THE ROLE OF ARTIFICIAL INTELLIGENCE IN THE DEVELOPMENT OF THE INSURANCE MARKET
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Abstract
Digital transformation of the insurance market is an integral part of the formation of the digital economy and the digitalization of the entire financial services sector. The utilisation of information and communication technologies has become a pivotal aspect of the innovative development of insurance companies in the contemporary era, enabling them to enhance their operational efficiency and ensure their competitive standing. A particularly promising digital technology that insurers are currently developing is artificial intelligence. According to experts in the field, this technology is poised to become a leading solution for these institutions in the near future. This assertion is substantiated by the observed growth in investment resources allocated to the advancement of this technology. This underscores the necessity for conducting scientific research to ascertain the current state of artificial intelligence technology implementation by insurance companies in their operations and to explore prospects for its integration into the broader insurance market development. The purpose of the article is to provide a comprehensive overview of the theoretical and applied provisions of artificial intelligence technologies in the development of the insurance services market. A range of general scientific and special research methods were used in the article, including the following: methods of comparison, measurement, abstraction, analysis and synthesis. The employment of statistical analysis methods enabled the substantiation of the state of artificial intelligence technology utilisation by insurance companies, and the identification of potential areas for its further application in their work. The study of the modern model of the insurance services market was conducted, which was based on substantiating the essence of this model and identifying specific features of the functioning of the specified market. In the future, this allowed to more clearly substantiate the directions of its digitalisation, the prerequisites for the digital transformation of insurance companies, the main digital technologies that they use in their own activities, and the consequences of their application for this market. The article pays significant attention to the study of the essence of artificial intelligence and its modern development in the field of financial services, as well as to the further prospects for its use in the activities of insurance companies. The consideration of specific features of their business activities enabled the formulation of consequences of using artificial intelligence technology in their further work. Advantages and disadvantages of using artificial intelligence technology in the work of insurance companies were specified, which made it possible to state available significant systemic advantages of its use and its prospects for ensuring digital transformation of these companies. In the future, this allowed to substantiate the main directions of using artificial intelligence in the further development of insurance companies and the insurance services market in general.
How to Cite
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InsurTech, insurance, artificial intelligence, digitalisation, digital technologies, personalisation, insurance services, insurance services market
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