The impact of FinTech on the activities of insurance companies in the financial market of Ukraine

Кужелєв, Михайло Олександрович and Нечипоренко, Аліна Володимирівна (2025) The impact of FinTech on the activities of insurance companies in the financial market of Ukraine Європейський науковий журнал Економічних та Фінансових інновацій (1(15)). pp. 430-438. ISSN 2617-8648

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Abstract

The article determines the impact of financial technologies (FinTech) on the activities of insurance companies in the financial market of Ukraine in the context of digital transformation of the economy. The article reveals the essence of the InsurTech concept as a component of FinTech, which includes the introduction of innovative technologies in insurance activities to increase the efficiency of business processes, improve customer experience and create new digital products. Examples of InsurTech solutions implementation, including automation of underwriting processes, use of mobile applications, chatbots, big data analytics, artificial intelligence and blockchain, are outlined. The article identifies the positive effects of the digitalization of the insurance market, including: automation of key processes, cost reduction, personalization of insurance services, expansion of distribution channels and increased transparency. As a result, insurance companies increase their competitiveness and better integrate into the digital ecosystem of the financial market. It is noted that in Ukraine, the InsurTech market is still in its infancy, but there are already a number of companies and projects that are actively implementing innovative technologies in the insurance sector. Examples of InsurTech companies and initiatives that work or cooperate with the Ukrainian insurance market are given. It is noted that in the context of the rapid development of financial technologies in the insurance industry, effective state regulation is important. The key challenges related to cybersecurity, the lack of digital competencies and the need for significant investments to implement new technologies are identified. Practical recommendations for insurance companies on how to adapt to new technological conditions and ensure stable development in the digital economy are proposed. It is concluded that FinTech solutions significantly transform the activities of insurance companies in the financial market of Ukraine, and therefore successful integration of innovations requires a change in organizational culture, strategic rethinking of business models, development of digital infrastructure, and adaptation to new regulatory requirements.

Item Type:	Article
Uncontrolled Keywords:	FinTech; InsurTech; innovations; insurance activities; digitalization; transformation; insurance companies; financial market
Subjects:	Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Факультет економіки та управління > Кафедра фінансів
Depositing User:	Аліна Володимирівна Нечипоренко
Date Deposited:	17 Jun 2025 08:37
Last Modified:	17 Jun 2025 08:37
URI:	https://elibrary.kubg.edu.ua/id/eprint/52064

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