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The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research

Author

Listed:
  • Ćurak Marijana

    (Department of Finance Faculty of Economics, Business and Tourism University of Split, Split, Croatia)

  • Duvnjak Mirela

    (Croatia Insurance Company Plc. Zagreb, Croatia)

  • Pervan Maja

    (Department of Economics Faculty of Economics, Business and Tourism University of Split, Split, Croatia)

Abstract

Aim/purpose – In line with the general trend of digitalization and changing customers’ needs and preferences, insurance companies have increasingly applied digital technology to their business. This digital transformation should enhance insurance companies’ efficiency and provide further advantages. Therefore, this study’s main aim is to analyze the current relationship between the digital maturity of Croatian non-life insurers and their efficiency. Design/methodology/approach – The empirical analysis is based on the data collected via an online survey on a sample of Croatian non-life insurers and from the insurance companies’ financial statements. The data was analyzed using the Digital Maturity Model 5.0 by Forrester Research, Inc., Data Envelopment Analysis, and correlation analysis. Findings – The surveyed Croatian non-life insurance companies have achieved the second level of a four-level digital maturity scale, on average. Although the digital transformation of insurance companies is a promising efficiency driver, the current level of digital maturity of Croatian non-life insurance companies is not positively related to their efficiency. Research implications/limitations – The research has implications for insurance companies regarding their path of digital transformation, as well as for the regulators establishing an adequate regulatory framework to encourage the digital development of insurance companies. The objective limits of the research refer to the means of measuring digital maturity and the sample size. The research is limited to the Croatian insurance market. Originality/value/contribution – Analysis of the efficiency of insurance companies from the information technology perspective is rare in the academic literature, and this issue has not been investigated using a sample of Croatian insurers. The research contributes to advancing knowledge on the relationship between digital maturity and insurance companies’ efficiency.1

Suggested Citation

  • Ćurak Marijana & Duvnjak Mirela & Pervan Maja, 2024. "The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research," Journal of Economics and Management, Sciendo, vol. 46(1), pages 55-78, January.
    • Handle: RePEc:vrs:jecman:v:46:y:2024:i:1:p:55-78:n:3
    DOI: 10.22367/jem.2024.46.03
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    References listed on IDEAS

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    1. Roman Teichert, 2019. "Digital Transformation Maturity: A Systematic Review of Literature," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 67(6), pages 1673-1687.
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    More about this item

    Keywords

    digital transformation and maturity; efficiency; Croatian non-life insurance companies;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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