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Consumer Limitations on the Digitalization of the Insurance Market and Ways to Overcome Them

Author

Listed:
  • D. V. Bryzgalov

    (Financial University under the Government of the Russian Federation, Russian Academy of Sciences)

  • A. A. Tsyganov

    (Financial University under the Government of the Russian Federation, Russian Academy of Sciences)

Abstract

The article analyzes consumer dispositions (preferences) in the Russian insurance market. Their influence on the digitalization of insurance activities has been revealed. The consumer preferences of policyholders and their impact on the digitalization of business processes have been studied. The actual results of a statistical study of the Internet sales channel of insurance services, as well as the results of a sociological study of consumer preferences of policyholders have been presented. The presence of consumer dispositions (preferences) in the insurance market that hinder the development of digitalization has been shown. Key trends in the digitalization of sales procedures and their settlement under insurance contracts have been identified. Recommendations have been formulated to take into account the peculiarities of consumer dispositions in the insurance market in the process of digitalization of insurance activities.

Suggested Citation

  • D. V. Bryzgalov & A. A. Tsyganov, 2022. "Consumer Limitations on the Digitalization of the Insurance Market and Ways to Overcome Them," Studies on Russian Economic Development, Springer, vol. 33(5), pages 539-546, October.
    • Handle: RePEc:spr:sorede:v:33:y:2022:i:5:d:10.1134_s1075700722050057
    DOI: 10.1134/S1075700722050057
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    References listed on IDEAS

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    1. Nadine Gatzert & Katrin Osterrieder, 2020. "The future of mobility and its impact on the automobile insurance industry," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(1), pages 31-51, March.
    2. Martin Eling & Martin Lehmann, 2018. "The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(3), pages 359-396, July.
    3. Kevin H. Kelley & Lisa M. Fontanetta & Mark Heintzman & Nikki Pereira, 2018. "Artificial Intelligence: Implications for Social Inflation and Insurance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 21(3), pages 373-387, December.
    4. Denis V. Bryzgalov & Julia V. Gryzenkova & Alexander A. Tsyganov, 2020. "Prospects for Digitalization of the Insurance Business in Russia," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 76-90, June.
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