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Indian insurance companies anticipate digitalization becoming one of the mainstays of their business model in the future. So, this study investigated the various aspects of InsurTech companies' website services' effect on purchase behavior through customer perceived value, attitude, and purchase intention and showed how digitization improves insurance purchasing in the Uttar Pradesh region. For this study, 268 Indian customers were recruited using the Structural Equation Modeling and Importance-Performance Map Analysis approach. The findings showed that search convenience and trust, out of all the service convenience dimensions (access, search, and evaluation convenience) and service quality dimensions (reliability and trust), significantly impacted perceived value, which in turn positively influenced attitude and purchase intention and ultimately purchase behavior for purchasing a policy through InsurTech companies' websites. The concluding segment of the article addresses the management implications, limitations, and future directions. [ABSTRACT FROM AUTHOR]

The development of specialized agricultural product insurance is crucial for perfecting China's agricultural insurance system and promoting rural revitalization. Currently, specialized agricultural product insurance in China faces numerous challenges in key areas such as rate determination, risk assessment, and loss adjustment, which have become bottlenecks restricting its sustainable development. This paper explores how insurance technology (InsurTech) can enhance the ecological system of specialized agricultural product insurance through technological innovation and overcome these industry pain points. It elaborates on how InsurTech can enhance farmers' interactive experience and satisfaction, improve the management efficiency of insurance companies, strengthen government regulation, and promote the sustainable development of the insurance business. Moreover, this study deeply analyzes the practical barriers in implementing InsurTech and proposes corresponding strategies, including establishing innovative incentive mechanisms, improving relevant policies and regulations, building a multidimensional data platform to achieve data interoperability, and strengthening the construction of digital rural infrastructure to enhance farmers' technological literacy, thereby advancing the sustainable development of InsurTech in specialized agricultural product insurance. [ABSTRACT FROM AUTHOR]

This article investigates the promise of Insurtech to expand the frontier of the insurance market to include vulnerable populations around the world. It contributes to current debates on the proliferation of new technologies for financial inclusion as embedded in contemporary forms of platform-based capitalism. We argue that Insurtech’s promises fall short of expectations because of the contradiction between the principles of platform scalability and insurance risk pooling. Such contradictions lead Insurtech platforms to unpool risk rather than provide innovative technologies to pool it. This ultimately limits the expansion of markets for inclusive insurance as Insurtech platforms struggle to scale up the market through their supposedly disruptive technology. Our analysis draws on a range of regulatory reports, complemented by in-depth interviews with Insurtech executive officers. The article offers insights into the contradictory principles currently driving the digital inclusive insurance market, as well as the limits to the ongoing global expansion of platform capitalism.

Conversational robots (chatbots) are currently an extended Insurtech that is widely used to enable policyholders' communication with insurance firms. This paper analyses customers' acceptance of chatbots in procedures with regard to in-force policies. We analysed a semistructured survey answered by workers of a public Spanish university. Structured questions have been grounded in the well-known technology acceptance model (TAM), which is based on two explanatory variables: perceived usefulness (PU) and perceived ease of use (PEOU). We have also considered two additional explanatory factors: social influence (SI), whose impact on behavioral intention (BI) is mediated by PU, and trust (TRUST), whose influence on BI is supposed to be made throughout PU and PEOU. Likewise, we asked two open questions about the advantages and disadvantages of chatbot use to make procedures linked with in-force insurance contracts. We performed our analysis by using quantitative and qualitative methods. The quantitative analysis tests the suitability of TAM on our data and has been performed by using structural equation modelling with partial least squares (PLS-SEM). Subsequently, to reach a deeper understanding of the reasons that explain the respondents' behavioral intention, we provide a systematic overview of the answers to open questions with the help of the groundwork provided by TAM. We have checked that the basic TAM along with social influence and trust provide a satisfactory explanation for behavioral intention toward bots. Likewise, we have observed a general reluctance toward the use of chatbots. The qualitative analysis showed that arguments explaining resistance come from all explanatory factors considered in the paper. Therefore, mainstream responses have outlined that interaction with chatbots is difficult, and many times, the procedure must be finished with the assistance of a human operator. Likewise, many responses point out as a relevant drawback that they provide a dehumanized service without empathy. Consequently, interactions with chatbots are perceived as cumbersome, ineffective, and a loss of time. Although some people perceive that the faster service provided by chatbots in concrete circumstances is an advantage, other theoretical consequences that may add value, such as temporal flexibility and the possibility of proving better services with the same cost and/or reducing insurance prices because of the reduction of firms' administrative costs, are generally not perceived. Our findings have theoretical and practical implications. We have shown that TAM provides a reliable theoretical model to understand policyhoders' acceptance of chatbot technology in an insurance setting. Perceived usefulness, reliability, social opinion about bot adoption, and usability must be improved to avoid generalized policyholders' reluctance. That resistance is because of issues such as conversational skills, the capability to provide an interaction closer to being human, and users' perception that chatbots actually add value to policyholders. [ABSTRACT FROM AUTHOR]

In the financial system, the customers' willingness to share their data is pivotal, because otherwise, banks and insurance companies are powerless to build on customer data. The key step now is to understand whether there is such willingness and what form it takes. In this study, we investigate how willing customers are to share various kinds of data (on physical health, home, driving style, travel, family, social networks) with their insurance company, in return for different rewards (customised products and services, reduced insurance claims risk and insurance premiums adjusted to personal habits and behaviour). Applying the privacy calculus framework to 1501 responses in a web-based survey, we found that rewards, especially when financial, such as insurance premium benefits, play a pivotal role in driving customer decisions about sharing data. Furthermore, customers associate the data they are asked to share with different levels of privacy, influencing their willingness to share. We also found that, when customers are asked to share various kinds of data in return for different rewards, their own personal innovativeness comes into play. Our findings suggest that, in the data-driven insurance business, different rewards offered in return for specific types of data could help companies minimise the "data acquisition cost" and maximise the data collected. In the era of open data, insurers can explore the many opportunities for segmentation, but new kinds of financial exclusion could emerge, resulting in potential biases and thus misinterpretations should analytics and artificial intelligence models be built upon these premises. [ABSTRACT FROM AUTHOR]

By 2030, the global chatbot market in the fintech industry is expected to reach 6.83 billion USD (Vailshery 2022), and while using chatbots, consumers might be unable to tell whether they are interacting with a human. As chatbots are increasingly being used to provide a more human-like service experience, understanding the factors affecting trust, adoption, and how chatbots drive consumer experience in insurtech is important. This study investigates key factors that encourage (practicity, enjoyment and personalization) and inhibit (privacy concerns, creepiness) trust in and intention to adopt a chatbot and the moderating role of technology anxiety. To do so, 430 respondents applied a simulated auto insurance quote involving a textual-based chatbot and responded to a questionnaire. The results highlight practicity and enjoyment as the key drivers of trust and adoption intention, while the positive impact of personalization is marginal. Creepiness decreases trust in chatbots and their adoption intention, whereas privacy concerns have little effect. Almost half of these relationships are moderated by technological anxiety; for instance, trust does not translate into stronger adoption intention for technology-anxious users, but positively impacts less anxious users. Managerial implications are provided for the successful implementation of chatbots. [ABSTRACT FROM AUTHOR]

This article proposes a thorough exploration of the technological evolution within FinTech and its profound impact on various sectors of the financial industry and climate stakeholders. By adopting a comparative approach, the paper reveals how digital innovations have transformed traditional financial systems, focusing on three main areas: InsurTech, aimed at innovation in insurance; WealthTech, which deals with wealth and investment management through technology; and crowdfunding platforms, which democratize access to financing. The review begins with an overview of the FinTech landscape, tracing its evolution from its origins to the present day, highlighting the catalysts for its rapid growth and how these technologies have responded to the changing needs of consumers and businesses. Next, the article looks at each sector separately, detailing the specific innovations that have been implemented and their impact on the efficiency, accessibility and personalization of financial services. For example, in the field of InsurTech, it examines how big data analysis and artificial intelligence have enabled the creation of insurance policies that are more flexible and tailored to individual needs. In the WealthTech sector, the focus is on automated investment platforms and wealth management solutions that give users more control and lower fees. In terms of crowdfunding, the article explores how these platforms have paved the way for financing innovative and entrepreneurial projects, removing traditional middlemen from the financial equation. The review concludes with a discussion of future challenges and opportunities for the FinTech sector, including the need for balanced regulation that protects consumers without inhibiting innovation. The article provides valuable insight into the dynamics between technology and finance, highlighting the role of FinTech in shaping the economic future. [ABSTRACT FROM AUTHOR]

This study explores how the technology investments of a sample of U.S. property-liability insurers affected their performance during the InsurTech wave. The critical question is whether insurers' InsurTech-oriented investments strengthen their competitive advantages, resulting in improved firm performance. This study reveals that insurers' InsurTech-oriented investments have a significant detrimental influence on their short-term performance. Intriguingly, empirical findings indicate that insurers' InsurTech-oriented investments have a strong positive relationship with long-term performance, suggesting that the notion of time lag and cumulative impacts is justified. The study provides new insight into the effect insurers' InsurTech-oriented investments have on their performance. [ABSTRACT FROM AUTHOR]

Over the past decade, the gig/platform economy has experienced substantial expansion due to the adoption of technology and its ability to cater to various everyday needs. Consequently, informal work arrangements have proliferated and are characterized by diverse employment structures distinct from traditional contracts. Projections indicate that the global gig economy will reach a value of $50 billion by the decade's end, engaging over 500 million individuals. However, gig workers face vulnerability to health and economic crises without the safety net of contractual social benefits. Mutual insurance, with its longstanding history of providing crucial financial coverage and risk management solutions, offers a potential avenue for addressing these challenges. This paper examines how the mutual care model can capitalize on the platform economy's growth worldwide, proposing solutions to urgent issues concerning the health and economic welfare of a significant population lacking access to formal social security benefits within an informal work setting. [ABSTRACT FROM AUTHOR]

The development of specialized agricultural product insurance is crucial for perfecting China’s agricultural insurance system and promoting rural revitalization. Currently, specialized agricultural product insurance in China faces numerous challenges in key areas such as rate determination, risk assessment, and loss adjustment, which have become bottlenecks restricting its sustainable development. This paper explores how insurance technology (InsurTech) can enhance the ecological system of specialized agricultural product insurance through technological innovation and overcome these industry pain points. It elaborates on how InsurTech can enhance farmers’ interactive experience and satisfaction, improve the management efficiency of insurance companies, strengthen government regulation, and promote the sustainable development of the insurance business. Moreover, this study deeply analyzes the practical barriers in implementing InsurTech and proposes corresponding strategies, including establishing innovative incentive mechanisms, improving relevant policies and regulations, building a multidimensional data platform to achieve data interoperability, and strengthening the construction of digital rural infrastructure to enhance farmers’ technological literacy, thereby advancing the sustainable development of InsurTech in specialized agricultural product insurance.

Online mutual aid (MA) is a novel form of ex‐post risk sharing empowered by InsurTech to provide critical illness coverage without involving an insurer. In this paper, we first provide a rigorous examination of the underpinning theory and analyze MA model's cost‐effectiveness. In addition, we theoretically investigate the condition for MA's actuarial fairness among all participants. Our numerical illustration also shows that current MA plans lack the consideration of actuarial fairness as they differentiate members only by gender and age group of large bandwidths. Last, our empirical analysis confirms the existence of adverse selection due to the lack of actuarial fairness. [ABSTRACT FROM AUTHOR]

Technological developments in Indonesia continue to increase. This is followed by an increase in the level of insurance literacy. Digital-based insurance or InsurTech is the use of insurance products offered online. It is expected that the development of MSMEs in Magelang City will have the convenience of buying insurance products as an asset safeguarding investment in the event of an unexpected accident. The purpose of this study is to identify the potential of the MSMEs sector, identify related legal InsurTech services that can be accessed by MSMEs, and provide an important overview of InsurTech for safeguarding assets as a supporter of MSMEs sustainability in Magelang City. The study was carried out descriptively and supported by secondary data in the form of the number of MSMEs, MSMEs workers, and turnover. Data analysis was done using the Location Quotient method. The findings of the study show that the City of Magelang consists of four MSMEs sectors, namely, services, trade, agriculture, and production/non-agriculture. The study is divided into three regions with different base sectors. The northern region of the base sector included services, agriculture, and production/non-agriculture. Services and trade are the basic sectors in the central region, while the southern region has trade and production/non-agricultural base sectors. The results of the InsurTech mapping study show that there are four insurance services registered with the OJK including Qoala, Yuk Takaful, Cermati, and Pasar Polis. MSMEs sustainability can occur after the mapping of potential MSMEs and InsurTech sectors has been identified. [ABSTRACT FROM AUTHOR]

Imagine your insurer were an 'active life partner', even a guardian of your future, which engaged with you on a regular basis, through a complex system of digital technology and behavioural science, to ensure you were leading the healthiest, longest, most valuable life possible. This is the foundation for a growing model of 'behavioural insurance' that has become a major approach in the industry. By capturing constant streams of data about consumer behaviour, and creating incentive programmmes to modify how people behave, insurers hope to unlock a key source of value and risk management. We critically analyze this model through a detailed case study of a world leader in behavioural insurance: Discovery Limited and its Vitality ecosystem of data-driven, behaviour-based, interactive wellbeing programmes for life/health insurance. We detail the behavioural theory of risk and the moral economy of 'shared value', which underpins the model of insurance that Vitality champions and justifies its activist approach to social change. [ABSTRACT FROM AUTHOR]

Calling attention to the growing intersection between the insurance and technology sectors—or 'insurtech'—this article is intended as a bat signal for the interdisciplinary fields that have spent recent decades studying the explosion of digitization, datafication, smartification, automation, and so on. Many of the dynamics that attract people to researching technology are exemplified, often in exaggerated ways, by emerging applications in insurance, an industry that has broad material effects. Based on in-depth mixed-methods research into insurance technology, I have identified a set of interlocking logics that underly this regime of actuarial governance in society: ubiquitous intermediation, continuous interaction, total integration, hyper-personalization, actuarial discrimination, and dynamic reaction. Together these logics describe how enduring ambitions and existing capabilities are motivating the future of how insurers engage with customers, data, time, and value. This article surveys each logic, laying out a techno-political framework for how to orient critical analysis of developments in insurtech and where to direct future research on this growing industry. Ultimately, my goal is to advance our understanding how insurance—a powerful institution that is fundamental to the operations of modern society—continues to change, and what dynamics and imperatives, whose desires and interests are steering that change. The stuff of insurance is far too important to be left to the insurance industry. [ABSTRACT FROM AUTHOR]

Technology and innovation have the power to totally transform the insurance business by providing novel possibilities of insuring risks. Insurtech which is a combination of insurance and technology is expanding rapidly in the Indian insurance industry. The current study aims to identify the insurtech business models in India and examine the dimensions of these business models. The study used four dimensions 'Who-What-How-Why' of the popular model 'business model innovation' to analyse each of these business models. The study revealed that the Indian insurtech startups are basically supplementing the traditional industry models with ecommerce or digitization patterns. Any real path breaking business model innovations are scarcely observed. The study contributes to the literature by providing a comprehensive analysis of the target customers, value proposition, value chain and profit mechanism of the insurtech business models. It also provides valuable implications to both incumbent insurers and insurtech companies in India. [ABSTRACT FROM AUTHOR]

Цифрова трансформація в страховій галузі є ключем до майбутнього страховиків, оскільки вона автоматизує основні функції та створює ефективні інструменти самообслуговування. Розвиток страхового ринку залежить від ефективного впровадження цифрових страхових технологій, які дають змогу конкурувати зі світовими інноваційними технологіями, що забезпечують інформаційну безпеку на глобальному просторі. Метою дослідження є вивчення актуальних тенденцій інноваційного розвитку страхового менеджменту в умовах цифрової трансформації та визначення доцільності впровадження сучасних інноваційних технологій Insurtech в страховий ринок України. Методи дослідження: методи наукової абстракції, порівняння, аналізу, синтезу, статистичного і графічного аналізу. Результатами дослідження є дослідження інноваційних підходів до організації страхового менеджменту та визначення впливу цифрової трансформації на страхову галузь. У статті розглянуто та проаналізовано сучасний стан страхового ринку України та основні показників страхової діяльності за 2020-2024 роки. На основі аналітики по інвестиціях в Insurtech було визначено важливість подальшого впровадження цифрових технологій у страховий ринок України з метою підвищення якості захисту страхувальників та розвитку страхового бізнесу в умовах цифрової економіки. Окреслено виклики та ризики, що впливають на розвиток страхового ринку в умовах цифрової трансформації. Запропоновано пропозиції щодо удосконалення страхового менеджменту в умовах цифрової трансформації. Цінність дослідження полягає в розробці теоретичних, організаційних і методичних положень, спрямованих на розвиток страхового менеджменту в період цифрової трансформації.

Abstract The purpose of this study is to determine the essential indicators to improve insurtech systems and select the most critical alternative to increase insurtech-based investments in European countries. A novel fuzzy decision-making model is generated by integrating entropy and additive ratio assessment (ARAS) techniques with spherical fuzzy sets. First, the indicators are weighted using spherical fuzzy entropy. Then, the alternatives are ranked using spherical fuzzy ARAS. The alternatives are also ranked with the spherical fuzzy technique for order of preference by similarity to the ideal solution methodology. The main contribution of this study is that it would help investors to take the right actions to increase the performance of insurtech investments without incurring high costs. Another important novelty is that a new fuzzy decision-making model is proposed to solve this problem. The results of the two models are quite similar, proving the validity and coherency of the findings. It is found that pricing is the most critical factor that affects the performance of insurtech investments. Insurtech companies are required to make accurate pricing by conducting risk analyses to increase their profits and minimize their risks. Additionally, according to the ranking results, big data are the most appropriate way to improve the performance of insurtech investments in Europe. Big data analytics helps companies learn more about the behavior of their customers. By analyzing data about their customers’ past transactions, companies can provide more convenient services to them. This would increase customer satisfaction and enable companies to achieve long-term customer loyalty.

The development of innovation in the insurtech industry has become important in improving the efficiency of the claims process and services for insurance participants. This study aims to analyze the development of insurtech innovation in accelerating the claims process and improving services for insurance participants at PT Chubb Life Medan. The research method used is a case study by conducting interviews and direct observation of the claims process and existing services. The results showed that the use of technology in the form of mobile applications and online platforms has succeeded in accelerating the claims process and increasing the satisfaction of insurance participants. The implication of this research is the need to continue to encourage the development of insurtech innovation to improve efficiency and quality of service for insurance participants at PT Chubb Life Medan. [ABSTRACT FROM AUTHOR]

This study delves into the factors influencing consumer purchase intention of Thai insurance company policies, focusing on service quality, corporate image, perceived value, and insurance technology. Employing a quantitative approach and multi-stage random sampling, the study selected 440 consumers from 10 Thai insurance agencies in January 2022, using a Google Form link distributed via social media for data collection. The structural equation model path analysis was conducted using LInear Structural RELations (LISREL) 9.1, complemented by descriptive statistics analysis in Statistical Package for the Social Sciences (SPSS) for Windows Version 21. Expert input informed adjustments to questionnaire items, and a pilot test with 35 participants ensured item reliability. The results reveal that insurance technology (0.68), corporate image (0.54), perceived value (0.53), and service quality (0.34) were all influential factors affecting purchase intention, collectively explaining 76% of the variance (R2). Seven of the nine hypotheses tested found support, with the corporate image-perceived value relationship proving the strongest, followed by a moderately strong association between perceived value and insurance technology. Among the 25 observed variables, the quality of services and data standards provided by service quality stood out, with consumers valuing clear, concise, and convenient services as pivotal for agency satisfaction. This research contributes to the existing literature by offering post-COVID-19 insights into consumer insurance purchase intentions in Asia. It also provides valuable knowledge for policymakers and regulators seeking to enhance their sectors and strengthen national economic competitiveness. [ABSTRACT FROM AUTHOR]

As FinTech startups grow and develop, the nature of risks that need to be managed also changes. The insurance industry as one area of technology application plays a crucial role in supporting and enhancing the security of these companies. The purpose of this research is to identify the influencing factors and discover a paradigm model for insurance coverage of FinTech startups as an innovative product. The research method is qualitatively based on the Grounded Theory Method. The qualitative part includes semi-structured interviews with fourteen experts. The research conclusions show that the causal conditions provide requirements for the core category. Insurance strategies have an impact when context conditions are present. On the other hand, the COVID-19 crisis is known as the intervening condition. Ultimately, the use of strategies also yields consequences. [ABSTRACT FROM AUTHOR]

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Objectives InsurTech is a new and interesting phenomenon, linked to the use of new technologies, such as artificial intelligence or distributed ledger technology, in the insurance sector. The factual and legal nature of relationships in this area, due to their heterogeneous and complex international character, raises many questions. Some of these relate to private international law, where conflict situations raise questions such as which law (the law of which state) is the substantive law applicable to resolve these situations. Presenting the complexity of this area, this statement describes possible solutions and reflects on the need and potential of applying private international law in the InsurTech sector. It introduces the InsurTech phenomenon, presents its links with private international law, reflects on the adaptability of existing mechanisms of this law to highly technological legal relations, and concludes by an attempt to indicate how to combine InsurTech and private international law, and whether this is possible at all. Material and methods The work was written using standard scientific methods for legal science. It is primarily a dogmatic work, but also reaches for comparative legal elements. This choice of methods is justified by the presented issues. Results The result of the research is an assessment as to the possible use of private international law tools for the problems that arise with InsurTech instruments. Conclusions The author points out that the currently known private international law instruments are not suited to the modern requirements of the insurance services sector, especially in the context of the use of artificial intelligence or DLT technology (blockchain, smart contract) in the sector.

Conversational robots powered by artificial intelligence (AI) are intensively implemented in the insurance industry. This paper aims to determine the current level of acceptance among consumers regarding the use of conversational robots for interacting with insurers and seeks to identify the factors that influence individuals’ behavioral intention to engage with chatbots. To explain behavioral intention, we tested a structural equation model based on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. It was supposed that behavioral intention is influenced by performance expectancy, effort expectancy, social influence, and trust, and by the moderating effect of insurance literacy on performance expectancy and effort expectancy. The study reveals a significant overall rejection of robotic technology among respondents. The technology acceptance model tested demonstrates a strong ability to fit the data, explaining nearly 70% of the variance in behavioral intention. Social influence emerges as the most influential variable in explaining the intention to use conversational robots. Furthermore, effort expectancy and trust significantly impact behavioral intention in a positive manner. For chatbots to gain acceptance as a technology, it is crucial to enhance their usability, establish trust, and increase social acceptance among users.

Celem artykułu jest ocena prawna rozwiązań technologicznych wprowadzanych na rynek ubezpieczeniowy, tzn. udzielenie odpowiedzi na pytanie, czy zjawisko InsurTech na przykładzie robo-doradztwa powoduje pojawienie się innych zagrożeń dla klientów, a w konsekwencji odmiennych wyzwań prawnych. W związku z tym pojawia się pytanie o odpowiedniość obowiązujących regulacji prawnych. Do ich oceny wykorzystano analizę formalno-dogmatyczną oraz krytykę i analizę piśmiennictwa. Przeprowadzona analiza prowadzi do konkluzji, że nowości technologiczne implementowane do sektora ubezpieczeniowego diametralnie zmieniają istotę omawianego zjawiska w przeciwieństwie do dystrybucji ubezpieczeń dokonywanej w sposób konwencjonalny. Takie stanowisko musi co najmniej skłaniać do poszukiwania odrębnych niż dotychczas interpretacji obowiązujących przepisów, które pozwolą zneutralizować nowo powstałe zagrożenia. Autor zauważa i tłumaczy, jak wybrane obowiązki wynikające z dyrektywy (UE) 2016/97 w sprawie dystrybucji ubezpieczeń (IDD) oraz jej implementacji do polskiego prawa (ustawy z 15 grudnia 2017 r. o dystrybucji ubezpieczeń) powinny być z tego względu inaczej rozumiane. Tematyka artykułu jest wyjątkowo aktualna ze względu na bogaty rozwój w dzisiejszym świecie zjawiska InsurTech. Każdy ubezpieczyciel wprowadza coraz to nowe rozwiązania tego typu do swojego przedsiębiorstwa, choćby w celu optymalizowania prowadzenia działalności. W związku z powyższym, jest to proces nie do zatrzymania i konieczne jest prowadzenie badań w tym zakresie.

In Indonesia, the integration of InsurTech into the business process is beginning to manifest, with emerging companies harnessing technology across various aspects, including customer acquisition, underwriting, claims, billing, and customer service. Furthermore, established companies are incorporating technology into specific facets of their business processes to improve overall efficiency and accuracy. Thus, it is intriguing to delve deeper to the phenomenon to understand what factors are driving the growth of InsurTech there, how it spurs business model innovation, what gaps exist between the country’s current insurance business models and the models required for development, and what capabilities existing insurance companies need to fill in these gaps. This is a qualitative study that interviewed 10 participants, which are C-level executives in ten major national and multinational insurance companies in Indonesia. The finding revealed that efficiency gains, achieved through streamlined processes and cost reduction, drive significant investments in InsurTech. Regulatory challenges and technological advancements shape the trajectory of InsurTech. The direct insurer-consumer relationship facilitated by InsurTech enhances speed, ease, and transparency in insurance processes. However, challenges such as underdeveloped business models and resistance to innovation exist. Successful InsurTech integration requires a holistic approach, combining creative thinking, supportive leadership, and industry collaboration. InsurTech not only enhances customer experiences but also holds promise for sustainable business growth through operational optimisation in the Indonesian insurance sector. [ABSTRACT FROM AUTHOR]

Incentive-based health insurance applications have been implemented to trigger lower insurance premiums when the individual follows healthy living habits. It has been recognised that this benefit notwithstanding, consumers' perceptions related to such applications in the life-insurance field and health tracking are not necessarily positive. Recent research has recognised that psychological ownership, a mental state wherein one feels a technology or application to be his or her own, plays a crucial role in individuals' willingness to adopt and use new technologies. It has been suggested that many digital applications and platforms possess unique empowering and co-creative features that offer special potential to facilitate the emergence of psychological ownership and satisfy the underlying needs. The aim of our study, proceeding from these premises, was to identify and thematize hurdles to take-up of incentive-based health insurance applications with regard to meeting needs that drive development of psychological ownership. We achieved this by conducting a thematic analysis of perceptions of consumers who were not willing to adopt a specific application of the relevant type. The resulting framework, which recognises 14 thematized hurdles in all, holds important implications for scientific and managerial use both. [ABSTRACT FROM AUTHOR]

Objectives: InsurTech is a new and interesting phenomenon, linked to the use of new technologies, such as artificial intelligence or distributed ledger technology, in the insurance sector. The factual and legal nature of relationships in this area, due to their heterogeneous and complex international character, raises many questions. Some of these relate to private international law, where conflict situations raise questions such as which law (the law of which state) is the substantive law applicable to resolve these situations. Presenting the complexity of this area, this statement describes possible solutions and reflects on the need and potential of applying private international law in the InsurTech sector. It introduces the InsurTech phenomenon, presents its links with private international law, reflects on the adaptability of existing mechanisms of this law to highly technological legal relations, and concludes by an attempt to indicate how to combine InsurTech and private international law, and whether this is possible at all. Material and methods: The work was written using standard scientific methods for legal science. It is primarily a dogmatic work, but also reaches for comparative legal elements. This choice of methods is justified by the presented issues. Results: The result of the research is an assessment as to the possible use of private international law tools for the problems that arise with InsurTech instruments. Conclusions: The author points out that the currently known private international law instruments are not suited to the modern requirements of the insurance services sector, especially in the context of the use of artificial intelligence or DLT technology (blockchain, smart contract) in the sector. [ABSTRACT FROM AUTHOR]

BACKGROUND AND OBJECTIVES: The development of new financial markets, such as insurtech, has become a focus for researchers and policymakers. This study aims to identify the challenges faced by insurance companies in Iran in adopting insurtech. METHODS: The research method was qualitative and data was collected through theoretical study, literature review, and interviews with experts. Qualitative content analysis was conducted using MAXQDA software. The credibility of the analysis was assessed using dataoriented reliability. The study population included managers of insurtech businesses in Iran. FINDINGS: Through interviews, consensus was reached on various challenges. After coding, 52 initial indicators were identified, leading to the identification of 21 subcomponents and 12 main components. The credibility of the coding was confirmed using the Kappa test. The identified dimensions and factors included culture, integration, training, conflict of interests, financial issues, management structure, infrastructure, regulations, neglect of innovation and new products, lack of investment, taxes, and contracts. The experts predicted the strongest consensus among conflict of interests, management structure, regulations, infrastructure, culture, and training. CONCLUSION: The challenges and barriers to adopting insurtech in Iran can be categorized into macro and micro levels. At the macro level, there are obstacles related to laws, regulations, monopolies, and infrastructure that require government attention. At the micro level, obstacles include organizational interests, culture, structure, infrastructure, and training that should be addressed by organizational managers. Without proper implementation of these factors, insurtech activities cannot thrive in Iran. The proposed framework can assist managers and policymakers in addressing these challenges. [ABSTRACT FROM AUTHOR]

Hungarian A műszaki és technológiai fejlődés legújabb vívmányai az elmúlt években a pénzügyi termékek, ezen belül a különböző biztosítási termékek piacán is megjelentek. A tanulmány célja a biztosítási szektorban megjelenő technológiai újdonságok elterjedési lehetőségeinek elemzése a fogyasztók általi elfogadás vizsgálatán keresztül. A szakértői fókuszcsoport vizsgálatból kiinduló kutatás 150 fő, felsőfokú képzettségű személy válaszai alapján vizsgálja a különböző innovációs nyitottságú fogyasztói csoportok közötti legfontosabb hasonlóságokat és eltéréseket. Az eredmények közül kiemelendő a digitális megoldásokra nyitott fogyasztók fokozott érzékenysége a bizalmat fokozó és költség-haszon szempontok, valamint a rugalmas, egyedi problémára szabott innovációkra vonatkozó várakozások megléte. Az eredmények alapján szükség van egy, a biztosítási iparág sajátosságait – köztük például hosszabb távú szemléletét – figyelembe vevő technológiaelfogadási modell bevezetésére a későbbi kutatások során. English In recent years, the latest technical and technological advances have also made their appearance in the market for financial products, including various insurance products. The aim of this study is to analyse the potential for the diffusion of technological innovations in the insurance sector by examining consumer acceptance. Based on the responses of 150 respondents with tertiary education, the research, which is based on a focus group survey of experts, examines the main similarities and differences between different groups of consumers with different levels of openness to innovation. The results highlight the increased sensitivity of consumers open to digital solutions, the increased confidence and cost-benefit aspects, and the expectations of flexible innovation tailored to specific problems. The results suggest the need to introduce a technology adoption model that takes into account the specificities of the insurance industry, including, for example, its longer-term perspective, in future research.

Conversational robots powered by artificial intelligence (AI) are intensively implemented in the insurance industry. This paper aims to determine the current level of acceptance among consumers regarding the use of conversational robots for interacting with insurers and seeks to identify the factors that influence individuals' behavioral intention to engage with chatbots. To explain behavioral intention, we tested a structural equation model based on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. It was supposed that behavioral intention is influenced by performance expectancy, effort expectancy, social influence, and trust, and by the moderating effect of insurance literacy on performance expectancy and effort expectancy. The study reveals a significant overall rejection of robotic technology among respondents. The technology acceptance model tested demonstrates a strong ability to fit the data, explaining nearly 70% of the variance in behavioral intention. Social influence emerges as the most influential variable in explaining the intention to use conversational robots. Furthermore, effort expectancy and trust significantly impact behavioral intention in a positive manner. For chatbots to gain acceptance as a technology, it is crucial to enhance their usability, establish trust, and increase social acceptance among users. [ABSTRACT FROM AUTHOR]

Innovation is an important mechanism used by financial systems to adapt to external shocks and to increase resilience. The current wave of financial innovation can be regarded as unprecedented, due to its technology-induced nature and because it is mainly stimulated from outside the incumbent financial industry. We study "regulatory sandboxes ", set up by regulators with the intention to foster financial innovation. Hitherto, some national regulators remain hesitant in relation to introducing regulatory sandboxes, partly fearing a "two-tier" system of start-ups with a potentially disparate treatment of market participants. We argue that many non-participating countries, including some of the 23 EU Member States, should reconsider their decision towards regulatory sandboxes which allow for a constant dialogue between operators and supervisory authorities during the testing of financial innovations. [ABSTRACT FROM AUTHOR]

Over the past few decades, drastic advances in technology have forced insurers to seek transformation in order to survive in a changing environment. Along with the outbreak of COVID-19, online insurance has become a much-needed distribution channel for insurers, not only as a cost-effective option, but also in line with pandemic prevention measures. However, in contrast to insurers' vast investment in AI, chatbots, etc., online insurance only accounted for less than 2% of the total premium in Taiwan in 2022. This article uses importance-performance analysis (IPA) to identify disparities between client perceptions of crucial elements of online insurance services and their actual performance. The results show that among constructs such as perceived usefulness, ease of use, security, and service quality, customer experience can be greatly enhanced if insurers prioritize improving website security and service quality. [ABSTRACT FROM AUTHOR]

This study investigates the adoption of financial technology (FinTech) in the Islamic insurance industry, also known as the Takaful industry, as well as its challenges and prospects. A qualitative method was employed, comprising interviews with nine experts from top senior management and policy-making positions in Saudi Arabia's FinTech and Islamic insurance sectors. The data collected were recorded, transcribed, coded and analysed based on seven themes. The primary findings indicate that FinTech adoption in the Islamic insurance industry has penetrated core departments such as claim management, sales, actuarial, risk assessment and database management. However, it requires expansion into health and life insurance departments. Additionally, FinTech has fostered innovation, attracted quality talent, enhanced efficiency and facilitated flexible working environments. The study's implications include the need for a separate Takaful and insurance regulatory body distinct from the Saudi Central Bank (SAMA) to accelerate FinTech adoption. Centralising data in one location through cloud services is necessary, and top management and policymakers in Saudi Arabia should devise strategies to further the adoption of FinTech in the Islamic insurance industry. This research is a pioneering empirical work on cutting-edge FinTech adoption in the Islamic insurance industry in Saudi Arabia. [ABSTRACT FROM AUTHOR]

The transition to the use of digital technologies contributes to the modernization of the business environment and reorganization of all spheres of the economy. Innovative transformations encourage all economic entities to introduce various digital technologies into business processes. The insurance industry cannot develop separately from other segments of the financial market, so to meet modern requirements, it is necessary to carry out a digital transformation of the insurance business. At the present stage, in many countries, the demand for insurance continues to grow precisely due to the digitalization of the insurance sector, since the population is more interested in obtaining digital insurance products. This leads to the increase in the insurance penetration into the country's economy and increases its sustainability. However, there are many challenges and obstacles that hinder the development of the insurance digitalization. The main purpose of the study is to reveal the problems of introducing digital technologies in the insurance market in modern conditions and to reveal the main factors that affect the implementation of digital transformation of the insurance business. In the article, the features of the InsurTech implementation in accordance with the components of the insurance process are described, and it is described how the existing technologies are used to improve the efficiency of insurance companies. The components of the transformational model of InsurTech capabilities are highlighted, which are integrated in the formation of a network of customers and partners. The most investment-attractive digital technologies in the insurance sector are indicated, namely: р2р insurance, insurance telematics, insurance on request, aggregator of insurance services. Within the article, the factors that influence the growth of interest in digital technologies in insurance and accelerate their development, as well as affect the increase in the competitiveness of business entities in the insurance market are revealed. The existing problems and obstacles for the InsurTech development in Ukraine in modern conditions are identified. The main trends in the InsurTech development are revealed, which contribute to improving the quality of the customer service, optimizing business processes of insurance companies and ensuring competitiveness in the market. [ABSTRACT FROM AUTHOR]

InsurTech are technological solutions used by insurance companies to optimise the performance and improve customer experience. Numerous InsurTech applications are available for almost all functions of insurance product life cycle. Over 1500 InsurTech companies operate around the world and around 140 InsurTech companies operate in India. InsurTech applications provide number of benefits though, there are concerns with regards to technology, data accuracy, legal and regulatory framework with regards to how InsurTech application operate. The paper presents a review of InsurTech companies with respect to services offered by them, impact, benefits and concerns. A strategic model, is suggested to plan the development or deployment of InsurTech application, in order to address the concerns stated in the paper. The model can be useful to both the IT professional who develop the applications and insurance professional who deploy the applications. [ABSTRACT FROM AUTHOR]

BACKGROUND AND OBJECTIVES: The insurance industry has a great influence on the dynamics and progress of the economy in countries. The penetration of technologies in the structure of insurance organizations has converted the nature of the insurance business. In this research, by using of the business ecosystem, the effective factors of insurtech have been tried to be investigated on the blocks of the business model canvas that make up the business model of insurance companies, as well as the influence and effectiveness of these factors. METHODS: In this research, after revisal the literature, the effective agents of insurtech on the business model canvas of the insurance industry were gathered and provided to the experts in the form of a questionnaire. The statistical society of the research consists of information technology directores and insurance industry research and development managers and insurance industry experts who are related to insurance technology. In this platform, the opinion questionnaire of experts was completed by 15 experts in this field. After examining the answers of the experts to the questionnaire, 26 sub-criteria affecting the business environment of the insurance industry were determined. Then, the Dematel questionnaire was completed by 8 experts in the insurance industry, and effective factors were identified and ranked by using the combination of network analysis and Dimtel methods. FINDINGS: Based on the results of Dematel analysis method, the criteria of key resources, effective activities, customer orientation, customer sections and channels affect the system. Also, income flow criteria, key partners, value proposition and cost structure are affected by the system. The results of the network analysis method have shown that at the level of the main criteria, the criterion of key partners by a weight of 0.206 ranks first, value proposition by a weight of 0.192 ranks second, cost structure by a weight of 0.185 ranks third, key resources by a weight of 0.125 ranks fourth, customer orientation by The weight of 0.099 ranks fifth, key activities by a weight of 0.097 ranks sixth, channels by a weight of 0.044 rank seventh, revenue stream by a weight of 0.037 ranks eighth, and customer segments by a weight of 0.015 ranks ninth. CONCLUSION: Insurance companies should update their business environment to take advantage of Insurtech opportunities. The directors of insurance companies should pay most attention to the company’s key partners first and then to the value proposition and cost structure. [ABSTRACT FROM AUTHOR]

New technologies are integrating and deeply influencing people's work and life, and have become a key factor leading the continuous innovation of the insurance industry. The application of InsurTech has attracted widespread attention in the industry, and it is necessary to conduct in-depth deconstruction and analysis of its impact on insurance enterprise innovation to ensure the sustainability of technological innovation in insurance enterprises. Based on the panel data of Chinese insurance enterprises from 2011 to 2020, this paper empirically examines the relationship between InsurTech and enterprise technological innovation level and the mechanism of action by using the fixed effect model and the intermediary effect model. The empirical research results are as follows: (1) The development of InsurTech has significantly improved the technological innovation of insurance companies. (2) From the perspective of mechanism, InsurTech mainly improves the technological innovation level of insurance companies by alleviating financing constraints. (3) Furthermore, we also found significant differences in the promotional effect of InsurTech's development on enterprises of different sizes and properties. At the same level of development, InsurTech has a greater and more significant "incentive effect" on the technological innovation level of non-state-owned enterprises and small and micro insurance enterprises. The research conclusion of this article not only enriches the literature on InsurTech and the technological innovation level of insurance companies, but also has significance for China's insurance companies to help them formulate digital transformation policies and promote the "sustainable development" of technology empowerment insurance strategies. [ABSTRACT FROM AUTHOR]

As researchers and practitioners alike seek to identify new ways to solve business challenges, inspire financial innovation, and create and seize new opportunities, insurers around the world are increasingly teaming up with insurtechs, and other tech startups. However, combining the constant caution of traditional insurance with the fast-moving, fast-changing startup-tech of startup culture is rarely straightforward, especially from the perspective of fintech ethics. Insurers need to be well-prepared to ensure these partnerships work for everyone involved - and ultimately deliver significant value. There are many reasons why insurance companies are looking for partners in insurtech, and other technology areas. They usually want to overcome a challenge or solve a vexing problem. The reasons behind successful partnerships often focus on persistent business needs: to help reduce costs, increase revenue, or improve customer experience. Partnerships between insurers and technology companies are increasingly common, especially because of the development of artificial intelligence applications (for example ChatGPT applications). Therefore, in this paper we propose, based on existing empirical studies, to highlight the financial trends in the insurtech field based on artificial intelligence applications and according to existing European regulations. [ABSTRACT FROM AUTHOR]

Customers' data points sources are growing, through the Internet of Things (IoT), telematics and interfacing with third parties' platforms. Third parties provide either by-product data about their clients, or data that are generated for the specific task of a more accurate measurement of behaviour. One of the core building blocks in insurance is understanding risk – therefore, innovation around data points (sources and analytics) to proxy risk is the engine behind its digital transformation. While the value of data points is clear for the providers of insurance products and services, the customers have not only less control over their data, but also hardly benefit from the creation of those data points. In this paper we provide a case study from the British car insurance industry, about a data-driven product that pivoted into a re-designed personal data right architecture, which included transparency, traceability and usability of customers' digital traces, and enabled customers' ownership rights over their data. [ABSTRACT FROM AUTHOR]

The aim of the study is to identify the future of Russian bancassurance in the “digital” world based on the formation of a reasonable opinion on its prospects within the framework of path dependence and the ecosystem approach. The relevance of the article is determined by the significance of bancassurance for the development of the insurance sector and the Russian financial market as a whole. The author uses methods such as analysis and synthesis, analogy, induction, descriptive analysis, matrix construction, clustering using graphs, and index method. The study is based on the works of domestic and foreign authors, data from the Bank of Russia on the state of the banking sector of the Russian Federation and key indicators of the insurers; reports of the rating agency “RA Expert” on bancassurance; data of Professional Analysis Systems of Markets and Companies Interfax. Based on the results of quantitative analysis, the author concludes that the key factor determining the development of Russian bancassurance within the framework of path dependence is the role of banks as recipients of cash flows. The author shows that the digital transformation of bancassurance is mainly associated with the digitalization of intermediary relations between the bank, individual client and insurance company. To quantify the level of such transformation, the author proposes indices of digitalization of bancassurance. The author shows that bancassurance can be successfully built into ecosystems due to its peculiarities. However, the conditions for the development of ecosystems in the Russian market can lead to the dissolution of bancassurance in ecosystems and the loss of its significance for the development of the Russian financial market. The presented conclusions are to be discussed taking into account the study of new issues in this problem area, including a study of the mergers and acquisitions market to analyse changes in the ownership structure of banks and insurance companies; a study of corporate bancassurance; broader analysis of quantitative values of bancassurance due to new data; analysis of ecosystem development in the Russian financial market in order to move from predictive judgments to a discussion of real situations.

In this literature review research study, the five research papers were chosen based on both novelty and discussion of important topics related to big data and analytics in a manner that serves the purpose of this research and also as per the research method described by Vom Brocke et al (2009). Various questions such as: Are there any changes in business analytics theories/practices since these five papers were written? Are the ideas and theories proposed in these five papers applicable? To what extent the issues mentioned in these five papers have been resolved? And how do the models, frameworks, and guidelines are applicable to skill development professionals? are answered in this paper. [ABSTRACT FROM AUTHOR]

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The paper introduces the possibility of use of Artificial Intelligence in the whole claim settlement process on insurance companies' vehicle claims. A fully automated vehicle claim settlement needs to develop the automatic liability check of the accident, which is now only made by human experts. The main points of this article are the main directions of the possible future development, such as to recognize the traffic situation, and to make a proper accident reconstruction. [ABSTRACT FROM AUTHOR]