Prospects for Digitalization of the Insurance Business in Russia

Denis V. Bryzgalov (), Julia V. Gryzenkova () and Alexander A. Tsyganov ()
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Denis V. Bryzgalov: Financial University under the Government of the Russian Federation, Moscow 125993, Russian Federation
Julia V. Gryzenkova: Financial University under the Government of the Russian Federation, Moscow 125993, Russian Federation
Alexander A. Tsyganov: Financial University under the Government of the Russian Federation, Moscow 125993, Russian Federation; Institute of Economic Forecasting of the Russian Academy of Sciences, Moscow 117418, Russian Federation

Finansovyj žhurnal — Financial Journal, 2020, issue 3, 76-90

Abstract: Subject matter. Insurance and insurance activities in the digital economy. Topic. The relevance of the topic is due to the need to determine the specifics of insurance in the digital economy as well as to conduct a study to assess the practical application of new digital technologies in the Russian insurance market. In the existing works by Russian and foreign authors, the problems of practical use of digitalization processes by Russian insurers have not been systematically considered. Goal. Theoretical justification for changes in the insurance category in the context of economy digitalization and the study of practical implementation of digital technologies in the Russian insurance market. Method. The paper considers the results of a market study of 30 leading Russian insurers on the digitalization of the insurance market, aimed at identifying the problems and prospects of this process in Russia. Results. The theoretical definition of digital insurance is given, and its duality in the digital economy is shown, associated with the insurance of specific digital risks and with the introduction of new digital technologies (digitalization). Digitalization indicators of insurance activities have been developed and calculated—in particular, the indicator of the use and penetration of digital technologies. The results of a study on the demand for new digital technologies for business processes among insurance companies are reviewed and explained. Digital risks are classified, and the features of the implementation of cyber risks as well as the risks of artificial intelligence and the Internet of things are shown. The prospects for the use of digital technologies by insurers in the near future are estimated. Scope. The results of the study can be used by insurance companies to assess the competitive environment in terms of the use of digital technologies and in the strategic planning process, as well as by government bodies to assess the state of affairs and prospects of the insurance market's participation in digital economy formation.

Keywords: digital insurance; digitalization; insurance market; digital technologies; digital economy (search for similar items in EconPapers)
JEL-codes: G22 M15 (search for similar items in EconPapers)
Date: 2020
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:200305:p:76-90

DOI: 10.31107/2075-1990-2020-3-76-90

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