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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]

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]

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]

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]

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. [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]

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]

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]

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]

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]

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]

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]

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]

While some consider open insurance to be a buzzword with more hype than substance, the underlying trend of open finance stimulates insurers to use digital technology to exchange data with third parties to realise process efficiencies and develop new products and channels. Based on a literature review and 30 interviews with industry experts in Europe, we define open insurance, identify its key drivers, and discuss the dimensions and performance impact of open insurance strategy. The combined insights can help executives develop a better understanding of open insurance and formulate an open insurance strategy that provides performance benefits to them, customers, and third parties. [ABSTRACT FROM AUTHOR]

The insurance industry is innovating. Business models, services and processes are rapidly evolving, largely backed by technological developments. The particular historical context of COVID-19 provides a suitable case to understand the relevance of exploiting technology to react quickly to traditional and emerging risks. Focusing on the initiatives put in place by the most influential insurance companies at the global level, we have framed the innovation mechanisms in the industry, highlighting four rationales underpinning these initiatives (Adaption, Expansion, Reaction and Aggression), which differ according to the relevance of the technology in use and innovation to the portfolio of risks covered. Overall, it emerges that insurance companies have the room and capability to innovate, in many cases using technological applications to cover new and existing risks. While the initiatives studied concern the entire value chain, basic primary activities, such as product development, sales and claims management, show that innovation based on new or existing technology determines the success and competitiveness of the business. [ABSTRACT FROM AUTHOR]

Sports participants are actively adopting wearables to measure their performance but they can also be used to minimise and control risks. We investigate and compare the results of 272 runners and 265 soccer players to determine the current use of wearables as well as the propensity to purchase insurance services that are coupled with the wearable technology. This includes an inquiry into the factors that determine people's readiness to share data with a potential insurance carrier. We use a Logit function to show that soccer players are more likely to purchase insurance as a means of protecting future income, especially at a younger age. We also find that perception of and experience with technology are key determinants of the use of wearables and the disposition to share insurance data for both cohorts. Wearables are also more likely to be adopted if offered at a lower pricing point. Finally, both cohorts are more likely to share their data with an insurer if they have a positive perception of the insurance industry and its products. [ABSTRACT FROM AUTHOR]

The article makes an exploration into the impact of COVID-19 on the non-life insurance industry and how it will shape and implement its policies and strategies in the transforming environment to ascertain resiliency and sustainable growth. The pandemic has posited widespread impact on the comprehensive financial spectrum of world economy. Following the holistic economic shock, Global insurance industries have come forward with diverse policies and products with a view to adapting with the new-normal economic array. It is immensely significant to formulate multi-faceted policies, technological advancement and innovation with regard to insurance products and increased customer orientation both in new-normal spectrum and future calamities. Non-life insurance companies have tended to promote InsurTech to increase customerbased services during the COVID-19 period. However, comprehensive digitalization, modernization of health sector, micro-insurance for agricultural sector, competitiveness and sustainability in insurance business is imperative to assure a sound and extensive ambience for the insurance industry. [ABSTRACT FROM AUTHOR]

Insurance helps in building a financially resilient society. The industry is looking for ways to increase the access to insurance through the use of new-age technology. A technology like blockchain is creating a new ecosystem which will provide a new way for conducting business in a more transparent, efficient and democratic manner. This paper examines the prospective use of blockchain technology in India and the construing barriers to the ecosystem. [ABSTRACT FROM AUTHOR]

Insurance concept was found numerous centuries before Christ (BC). Correspondingly, Chinese and Babylonian traders practised moving or dispensing risks in 2nd and 3rd millennia B.C. Nowadays, insurance is the backbone of the economy, but developing economies face challenges in increasing its penetration. The recent introduction of Big Data, Blockchain, IoT and InsurTech led to the fourth industrial revolution in insurance in the developed world. This study explores the challenges and solutions in adopting blockchain technology to increase insurance penetration in India. This study applied a systematic literature review (SLR) to extract the themes/variables relating to challenges and solutions in adopting big data analytics in India's insurance sector. The several keywords used to search relevant literature from Google Scholar and Emerald. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and their solutions in the adoption of blockchain technology in the Indian insurance industry. Policymakers could adapt to the suggestions to improve the service delivery insurance sector. [ABSTRACT FROM AUTHOR]

Copyright of Revista Ibero-Latinoamericana de Seguros is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In recent years, Insurtech innovations, driven by technologies such as artificial intelligence and blockchain, emerged in the insurance industry, with the promise of improving efficiency. However, while the positive impact of technology on insurance companies' efficiency is expected, literature assessing it empirically is scarce, when it comes to recent technological change. Focusing on the US public P&C insurance sector in the period 2012–2018 and relying on both nonparametric (two stage DEA) and parametric (SFA) approaches, it emerges that on average insurance companies were not able to leverage on technological innovations to improve their efficiency. On average a relative level of efficiency among companies, according to a two stage DEA model, was quite stable in time, while the SFA approach shows that the distance between efficient and less efficient firms slightly increased. Moreover, we found one very efficient firm, almost a leader of the market in terms of efficiency, and a homogeneous group of followers, indicating that there is vast scope for improvement for less efficient companies. Nevertheless, even the most efficient company impaired its efficiency over time, suggesting that neither the leader nor on average the followers properly leveraged technology to improve their efficiency. In a competitive scenario, with new players' entrance and fierce competition, inertia may seriously affect their positioning. Academicians, managers and policymakers should carefully consider the effects that a non-improvement of efficiency following technological change may have on market structure, competition and regulations, potentially opening to further discussion on how technological innovations adoption should be facilitated. [ABSTRACT FROM AUTHOR]

Introduction: Insurtech refers to the use of technology innovations designed to squeeze cost and maximize efficiency from the current insurance industry model. Insurtech is a combination of the word's "insurance" and "technology," inspired by the term fintech i.e. financial technology. Whilst insurance company already move forward, Islamic Insurtech seems not a popular terminology. It may not have unique characteristic from stakeholder's perspective and therefore it may only be embedded in insurtech definition. Purpose: This paper aims to explore the potential of having Islamic insurtech in the global market and analyze the opportunity to establish a conceptual framework for Islamic Insurtech. Methodology: This study uses qualitative approach based on analyzing content analysis. A report from government agencies and corporate include website propose subject of the study were review to developing insurtech framework for takaful. The review of relevant case studies from the literature reveals some important findings in relation to Islamic Insurtech such as future outlook, health protection, funeral insurance and management and the framework. Findings: It is hoped that it will benefit the Islamic insurance or Takaful players to remain relevant in the global market. [ABSTRACT FROM AUTHOR]

The dynamic development of modern technologies has changed the rules of the game in the financial market, including the insurance sector. While introducing digital business models may bring certain advantages for insurers, there is a widespread expectation of consumers to manage their financial affairs anytime and anywhere. This article sets out by demonstrating recent phenomena on the insurance market arising from its digitalisation, i.e., automation, personalisation, insurance on-demand, machine learning & artificial intelligence, Big Data, concluding distance contracts; along with the threats to consumer safety they pose a cyber risk that may materialise at different stages of the digital insurance selling process. Further, to provide insights into how modern digital insurance markets work, the article presents the results of a study conducted by the authors on a representative sample of 2,136 respondents from Poland. The study allows one to identify certain behaviour patterns of customers in their dealings with providers of insurance products and services as well as their approach to technological innovations introduced by the traders. Crucially, the study shows that insurance consumers have a positive attitude towards the use of modern technologies in insurance, however, their knowledge on this subject is still limited. Specifically, insurance consumers tend to be more afraid of cyber risks than any legal risks resulting from deploying new technologies in the insurance sector. In conclusion, the article maps out key regulatory challenges related to ensuring consumer protection on digital insurance markets. [ABSTRACT FROM AUTHOR]

Since 2011, the booming development of InsurTech has embraced a huge impact on the financial and insurance industries. Former researches fail (1) to whole draw the character and contribution capacity of InsurTech identification, and then, (2) to study the impact of InsurTech on the insurance industry and its transmission patterns. Based on these, I addressed an empirical research on InsurTech with non-equilibrium panel data from China from 2011 to 2018 to conduct a quantitative study on the role and influence path of InsurTech on the insurance industry. The results show that (1)the InsurTech has a significant impact on the liability side, the asset side and the risk-taking behaviour, and (2) the impact of InsurTech development inside companies are not independent, which provides a solid factual basis for the development and supervision of the insurance industry. [ABSTRACT FROM AUTHOR]

COVID-19 changed not only the insurance distribution, but it created the preconditions for technological growth of the insurance business. Against the background of all the negative consequences of the pandemic, incl. increasing health and economic risks, reduce the risk tolerance of consumers. That explains the increased interest in insurance products and hence the growing market shares of insurance companies. However, increased demand has its digital price. Consumers want fast, remote and personalized service in an online environment. Modern users may refuse to visit an insurance office or standardized product. The pandemic managed to radically change people's habits and needs in a short time which found insurers unprepared to adapt to them. For many years the insurance industry delayed technological innovation and was conservative about digital transformations. It is the reason why insurers are now vulnerable and at risk of failing to keep up with new trends. In this context the research seeks to outline the main technological areas in which the insurance business must develop in order to be successful. Unfortunately the digitalization of distribution channels is faster than product innovations, which is a significant problem for successful market penetration. [ABSTRACT FROM AUTHOR]

The increasing role of technology is generating new challenges in fostering innovative insurance products and in offering new means of distribution for existing products. Herein, we focus on peer-to-peer insurance, where technology is used to connect policyholders and the insurance structure recalls its roots based on organised mutual solidarity. The aim is to highlight strengths and weaknesses of the broker model of peer-to-peer insurance. We address the main legal and regulatory issues by referring to European Union regulation on insurance and we develop an actuarial model to support our conclusions and evaluate the convenience of such a business model for policyholders. Although peer-to-peer insurance was created as a fairer alternative to the pool of traditional insurance companies, we see major challenges that need to be solved. The evidence sheds doubt on the convenience of the broker model for peer-to-peer insurance while the regulatory risks seem, paradoxically, certain. [ABSTRACT FROM AUTHOR]

The technology is fast evolving and taking every industry into its stride. Insurance is no exception. The insurance industry has to adopt the technology and harness it to insure its future. The business models of brick and motor insurance companies and their products are not sufficient in a market place driven by high customer expectations and competition. The domestic insurance market is estimated at $70 billion where online commands a share of around 2.5% but is growing at 40% annually. The insurtech refers to adoption of new business models to enhance savings and efficiency by using technology. The paper highlights the salient features of select five insurtech companies which have made their impact in the industry. Majority of the insurtech companies are insurance intermediaries. The insurtech companies have either revolutionized through innovative products by rebundling the existing traditional products, distribution models, reachability, etc. The paper is exploratory in nature. Secondary data was used from various websites of the companies and other sources mentioned in the bibliography. The study undertakes comparative analysis. The paper adds to the existing body of knowledge. The paper focusses on funds raised, products covered by the companies, number of customers or policies acquired, number of claims handled, etc,.The Uniqueness of each company is highlighted. It's expected that by 2020, India will have a $20-billion strong domestic online insurance market. The online insurance companies are fast reaching the expectation. [ABSTRACT FROM AUTHOR]

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This paper examines the promises and pitfalls associated with Insurtech - the anticipated innovations in the insurance industry associated with social media marketing, artificial intelligence, big data analytics and more - and focuses in particular on the new methods of pricing and premium setting that are claimed to follow from the availability of self-tracking technologies and new volumes of customer data. Using the examples of telematics data in car insurance, efforts by health insurers to incentivize health behaviours (for example through the use of fitness trackers), and insurance companies' own marketing materials, we assess the current state of play in the field of 'personalized' insurance pricing, pointing to obstacles as well as opportunities associated with its development. We then set these contemporary developments against a longer history of insurance pricing, understood as a history of arranging and classifying objects and persons for the purposes of calculating risk. We show that in its longer history, insurance reflected but also contributed to uncertainties about the distinction between persons and property. Drawing these two strands together, we conclude by assessing the implications of insurtech for future understandings of personhood. While there is scope for new categories of personhood to emerge, we show that there are also important continuities between past and present in terms of the challenge of bringing persons, parts of persons, material objects and pecuniary interests into successful alignment. [ABSTRACT FROM AUTHOR]

The concept of insurance was found several centuries before Christ. Correspondingly, Chinese and Babylonian traders practiced moving or dispensing risks in the second and third millennia BC. Nowadays, insurance is the backbone of the economy. The recent introduction of big data, IoT, and other forms of InsurTech led to the fourth industrial revolution in insurance in the developed world. The industry is looking to improve the ergonomics of remote sensing technology to improve the acceptability of the clients. The adaptation of IoT in developing economies may provide a solution in increasing insurance penetration. This study explores the challenges and solutions in adopting IoT to increase insurance penetration in India. This study applied a systematic literature review (SLR) to extract the themes/variables related to challenges and solutions in adopting IoT in India's insurance sector. Several keywords were used to search the relevant literature from Google Scholar. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and their solutions in the adaption of IoT in the Indian insurance industry. Policymakers could adapt the suggestions provided to improve the service delivery insurance sector. The authors listed several challenges and solutions in the adaption of IoT in the Indian insurance industry through a systematic literature review to facilitate the policymakers to make the right decisions. [ABSTRACT FROM AUTHOR]

• Chinese InsurTech's media reports primarily focus on "insurance", "finance", and "science & technology". • Blockchain is the key technology for different years. • Data is getting more and more attention. • Evidence provided in this article has implications for global technological innovation in insurance. As a new trend, InsurTech is shaking up every link of the traditional insurance industry chain. Facilitated by many factors such as capital investment, new technology development and the high penetration rate of e-commerce, China has become an important market for the development of InsurTech. This paper uses text mining technology and Python to analyze the word frequency of 25,662 InsurTech-related news reports from 2015 to 2019 in China. It also applies the term frequency-inverse document frequency (TFIDF) indicator to test the trends and features of InsurTech's development in China. Both word frequency and TFIDF show that InsurTech's media reports primarily focus on "insurance", "finance", and "science and technology"; their rankings change annually. "Blockchain" is the key technology for different years. Data is getting more and more attention. The evidence provided in this article has implications for global technological innovation in insurance. To our best knowledge, this is the first large-scale Chinese media reports-based study to investigate the characteristics of the China InsurTech development. [ABSTRACT FROM AUTHOR]