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The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks

Martin Eling () and Martin Lehmann ()
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Martin Eling: Institute of Insurance Economics, University of St. Gallen
Martin Lehmann: Institute of Insurance Economics, University of St. Gallen

The Geneva Papers on Risk and Insurance - Issues and Practice, 2018, vol. 43, issue 3, 359-396

Abstract: Abstract Based on a dataset of 84 papers and industry studies, we analyse the impact of digital transformation on the insurance sector using Porter’s value chain (The Competitive Advantage: Creating and Sustaining Superior Performance, The Free Press, New York, 1985) and Berliner’s insurability criteria (Limits of Insurability of Risks, Prentice-Hall, Englewood Cliffs, NJ, 1982). We also present future research directions from the academic and practitioner points of view. The results illustrate four major tasks the industry is facing: enhancing the customer experience, improving its business processes, offering new products, and preparing for competition with other industries. Moreover, we identify three key areas of change with respect to insurability: the effect of new and more information on information asymmetry and risk pooling, the implications of new technologies on loss frequency and severity, and the increasing dependencies of systems through connectivity.

Keywords: digitalization; value chain; insurability; innovation; technology (search for similar items in EconPapers)
Date: 2018
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