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Автор: Sveta on .

DOI: http://doi.org/10.31617/visnik.knute.2018(121)10

UDC 005.591.6:368.013

Doctor of Economics, Professor of Department of Finance, Kyiv National University of Trade and Economics

Doctor of Economic Sciences, Associate Professor, Head of the Department of Accounting and Taxation of Kyiv National University of Trade and Economics 

Background. FinTech significantly affected such an important component of the financial market as the insurance market, where the use of technological innovation is called InsurTech. The use of InsurTech tools has resulted, on the one hand, in a strong institutional transformation of the insurance sector and on the other hand, increased techno­logical risks and problems as to consumers protection.
The aim of the article is to determine the consequences of intensifying the intro­duction of technological innovations in the insurance market in conditions of increasing globalization processes.
Materials and methods. The works of domestic and foreign scholars in the field of InsurTech have become theoretical and methodological grounds for writing the article.  The research was carried out using the methods of theoretical generalization, comparative analysis, analysis and synthesis, which made it possible to clarify the definition of InsurTech, to identify the advantages, disadvantages, opportunities and threats of the further development of InsurTech.
Results. InsurTech is a sphere of FinTech, in which innovative technologies are used by insurance market participants to meet the needs of insurance services consumers on the basis of optimization of their activities. Major financial technologies that trans­formed the insurance market, include large data, artificial intelligence, block chain, inter­net things, mobile access, which gave impetus to the creation of new insurance products, distribution channels, costs reduction for the insurer and the creation of opportunities for easier customer access to insurance services.
Conclusion. Technological innovations will influence the further development of the insurance sector. At the same time, InsurTech will continue to be one of FinTech’s most dynamic components. Financial technologies have created a set of benefits for all parti­cipants in the insurance market. Insurers have reduced their administration costs, made it impossible or reduced the likelihood of fraudulent actions from clients’ side. For consu­mers the access to insurance services was simplified, time for acquiring insurance policies and receiving claims payments was reduced, the possibility of personification of insurance products appeared. Due to increased competition in the insurance market, the quality of existing insurance services increases and new services arise that cover new risks associated with technological progress. At the same time, the spread of technological innovation has certain threats, which primarily concern the release of insurance company’s personnel and improper state regulation of new relationships between the insurer and the insured.
Keywords: insurance technologies, insurance services, telematics, telemedicine, block chain, "smart" contracts, parametric insurance, peer insurance.


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