Digital Transformation of Insurance Sector

Tonina Yaneva ()
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Tonina Yaneva: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2021, vol. 10, issue 1, 97-104

Abstract: Nowadays the digital revolution is one of the most important determinants of economic development. The penetration of Internet and the dynamically changing business environment confronts the conservative insurance sector with the opportunities and challenges, arising from the need to adapt to the digital economy. The global pandemic COVID-19 has had its impact and accelerated the digitalization process in the lagging insurance sector. The subject of this study are the problems, related to the determination of the nature and features of the digital transformation in the insurance sector. The purpose of this report is to examine the need of digital transformation in the insurance sector and the change in business models, due to the implementation and expansion of information technology. Through a theoretical summary will be revealed the impact of digitalization on the activities of insurance companies, on customers' behavior and will be drawn conclusions about the application of technologies for increasing the competitive power.

Keywords: digital transformation; digital insurance; digital insurance leaders; SOG-e model; value chain (search for similar items in EconPapers)
JEL-codes: G22 O33 (search for similar items in EconPapers)
Date: 2021
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