Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)

The Impact of Digitalization Risks on the Business Processes of an Insurance Company

Authors
Anna Faizova, Svetlana Kalayda, Irina Malova, Ekaterina Solopenko
Corresponding Author
Anna Faizova
Available Online 24 April 2020.
DOI
https://doi.org/10.2991/aebmr.k.200423.001How to use a DOI?
Keywords
insurance, business processes, digitalization, InsurTech
Abstract
Nowadays digitalization is one of the key drivers of insurance market development in Russia. Introducing InsurTech provides insurance companies with a number of competitive advantages, such as increasing speed of making decisions, opportunities for portfolio expansion, tools for risk assessment and fraud detection. Application of digital technologies helps them to increase effectiveness of business processes. Among all business processes of an insurance company we emphasize the most significant in terms of insurance service provision. Those include the processes of underwriting, conclusion and support of an insurance contract, settlement of an insured event. However, adoption of innovations blurs borders between business processes. The paper discusses InsurTech tools implemented in these business processes, evaluates the effectiveness of their use, identifies the associated risks. The conclusion is made that the risk of unauthorized access or use of personal data is the most significant. Another significant risk is the model risk arising from the imperfection of the models used, insufficient data or its poor quality. In addition to that, the impact of digitalization on the activities of insurance companies and its business processes should not be overestimated. Funding: The reported study was funded by RFBR, project number 20-01-00785.
Open Access
This is an open access article distributed under the CC BY-NC license.

Download article (PDF)

Proceedings
III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)
Part of series
Advances in Economics, Business and Management Research
Publication Date
24 April 2020
ISBN
978-94-6252-957-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.200423.001How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Anna Faizova
AU  - Svetlana Kalayda
AU  - Irina Malova
AU  - Ekaterina Solopenko
PY  - 2020
DA  - 2020/04/24
TI  - The Impact of Digitalization Risks on the Business Processes of an Insurance Company
BT  - III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)
PB  - Atlantis Press
SP  - 1
EP  - 4
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200423.001
DO  - https://doi.org/10.2991/aebmr.k.200423.001
ID  - Faizova2020
ER  -