TECHNOLOGICAL INNOVATION - CHALLENGES IN THE INSURANCE INDUSTRY
TECHNOLOGICAL INNOVATION - CHALLENGES IN THE INSURANCE INDUSTRY

Summary/Abstract: Nowadays, the global economy and digitalization have become two interdependent concepts; this connection could be syntactically named by the term Digi-globalization. Thus, technological innovation leads to economic stability and growth. Insurance companies are practically required to keep their technological developments up to date; in this context; we believe that the traditional "door to door" approach will never disappear, but it will migrate to the "virtual doors" of potential clients. Therefore, these economic entities must always modernize their business models and products to new technologies; otherwise they risk being even more boring for many consumers. An important role belongs to the supervisory authorities, which must ensure both an appropriate legislative and supervisory framework. Technological innovation provides facilities for personalizing the insurance, by identifying risks at an individual level; it will also lead to an easier and efficient way of understanding the insurance concept, its benefits, terms and conditions by the clients. In this paper our main aim is to identify the current stage and the new possibilities of development offered by information technologies in the insurance market.

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