Digitalization of the insurance business: Systematization of net effects through the example of Russia

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The pace of digitalization of the insurance industry lags behind similar processes in the banking sector. The main tasks that a Russian insurer solves when using IT technologies are the automation of business operations and the formation of an online system of interaction with customers with the main focus on sales.
The purpose of this study is to systematize the effects achieved by insurance market participants when introducing IT technologies and identify incentives to accelerate the insurance sector digitalization. The goal of digitalization of Russian insurers should be the formation of a client interface with a full cycle of services; the transfer to a qualitatively new level of business processes while ensuring the required level of protection; formation of fundamentally new and timely renewal of the existing insurance products.
The priority areas of IT technologies used by Russian insurers are identified: cloud computing, chat bots, and information resources that provide online interaction with customers. Factors that have a stimulating effect on the digitalization of the insurance sector are identified: cost reduction, acceleration of business processes, improvement of the quality of customer service and increased competitiveness. The problems and risks of insurers that restrain the use of IT technologies are formulated: high costs of digitalization, lack of qualified personnel, cyber risks, moral and ethical problems.

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    • Figure 1. Dynamics of investment in fintech companies and InsurTech
    • Figure 2. The use of new technologies by Russian insurance companies (at the stage of the full use)
    • Table 1. Information resources used in the insurance business
    • Table 2. The use of IT technologies in insurance
    • Conceptualization
      Gulnara Kaigorodova, Alfiya Mustafina, Mariola Grzebyk
    • Data curation
      Gulnara Kaigorodova, Guzel Pyrkova, Mariola Grzebyk
    • Formal Analysis
      Gulnara Kaigorodova, Alfiya Mustafina, Larisa Belinskaja
    • Investigation
      Gulnara Kaigorodova, Guzel Pyrkova
    • Methodology
      Gulnara Kaigorodova, Alfiya Mustafina, Mariola Grzebyk, Larisa Belinskaja
    • Project administration
      Gulnara Kaigorodova
    • Supervision
      Gulnara Kaigorodova, Guzel Pyrkova, Larisa Belinskaja
    • Validation
      Gulnara Kaigorodova, Alfiya Mustafina
    • Visualization
      Gulnara Kaigorodova, Guzel Pyrkova
    • Writing – original draft
      Gulnara Kaigorodova, Mariola Grzebyk
    • Writing – review & editing
      Gulnara Kaigorodova, Larisa Belinskaja