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The Impact of Digital Transformation on the Insurance Business Model and Innovative Opportunities

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DOI: 10.23977/ferm.2023.061117 | Downloads: 27 | Views: 369


Zhang Shasha 1


1 Zibo Vocational Institute, Zibo, Shandong, China

Corresponding Author

Zhang Shasha


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.


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


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:


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