Digitalization trends in insurance and their impact on the functioning of the insurance market entities

Anna Chojan, Jacek Lisowski and Piotr Manikowski

DOI: https://doi.org/10.33995/wu2022.1.1


Digitalization is one of the main issues accompanying financial companies, including the insurancerelated ones and is rapidly transforming the way in which financial markets are operating. The main digital trends in insurance include: cooperation of the intermediary with the insurance company, omnichanneling and digitization of documents, process automation, increase in the role of artificial intelligence, increase in self-service, use of external data sources and ecosystems. This paper aims to examine how, as a result of digitalization, the functioning of the market participants such as insurance companies, insurance intermediaries, and customers is changing. The goal will be achieved through research on what solutions are introduced as a part of the specified digitalization trends and how they affect the functioning of market participants. In addition, it will be determined what factors influence the implementation of the indicated solutions, what difficulties there appear in their implementation and their effects, including the negative ones, especially in the context of data security, loss of sense of community, and dehumanization.



digitalization, insurance market, InsurTech


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