Insurtech innovations and telematics as «drivers» of change in the insurance industry
Introduction. The article discusses aspects of the development of Insurtech and telematics in the insurance industry, as well as their impact on innovative practices and efficiency of insurance processes. Scientific works of domestic and foreign scientists, articles, journals, online platforms, publ...
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| Format: | Article |
| Language: | English |
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Zhytomyr Polytechnic State University
2025-01-01
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| Series: | Економіка, управління та адміністрування |
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| Online Access: | http://ema.ztu.edu.ua/article/view/321606 |
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| author | A.Yu. Polchanov K.O. Halatiuk |
| author_facet | A.Yu. Polchanov K.O. Halatiuk |
| author_sort | A.Yu. Polchanov |
| collection | DOAJ |
| description | Introduction. The article discusses aspects of the development of Insurtech and telematics in the insurance industry, as well as their impact on innovative practices and efficiency of insurance processes. Scientific works of domestic and foreign scientists, articles, journals, online platforms, publications on the official websites of insurance companies and other specialized websites on the problems of the development of Insurtech and telematics became the information base of the research. The methodological basis of the study was general scientific and special research methods, in particular: abstraction (focusing on the main characteristics of Insurtech and telematics, highlighting the key advantages and challenges of Insurtech for the Ukrainian market); analysis (detailed study of all components of the subjects of analysis); comparison and analogy (study of examples of the use of modern technologies and telematics in the insurance industry).
Purpose. The purpose of the article is to analyze the impact of the introduction of innovative technologies (Insurtech) and telematics on the development of the insurance market in the context of increasing globalization trends.
Results. According to the results of the analysis of data from online sources and official websites of companies, a small number of papers in the field of insurance sciences devoted to the problems of ICT and telematics in Ukraine were found, which indicates an insufficient level of attention of scientists to this type of activity. It was disclosed the role of technology in the automation of insurance activities in particular, in monitoring and risk management using telematics devices and digital platforms. Particular attention was paid to the analysis of the benefits of using Insurtech startups to improve customer experience, simplify the conclusion of contracts, as well as reduce the cost of administering and processing insurance claims. The study of international experience and key trends in the integration of telematics and Insurtech into the insurance industry was not ignored. In addition, the main shortcomings were highlighted and prospects for the development of these innovations in Ukraine were proposed.
Conclusions. The study of the insurance market development under the influence of insurance technologies and the introduction of telematics as one of the innovative tools has allowed us to increase our awareness and highlight the main features of these concepts. Insurtech includes automation of underwriting, claims management, blockchain, big data and artificial intelligence, which helps to reduce costs and improve customer experience. In turn, telematics, using real-time data, contributes to a more accurate risk assessment, fraud prevention and the creation of individual insurance products. Despite all the current challenges, the prospects for Insurtech and telematics in Ukraine are extremely high. |
| format | Article |
| id | doaj-art-eb902907da4c40c2a28ba10bdc8c0d38 |
| institution | OA Journals |
| issn | 2664-245X 2664-2468 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | Zhytomyr Polytechnic State University |
| record_format | Article |
| series | Економіка, управління та адміністрування |
| spelling | doaj-art-eb902907da4c40c2a28ba10bdc8c0d382025-08-20T02:04:31ZengZhytomyr Polytechnic State UniversityЕкономіка, управління та адміністрування2664-245X2664-24682025-01-0111048693doi.org/10.26642/ema-2024-4(110)-86-93Insurtech innovations and telematics as «drivers» of change in the insurance industryA.Yu. Polchanov0https://orcid.org/0000-0001-6019-9275K.O. Halatiuk1Zhytomyr Polytechnic State University, UkraineZhytomyr Polytechnic State University, UkraineIntroduction. The article discusses aspects of the development of Insurtech and telematics in the insurance industry, as well as their impact on innovative practices and efficiency of insurance processes. Scientific works of domestic and foreign scientists, articles, journals, online platforms, publications on the official websites of insurance companies and other specialized websites on the problems of the development of Insurtech and telematics became the information base of the research. The methodological basis of the study was general scientific and special research methods, in particular: abstraction (focusing on the main characteristics of Insurtech and telematics, highlighting the key advantages and challenges of Insurtech for the Ukrainian market); analysis (detailed study of all components of the subjects of analysis); comparison and analogy (study of examples of the use of modern technologies and telematics in the insurance industry). Purpose. The purpose of the article is to analyze the impact of the introduction of innovative technologies (Insurtech) and telematics on the development of the insurance market in the context of increasing globalization trends. Results. According to the results of the analysis of data from online sources and official websites of companies, a small number of papers in the field of insurance sciences devoted to the problems of ICT and telematics in Ukraine were found, which indicates an insufficient level of attention of scientists to this type of activity. It was disclosed the role of technology in the automation of insurance activities in particular, in monitoring and risk management using telematics devices and digital platforms. Particular attention was paid to the analysis of the benefits of using Insurtech startups to improve customer experience, simplify the conclusion of contracts, as well as reduce the cost of administering and processing insurance claims. The study of international experience and key trends in the integration of telematics and Insurtech into the insurance industry was not ignored. In addition, the main shortcomings were highlighted and prospects for the development of these innovations in Ukraine were proposed. Conclusions. The study of the insurance market development under the influence of insurance technologies and the introduction of telematics as one of the innovative tools has allowed us to increase our awareness and highlight the main features of these concepts. Insurtech includes automation of underwriting, claims management, blockchain, big data and artificial intelligence, which helps to reduce costs and improve customer experience. In turn, telematics, using real-time data, contributes to a more accurate risk assessment, fraud prevention and the creation of individual insurance products. Despite all the current challenges, the prospects for Insurtech and telematics in Ukraine are extremely high.http://ema.ztu.edu.ua/article/view/321606insurtechtelematicsinsuranceauto insurancepersonalizationtechnologyinsurance innovation |
| spellingShingle | A.Yu. Polchanov K.O. Halatiuk Insurtech innovations and telematics as «drivers» of change in the insurance industry Економіка, управління та адміністрування insurtech telematics insurance auto insurance personalization technology insurance innovation |
| title | Insurtech innovations and telematics as «drivers» of change in the insurance industry |
| title_full | Insurtech innovations and telematics as «drivers» of change in the insurance industry |
| title_fullStr | Insurtech innovations and telematics as «drivers» of change in the insurance industry |
| title_full_unstemmed | Insurtech innovations and telematics as «drivers» of change in the insurance industry |
| title_short | Insurtech innovations and telematics as «drivers» of change in the insurance industry |
| title_sort | insurtech innovations and telematics as drivers of change in the insurance industry |
| topic | insurtech telematics insurance auto insurance personalization technology insurance innovation |
| url | http://ema.ztu.edu.ua/article/view/321606 |
| work_keys_str_mv | AT ayupolchanov insurtechinnovationsandtelematicsasdriversofchangeintheinsuranceindustry AT kohalatiuk insurtechinnovationsandtelematicsasdriversofchangeintheinsuranceindustry |