Digitalization and Sustainability - Opportunities and Challenges for Insurance Industry

Jelena Stanković, Jovica Stanković and Zoran Tomić
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Jovica Stanković: University of Niš - Serbia
Zoran Tomić: University of Niš - Serbia

Economic Archive, 2020, issue 2 Year 2020, 43-57

Abstract: Digital revolution and demands for sustainability are the most important determinants of the economic development in the last years. Insurance as a risk protection mechanism can support the achievement of many Global Sustainable Development Goals of the United Nations in direct or indirect manner. Decision engines and artificial intelligence support to decision-making allow insurers to propose tailored customer-centric services based on micro-segments and personalized risk profiles. Providing a more adequate set of products insurance creates a financial safety net for women, families and businesses and contributes to poverty alleviation and supports economic growth, innovations and employment. Therefore, the aim of this paper is to present the possibilities of application of information technology in insurance and challenges for its implementation.

Keywords: digitalization; insurance; sustainability (search for similar items in EconPapers)
JEL-codes: G22 L86 Q01 (search for similar items in EconPapers)
Date: 2020
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