Uman National University | today: 06/19/2025
| Author(s) |
Prokopchuk O.T., Candidate of Economics, , Uman National University of Horticulture, Ukraine Пономаренко О. В., , , Гумен О. В., , , Мирошниченко М. М., , , Клименко В. О., , , Жарун Р. Ф., , , |
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| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 90-100 | index UDK | 368 | DOI | 10.32782/2415-8240-2025-106-2-90-100 (Link) |
| Abstract | The modern insurance business is undergoing global transformations caused by the rapid development of digital technologies. Innovations such as artificial intelligence (AI), big data, blockchain, and the Internet of Things (IoT) are fundamentally changing approaches to risk assessment, business process management, and customer interaction. Increasing competition in the market, as well as new challenges posed by economic instability, the COVID-19 pandemic, and the war in Ukraine, are driving insurers to implement technology solutions that ensure speed, accuracy, and transparency. The war, in particular, has led to increased risks, significant economic losses, and changes in customer behavior, which has further complicated the functioning of insurance companies. The study of the impact of digital innovations and artificial intelligence on the transformation of the insurance business has led to the following conclusions: 1. Digital innovations as a key driver of transformation: Digital technologies such as artificial intelligence (AI), big data, blockchain, and the Internet of Things (IoT) have become the main driver of change in the insurance industry. They automate processes, improve the accuracy of risk assessment, increase transparency of operations, and facilitate the personalization of insurance products tailored to the needs of customers. 2. Benefits for businesses and customers: the use of digital technologies can reduce operating costs, shorten the processing time of insurance claims, minimize fraud, and increase customer confidence. This helps to increase the efficiency of insurance companies and create competitive advantages. 3. Challenges to innovation: Despite the significant potential of digitalization, insurance companies face a number of barriers, such as the high cost of technology implementation, difficulty in integrating with existing systems, lack of qualified specialists, and the need to protect personal data. The war in Ukraine has further complicated these processes, in particular due to increased risks and economic instability. 4. The role of artificial intelligence in the transformation of the industry: artificial intelligence is one of the most promising areas of development in the insurance industry. It automates routine operations, analyzes large amounts of data, and implements behavioral models that improve the accuracy of risk management and customer experience. 5. The need for a strategic approach: For successful digital transformation, insurance companies must develop a strategic approach to innovation, including optimization of business processes, investment in new technologies, training of personnel, and adaptation to changes in the regulatory environment. 6. Prospects for further research: further research should be aimed at assessing the long-term effects of digitalization on the insurance industry, studying the effectiveness of new technologies, and developing models for integrating digital innovations into the business processes of insurance companies, taking into account global challenges. In summary, digitalization and the introduction of artificial intelligence have the potential to significantly improve the efficiency of the insurance industry, ensure transparency and convenience for customers, while creating new opportunities for business development even in difficult economic and social conditions. | ||
| Key words | digital innovation, artificial intelligence, big data, blockchain, Internet of Things, insurance, business transformation | ||