Author(s)

Zhang Shasha ¹

Affiliation(s)

¹ Zibo Vocational Institute, Zibo, Shandong, China

Corresponding Author

Zhang Shasha

ABSTRACT

This paper explores the profound impact of digital transformation on the insurance business model, examining key facets such as enhanced customer experiences, increased efficiency, and innovative opportunities. The integration of digital technologies, including AI, IoT, and blockchain, has revolutionized how insurers interact with customers, optimize operations, and offer personalized products. The discussion encompasses the application of data science, AI, and blockchain, emphasizing their role in refining risk assessment, fraud detection, and transaction transparency. Connected insurance, driven by IoT, emerges as a transformative concept, monitoring assets in real-time to tailor personalized policies. The paper addresses challenges such as data security and talent development while highlighting the global competitive edge and collaborative platforms fostered by digital transformation. The conclusion underscores the pivotal role of flexibility and adaptability for insurers in navigating the dynamic landscape, predicting a future marked by sustained innovation, environmental consciousness, and increased responsiveness to emerging risks. Embracing digital transformation emerges as the linchpin for insurance companies to thrive in the evolving marketplace.

KEYWORDS

Digital Transformation, Insurtech, Personalization, Data Analytics, Connected Insurance

CITE THIS PAPER

Zhang Shasha, The Impact of Digital Transformation on the Insurance Business Model and Innovative Opportunities. Financial Engineering and Risk Management (2023) Vol. 6: 121-126. DOI: http://dx.doi.org/10.23977/ferm.2023.061117.

REFERENCES

[1] Hao, L. (2020). Accelerating High-Quality Development of Insurance Enterprises through Digital Transformation: The Technological Force Underlying China Life's Resilience against the Pandemic. China Financial Computer, (5), 5.
[2] Zhang, Y. (2018). The Impact of Insurtech on the Business Models of Commercial Insurance Companies. Shanghai Insurance, (3), 3.
[3] Zhang, J. (2019). The Current Situation, Challenges, and Recommendations for the Digital Transformation of the Financial Industry. Information and Communications Technology and Policies, (9).
[4] Li, P., & Liu, S. (2022). Analysis of the Path and Effectiveness of Traditional Insurance Companies' Digital Transformation: A Case Study of China People's Insurance Group. Enterprise Reform and Management, (17), 3.
[5] Xie, T., & Zhao, X. (2021). The Impact of Insurtech on the Operational Efficiency of Property and Casualty Insurance Companies under the Background of Digital Transformation: A Study Based on the DEA-Tobit Panel Model. Research on Financial Development, (3), 8.

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