INSURTECH IN THE BUSINESS PROCESS MANAGEMENT SYSTEM OF INSURANCE COMPANIES
DOI:
https://doi.org/10.31891/mdes/2023-10-15Keywords:
InsurTech, insurance company, business processes, innovation, artificial intelligence, insurance marketAbstract
In the article scientific approaches to defining the essence of the concept of "business process" are studied. It offers the author's approach to the interpretation of a business process as a set of sequential, interdependent, coordinated and logical actions aimed at achieving the strategic goal and objectives of the business entity, as well as satisfaction of internal and external stakeholders based on the use of available resources and taking into account the potential of the entity in a changing competitive environment. The properties of business processes are identified and the following are investigated the peculiarities of applying the process approach in the activities of domestic insurance companies. It is determined that the management of business processes of an insurance company involves the purposeful influence of management subjects on the objects of management to achieve the set strategic goals, namely: creation of competitive insurance products capable of meeting the needs of and ensure the stable development of the insurance company in a dynamic market environment using modern dynamic market environment with the use of modern methods and and tools. Given the rapid development of technology, increasing digitalization, and growing customer demands, the domestic insurance market is gradually moving to a digital business format. Accordingly, business process management of insurance companies is being transformed. New approaches to insurance through the use of technological innovations designed to improve the efficiency of the current model of the insurance industry are called Insurtech. The author examines the most popular technological solutions used in InsurTech projects, studies the volume of investments attracted in the processes of insurance business innovation in the context of the insurance industry structure, and identifies the benefits of introducing innovations into the practical activities of domestic insurance companies. The introduction of InsurTech into the business process management system will significantly reduce insurers' costs, prevent insurance fraud, especially in areas such as customer identity verification; will simplify and increase the efficiency of underwriting with automated processes of sorting and assimilation of information; development and implementation of innovative new insurance products embodied in "smart contracts"; more efficient and transparent consideration of insurance claims, with technology that limits the scope for disagreement
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