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Research of the Digital Transformation in Bulgarian Insurance Companies

Author

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  • Tonina Yaneva

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

Insurance companies are making increasingly large-scale investments for implementing digital technologies. This gives rise to the need for systematized criteria and indicators for evaluating digitalization and its effect. In this study, an adapted evaluation framework for positioning insurance companies, according to the reached level of digital development is presented. Indicators, showing the cost of digital investments and the result of the insurance activity, from the consolidated financial statements are proposed. The development trend of the selected indicators - software value, gross written premium and acquisition costs, in the top 5 digitally advanced Bulgarian insurance companies are investigated for the period 2012 - 2021. The results of the research show that each of the analyzed insurers is characterized by specific development dynamics of the studied indicators. This can be used as a basis for future research.

Suggested Citation

  • Tonina Yaneva, 2022. "Research of the Digital Transformation in Bulgarian Insurance Companies," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 11(2), pages 205-214, August.
    • Handle: RePEc:vra:journl:v:11:y:2022:i:2:p:205-214
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    File URL: http://su-varna.org/journal/IJUSV-ESS/2022.11.2/205-214.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Michal Stojanov, 2013. "Increasing importance of electronic commerce in the republic of Bulgaria," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, issue 1, pages 25-33, November.
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    More about this item

    Keywords

    digitalization; evaluation framework; insurance; software; premium; acquisition costs;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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