranse Trade F Z C, issue 3 (5), pages 39-42.
    • Handle: RePEc:scn:033054:16916565
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    Cited by:

    1. Jie Liu & Shujun Ye & Yujin Zhang & Lulu Zhang, 2023. "Research on InsurTech and the Technology Innovation Level of Insurance Enterprises," Sustainability, MDPI, vol. 15(11), pages 1-19, May.
    2. Cao, Siqing & Lyu, Hanjia & Xu, Xian, 2020. "InsurTech development: Evidence from Chinese media reports," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

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