Postgraduate student of Finance Department, Kyiv National University of Trade and Economics
INNOVATIVE TECHNOLOGIES IN CAR INSURANCE
Background. Strengthening globalization trends, improving and expanding Internet technologies, increasing availability of portable devices require insurers to intensify the use of innovative tools. As evidenced by foreign experience, the innovation level of an insurer is one of the determinants of increasing its competitiveness. The need to implement innovative solutions by insurance companies is conditioned by the necessity to automate business processes, the use of digital technologies in obtaining, storing and processing data, the availability of alternative channels of sales, the use of effective marketing ideas.
The aim of the paper is to find out the determinants of innovative development of motor insurance, to identify trends and factors that will influence its further development.
Materials and methods. The methods of theoretical generalization, comparative analysis, analysis and synthesis were applied.
Results. The essence and place of innovations in insurance were explored. The specific features of innovations in car insurance were determined. The classification of factors of influence on introduction of innovations in car insurance was offered. The stages of introduction of innovations in the car insurance market were determined. Fintech-innovations in road transport insurance were described. The influence of innovative technologies in the automobile industry on the development of car insurance was analyzed.
Conclusion. Activating the introduction of various innovations in the car insurance market will contribute to the growth of the competitiveness of insurers, and increase of financial inclusiveness. Various innovations will affect the development of motor insurance, among which the most important are: information technology, digitalization and Fintech-innovations. Innovative technologies in the automotive sector will have a particular impact on the development of car insurance in the near future, in particular: the use of automated (unmanned) cars, active promotion of joint use of cars (car sharing), use of additional intelligent car control systems. These innovative technologies will encourage insurers to improve their insurance products, maximize the consideration of individual needs of insurers, accelerate the settlement of insurance cases, minimize the manifestations of insurance fraud and lead to a reduction in the cost of insurance services associated with the possession and operation of vehicles.
Keywords: car insurance, innovations, Fintech-innovations, Blockchain – technologies, start-ups, aggregators, digitaliztion, informational technologies, automobile industry.
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