Abstract:

As the process of digitization rapidly develops and the number of sectors involved increases, the players of financial sphere work out and adopt best practices in disruptive technology. Digital innovations have reached and started revolutionizing insurance displacing existing business models. Insurtech startups that pursue technology-driven and customer-oriented business models, emerge at a fast pace in different parts of the world. The research outlines the most noticeable participants in insurtech which are the USA, the UK and China, and covers the Russian market where innovative products already have a transformative effect on insurance industry. Given the need for bringing modern customers more cost-efficiency and effectiveness, the paper points out a few game-changing insurtech services. The study provides the results of investigating the launched initiatives and main trends in developing innovative insurance online platforms in the countries stated and highlights major challenges and prospects for this segment in response to the factors of the world and national economies.