ARTIFICIAL INTELLIGENCE, INTEGRITY, AND OPPORTUNITY IN INSURTECH

Otilia Manta (), Ovidiu Folcut () and Iuliana Militaru ()
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Otilia Manta: Romanian-American University, Romania
Ovidiu Folcut: Romanian-American University, Romania
Iuliana Militaru: Romanian-American University, Romania

Journal of Information Systems & Operations Management, 2023, vol. 17, issue 1, 97-110

Abstract: 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.

Date: 2023
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