IDEAS home Printed from https://ideas.repec.org/a/vrs/jecman/v46y2024i1p55-78n3.html
   My bibliography  Save this article

The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research

Author

Listed:
  • Ćurak Marijana

    (Department of Finance Faculty of Economics, Business and Tourism University of Split, Split, Croatia)

  • Duvnjak Mirela

    (Croatia Insurance Company Plc. Zagreb, Croatia)

  • Pervan Maja

    (Department of Economics Faculty of Economics, Business and Tourism University of Split, Split, Croatia)

Abstract

Aim/purpose – In line with the general trend of digitalization and changing customers’ needs and preferences, insurance companies have increasingly applied digital technology to their business. This digital transformation should enhance insurance companies’ efficiency and provide further advantages. Therefore, this study’s main aim is to analyze the current relationship between the digital maturity of Croatian non-life insurers and their efficiency. Design/methodology/approach – The empirical analysis is based on the data collected via an online survey on a sample of Croatian non-life insurers and from the insurance companies’ financial statements. The data was analyzed using the Digital Maturity Model 5.0 by Forrester Research, Inc., Data Envelopment Analysis, and correlation analysis. Findings – The surveyed Croatian non-life insurance companies have achieved the second level of a four-level digital maturity scale, on average. Although the digital transformation of insurance companies is a promising efficiency driver, the current level of digital maturity of Croatian non-life insurance companies is not positively related to their efficiency. Research implications/limitations – The research has implications for insurance companies regarding their path of digital transformation, as well as for the regulators establishing an adequate regulatory framework to encourage the digital development of insurance companies. The objective limits of the research refer to the means of measuring digital maturity and the sample size. The research is limited to the Croatian insurance market. Originality/value/contribution – Analysis of the efficiency of insurance companies from the information technology perspective is rare in the academic literature, and this issue has not been investigated using a sample of Croatian insurers. The research contributes to advancing knowledge on the relationship between digital maturity and insurance companies’ efficiency.1

Suggested Citation

  • Ćurak Marijana & Duvnjak Mirela & Pervan Maja, 2024. "The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research," Journal of Economics and Management, Sciendo, vol. 46(1), pages 55-78, January.
    • Handle: RePEc:vrs:jecman:v:46:y:2024:i:1:p:55-78:n:3
    DOI: 10.22367/jem.2024.46.03
    as

    Download full text from publisher

    File URL: https://doi.org/10.22367/jem.2024.46.03
    Download Restriction: no
    File URL: https://libkey.io/10.22367/jem.2024.46.03?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Roman Teichert, 2019. "Digital Transformation Maturity: A Systematic Review of Literature," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 67(6), pages 1673-1687.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chwiłkowska-Kubala, Anna & Cyfert, Szymon & Malewska, Kamila & Mierzejewska, Katarzyna & Szumowski, Witold, 2023. "The impact of resources on digital transformation in energy sector companies. The role of readiness for digital transformation," Technology in Society, Elsevier, vol. 74(C).
    2. Fatih Gurcan & Gizem Dilan Boztas & Gonca Gokce Menekse Dalveren & Mohammad Derawi, 2023. "Digital Transformation Strategies, Practices, and Trends: A Large-Scale Retrospective Study Based on Machine Learning," Sustainability, MDPI, vol. 15(9), pages 1-23, May.
    3. Bora Ly, 2024. "The Interplay of Digital Transformational Leadership, Organizational Agility, and Digital Transformation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 4408-4427, March.
    4. Titov Sergei & Trachuk Arkady & Linder Natalya & RD Pathak & Danny Samson & Zafar Husain & S Sushil, 2023. "Digital transformation enablers in high-tech and low-tech companies: A comparative analysis," Australian Journal of Management, Australian School of Business, vol. 48(4), pages 801-843, November.
    5. Pinto, Marcelo Rezende & Salume, Paula Karina & Barbosa, Marcelo Werneck & de Sousa, Paulo Renato, 2023. "The path to digital maturity: A cluster analysis of the retail industry in an emerging economy," Technology in Society, Elsevier, vol. 72(C).
    6. Nelson DUARTE & Carla PEREIRA & Ricardo SANTOS & António AMARAL & Davide CARNEIRO, 2020. "The Role Of Digital Maturity In The Knowledge Based Economy," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 19(3), pages 79-88.
    7. AlNuaimi, Bader K. & Kumar Singh, Sanjay & Ren, Shuang & Budhwar, Pawan & Vorobyev, Dmitriy, 2022. "Mastering digital transformation: The nexus between leadership, agility, and digital strategy," Journal of Business Research, Elsevier, vol. 145(C), pages 636-648.
    8. Ilaria Mariani & Irene Bianchi, 2023. "Conceptualising Digital Transformation in Cities: A Multi-Dimensional Framework for the Analysis of Public Sector Innovation," Sustainability, MDPI, vol. 15(11), pages 1-22, May.
    9. Emil Lucian Crișan & Adrian Marincean, 2023. "The digital transformation of management consulting companies: a review," Information Systems and e-Business Management, Springer, vol. 21(2), pages 415-436, June.
    10. Ladu, Luana & Koch, Claudia & Asna Ashari, Parsa & Blind, Knut & Castka, Pavel, 2024. "Technology adoption and digital maturity in the conformity assessment industry: Empirical evidence from an international study," Technology in Society, Elsevier, vol. 77(C).
    11. Sardar Mohammadi & Arman Heidari & Jamil Navkhsi, 2023. "Proposing a Framework for the Digital Transformation Maturity of Electronic Sports Businesses in Developing Countries," Sustainability, MDPI, vol. 15(16), pages 1-18, August.
    12. Munir Majdalawieh & Shafaq Khan, 2022. "Building an Integrated Digital Transformation System Framework: A Design Science Research, the Case of FedUni," Sustainability, MDPI, vol. 14(10), pages 1-20, May.
    13. Jie Dong, 2023. "Study on the Identification of Financial Risk Path Under the Digital Transformation of Enterprise Based on DEMATEL-ISM-MICMAC," Papers 2305.04216, arXiv.org.
    14. de Paula Pereira, Gustavo & de Medeiros, Janine Fleith & Kolling, Camila & Ribeiro, José Luis Duarte & Morea, Donato & Iazzolino, Gianpaolo, 2024. "Using dynamic capabilities to cope with digital transformation and boost innovation in traditional banks," Business Horizons, Elsevier, vol. 67(4), pages 317-330.
    15. Evgeny V. Popov & Viktoria L. Simonova & Vitalii V. Cherepanov, 2021. "Digital maturity levels of an industrial enterprise," Journal of New Economy, Ural State University of Economics, vol. 22(2), pages 88-109, July.

    More about this item

    Keywords

    digital transformation and maturity; efficiency; Croatian non-life insurance companies;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:jecman:v:46:y:2024:i:1:p:55-78:n:3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.