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The global financial market is undergoing transformational changes under the growing influence of innovative factors. Such changes are due, in particular, to the concentration and scaling up and diversification of the structure of financial services, the renewal of the financial sector on the basis of FinTech operations and blockchain technologies. This requires taking into account the impact of innovation factors on the transformation of the financial market in the dimension of FinTech. The study aims to identify the imperatives of global financial innovation and show ways to develop innovative models in the interpretation of S-curves for next-generation products using new technologies when key technologies on the previous S-curve become obsolete. Also, the matrix of financial innovations is presented and the synergy of its innovation models is proved.The results of the study are to prove that each of the presented models is not independent, it evolves and develops itself, as well as affects other models. This made it possible to identify prognostic pathways for the development of innovative models in their synergy in the form of two-ring motion. Thus, the study emphasizes the need for further research aimed at developing innovative models that will determine strategic decisions in the formation of innovation imperatives.

客觀且健全之保險商品比較平臺所具資訊整合及網路保險功能，應具有減省保險消費者取得適合保險商品之成本、促成保險市場商品資訊透明度等功能，有助於降低弱勢個人或群體接觸、瞭解及利用保險商品之障礙，促成普惠金融之落實。若得藉法令或政策安排，由具相當專業性之客觀中立第三方建置保險商品比較平臺無償提供民眾使用，並開放各保險業者得於該平臺執行網路保險服務，且適度容許第三方業者透過開放應用程式介面方式提供更多元應用服務，應更具推動及落實普惠金融之效益。 Insurance product comparison platform has the function of information integration and online insurance service, which can reduce the cost of insurance consumers to obtain suitable insurance products, increase the transparency of insurance product information, and then help reduce the barriers of vulnerable individuals or groups to contact, understand and use insurance products, and finally achieve the goal of financial inclusion. If a professional, objective and neutral third party can set up an insurance product comparison platform through appropriate laws and policies, which can be used by the public free of charge and allow various insurance companies to provide online insurance services, even further allow other third-party operators to provide more diversified application services through the open application interface, the financial supervision environment shall be more conducive to promote and implement the benefits of financial inclusion.

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]

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.)

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]

Purpose – Following the call for strengthening the third pillar of knowledge in entrepreneurship as well as work-applied management contexts constituted by pragmatic design principles, we present a case study on an insurtech for insurance firms specialized in smart contract insurance solutions such as flight delay or ski resort insurance. Design/methodology/approach – Design science. Findings – This not only serves as a pointer for how insurances may master their digital transformation while remaining competitive. But moreover, on the meta level, we find that the adoption of entrepreneurial design principles by the students, whose experiential project represents our case study, does not necessarily require continuous support or foundational knowledge to be delivered beforehand. However, for a deeper or more holistic assessment of the case sketched in their project, it makes sense to introduce them to newer developments such as the simple, practical framework of the Entrepreneur's Question Index. Originality/value – Innovative teaching method on innovative topics.

The pace of digitalization of the insurance industry lags behind similar processes in the banking sector. The main tasks that a Russian insurer solves when using IT technologies are the automation of business operations and the formation of an online system of interaction with customers with the main focus on sales.The purpose of this study is to systematize the effects achieved by insurance market participants when introducing IT technologies and identify incentives to accelerate the insurance sector digitalization. The goal of digitalization of Russian insurers should be the formation of a client interface with a full cycle of services; the transfer to a qualitatively new level of business processes while ensuring the required level of protection; formation of fundamentally new and timely renewal of the existing insurance products. The priority areas of IT technologies used by Russian insurers are identified: cloud computing, chat bots, and information resources that provide online interaction with customers. Factors that have a stimulating effect on the digitalization of the insurance sector are identified: cost reduction, acceleration of business processes, improvement of the quality of customer service and increased competitiveness. The problems and risks of insurers that restrain the use of IT technologies are formulated: high costs of digitalization, lack of qualified personnel, cyber risks, moral and ethical problems.

The Covid-19 crisis has accelerated the need for a digital transformation of insurance companies, which has shifted from being a strategic option to a necessity. Dynamic changes are transforming the insurance sector. Insurance market leaders who look boldly into the future have not resorted to observation alone and they take actions that allow them to be more customer-oriented, improve their offers, and increase operational efficiency. The aim of this article is to present the digitization processes taking place in the insurance sector in the face of the crisis caused by the Covid-19 pandemic and an attempt to answer the following research question: has digitization in the insurance sector taken the right direction and is a response to the needs of the insurance market participants (insurers, insured persons, intermediaries, etc.) as a consequence of the actual epidemic risk (Covid-19) and its consequences. In order to verify the research question and achieve the set goal, a critical analysis of the source literature, the analysis of trends and digital solutions in the insurance sector and the analysis of secondary data were performed. The study was based on data available in national and international reports, including data published by the Polish Insurance Association, OECD or the Geneva Association. The presented results of the considerations indicate that the use of new technologies and ubiquitous digitization have a great impact on customer expectations, which was particularly noticeable in the aftermath of the epidemic risk come true (Covid-19). The article highlights the changes introduced in the organization's processes (the importance of decision support systems in insurance activities), as well as supporting consumer users (the universality of social media, and the availability of speech and image recognition technology). [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]

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.

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.)

This article discusses the current European legislative initiative aimed at the first regulation of artificial intelligence, including IoT, and the related modernisation of the liability in the context of the digitalisation of society. Specifically, it discusses the AIA, AILD and PLD proposals. The article focuses on the insurance sector perspective and therefore also takes into account dependencies to other regulations such as Solvency II, IDD, GDPR and other horizontal or sector-specific legislation. [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]

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]

This article explores the impact of the internet of things (IoT) and insurtech on South Africa’s short-term insurance industry. The research found, based on interviews with high-level players in or connected to the South African industry, that while IoT and insurtech are significant potential drivers, the country’s incumbent insurers have to date been slow to adopt these digital transformation elements in their business models. This article outlines the drivers of IoT and insurtech, the factors influencing the slow adoption of these elements by traditional South African insurers, and recommendations for the adoption of these elements by South African insurers.

Insurance product comparison platform has the function of information integration and online insurance service, which can reduce the cost of insurance consumers to obtain suitable insurance products, increase the transparency of insurance product information, and then help reduce the barriers of vulnerable individuals or groups to contact, understand and use insurance products, and finally achieve the goal of financial inclusion. If a professional, objective and neutral third party can set up an insurance product comparison platform through appropriate laws and policies, which can be used by the public free of charge and allow various insurance companies to provide online insurance services, even further allow other third-party operators to provide more diversified application services through the open application interface, the financial supervision environment shall be more conducive to promote and implement the benefits of financial inclusion. [ABSTRACT FROM AUTHOR]

The term FinTech has been coined by combining two words Finance and Technology. It has gained significant importance and a new area of study for researchers. FinTech includes subdomains such as Crowdfunding, RegTech, InsurTech, WealthTech, Mobile Wallets, Cyber Security, and similar services. Increasing the adoption of technology has led to a considerable impact on the financial industry. Enhanced connectivity and computing power to the end-users are supported by continuous change and upgrading the financial sector. New business models have evolved over the last decade, as technology has disrupted how traditional financial institutions work. In this paper, different dimensions of 'FinTech' as an industry have been reviewed from a research perspective. This paper explains the FinTech-TechFin Matrix that serves as the conceptual base in this review process. Research gaps and new research areas are highlighted in this research. [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]

FinTech startups and services are one of the most dynamic segments of the modern economy. New financial technologies have already attracted many investors and form millions of budgets. Changing the traditional financial services concept, FinTech companies formed a new niche within the financial services market, the dynamic development of which determines the relevance of the development and implementation of an effective regulatory and oversight system.The purpose of the article is to develop an economic and mathematical model for forecasting the development of the FinTech market on the example of Ukraine. In order to study the development of the FinTech industry, a multiple regression model was presented. The model describes the dependence of the total investment value of FinTech from venture investments in financial technology, venture investments in other technologies and venture investments in online lending. Based on this model, the effect of attracting investments with new FinTech projects on the total volume of investments in the industry was clarified. According to the model, with a change in investments in FinTech by 1%, the total rate of venture investments decreases by 0.03, funds in new projects of other companies grow by 0.05, and venture investments in online lending increase by 0.89. According to the analysis of regulatory legislation in the foreign countries of the FinTech services sphere, it was found that the regulation of most of the risks associated with the development of FinTech services falls within the competence of different supervisory authorities, requiring cross-sectoral cooperation between public institutions.

The business models of social enterprises from the fourth sector are analyzed as innovation to enhance the attention capacity to the increase of unattended people worldwidearising from natural disasters, experiences of social enterprises focused on this problem are reviewed, the Lean Social Canvas Model is proposed to identify ventures aimed at mitigating this problem, including a practical application of this model, concluding with the verification of a wide range of opportunities for social enterprises in this sector, with recommendations for their promotion and suggestions for the use of the proposed methodology in the identification of ventures in the area.

Frequent bouts of economic recession resulting from globalization have led to a situation where employees no longer enjoy perks like job security. Additionally, in 2020, the pandemic has resulted in massive lay-offs by businesses across the globe. Employees are also facing pay cuts. This has brought into sharp focus, the need for a job loss insurance cover for employees. The real value of an insurance cover is now being felt by a wider section of the population. The job loss cover is called as unemployment insurance in Western nations like US and Europe. This cover has certain eligibility criteria and also exclusions. This research effort is an attempt to understand the mechanism of job loss covers in various countries and compare the same with similar prevailing schemes in India. There is also a need to investigate the opportunities presented by such a cover along with the challenges. The paper presents a roadmap to address the challenges and leverage the opportunities. [ABSTRACT FROM AUTHOR]

Through case studies for insurance service marketing using artificial intelligence(AI) in the insurtech industry, it investigated how innovative technologies(artificial intelligence, machine learning etc.) are being used in the insurance ecosystems. In particular, through domestic and international case studies, it was examined by Lemonade's service of insurance contracts and getting the indemnity and AI company's service of calculating the compensation through a medical certificate image based on OCR, which brought disruptive innovations using artificial intelligence. As a result of the case analysis, these services have drastically shortened the lead time of insurance contracts and payment through machine learning using numerous customer data based on artificial intelligence. And accurate and reasonable compensation was calculated in the estimation of indemnity, which has a lot of disputes between customers and insurance companies. It was able to increase customer satisfaction and customer value. [ABSTRACT FROM AUTHOR]

The Indian "Life Insurance Sector" is one of the fastest growing sectors among other industries. The main idea is to compensate the financial losses of a family when the main bread earner is no more due to certain eventualities in life. Bancassurance is the most common models of distribution of "Life Insurance Products and Solutions" apart from Agent Selling Model and Direct Distribution. The industry is adapting itself to the latest wave of Digitalization and Artificial Intelligence. The change in the Indian economy, like Digital India, is giving a boost to economic and financial products like Life Insurance. The stand-alone digital startups, launched specially for insurance products which received seed funding from the investors and are acclaimed internationally, are famously known as Insurtech. The focus of this study is on the adopting strategies on enhanced customer values in terms of product differentiation, quality, speed, service and costs. It further attempts to explore the recent trends in the various distribution channels in the insurance sector with special reference to bancassurance. [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.)

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.)

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 digital revolution has been shaking up the financial sector for some time now. This is also happening in the insurance industry, which has remained unchanged for a long time. Insurtech is a phenomenon that uses new technologies to revolutionize the traditional insurance business, and it deserves to be explored in depth to understand its risks and potential. This study examines the academic literature on Insurtech through a bibliometric analysis and a systematic review, which allowed us to identify the main contributors to the topic, the main research clusters and future research directions. The results show a growing trend in scientific production on Insurtech and a strong focus on the implications of artificial intelligence and blockchain on the insurance sector. Furthermore, the analysis highlighted a strong collaboration between information technology and economics disciplines and the need for an interdisciplinary approach to understand the Insurtech phenomenon fully. [Display omitted] • Insurtech is not only Fintech for insurance: it's gaining its autonomy. • Insurtech uses new technologies to revolutionize the traditional insurance business. • We examined Insurtech using performance, network, and topic trend analyses. • A focus on artificial intelligence, blockchain and risk management issues emerges. • The need for a multidisciplinary approach to explore the topic is highlighted. [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]