The Insurance Market Transformation with the Assistance of Innovative Technologies

Abstract

The present article is devoted to the study of the insurance market regarding the insurance services provided as a part of the digital economy transformation and the direction of Russian insurance companies’ innovative activities. The needs and prospects of digitalization of the economy insurance sector are justified and obstacles restraining the full introduction of innovative technologies are identified in the article. The considered factors relying on the review of the Russian insurance market in the period from 2019 to 2021 are: the current insurance market situation, its prospects and key trends in the near future. Nonetheless, the opportunities provided by digital technologies are far from ones fully implemented in the insurance sector that is hindered by both objective and subjective circumstances. The material and financial capabilities of insurers as well as the number of legislative and infrastructure restrictions of the country are mentioned among them.