Analysis of the Impact of Modern Technologies on the Development of Insurance Business in Ukraine

Abstract

The article examines the impact of digital technologies on the development of the insurance business in Ukraine in the context of global digitalisation. The relevance of the topic is due to the need to increase the efficiency, transparency and competitiveness of insurance companies in the modern market, which requires the integration of innovative solutions.

It has been established that the key drivers of change in the insurance industry are technologies such as artificial intelligence, blockchain, big data and the Internet of Things, which contribute to process automation, personalisation of services and increased transparency of operations.

The purpose of the study is to analyse the main challenges and opportunities for the introduction of digital technologies in Ukraine's insurance business and to develop recommendations for their adaptation to local conditions. To achieve this goal, the methods of analysis, synthesis and systematisation of scientific sources, as well as comparative analysis of international experience in the digitalisation of the insurance market, were used. The key challenges and constraints affecting the integration of innovations into the industry are assessed.

The results of the study indicate the significant potential of digital technologies for transforming the insurance business. The main problems have been identified, including insufficient digital infrastructure, weak regulatory support, lack of qualified personnel, and low level of digital literacy among customers. It is established that the introduction of blockchain technologies, automated application processing systems and interactive client platforms can significantly improve the efficiency of insurance companies, ensure transparency of operations and reduce fraud.

The conclusions propose the development of centralised platforms for data exchange, adaptation of the regulatory framework to international standards, and implementation of educational initiatives to improve the digital literacy of staff and customers. It has been determined that government support, in particular through the provision of tax benefits and grants, can be an important incentive for the digital transformation of the industry.

Prospects for further research include analysing the impact of digital technologies on the financial stability of insurance companies, assessing the effectiveness of implementing specific innovative solutions in different market segments, and studying the specifics of adapting international experience to local conditions.