FORMATION OF AN INTELLECTUAL AND INNOVATIVE ENVIRONMENT OF THE INSURANCE SYSTEM DEVELOPMENT IN UKRAINE AND WORLDWIDE

Abstract

Introduction. The article highlights the main innovative trends in the development of the insurance system of Ukraine and analyses innovative insurance technologies with the possibility of their implementation in the domestic insurance practice. The insurance system is the largest investor in Europe, so investments are a key component of the insurance business model. The priority of the modern insurance system is the use of digital platforms, artificial intelligence, the Internet, and blockchain technologies. Problem Statement. A key prerequisite for the development of society in today’s economic environment is innovation. The proliferation of digital electronic technologies, the emergence and widespread testing of universal multifunctional mobile phones, and the increasing reliance on Internet resources have all become pivotal factors in transforming the fundamentals of economic relations. Consequently, business processes are becoming more streamlined, innovative product channels and services are being developed, and customer service technologies are advancing. Purpose. The purpose of the research is to study global trends in the development of innovative insurance technologies and the possibilities of their application in the insurance system of Ukraine. Materials and Methods. The general scientific and special methods of analysis and synthesis, comparison, systematization, statistical and graphical methods, tabular method have been employed. Results. In Ukraine, notable examples of co-branding with banks include alliances such as Piraeus Bank with IC UNIQA and IC Alfa Insurance; Unex Bank with IC VUSO; and OTP Bank with IC Arsenal Insurance. This article highlights the main global achievements of insurance systems in the Insurtech field. The most promising ways to enhance insurance services are through artificial intelligence, machine learning, and big data analysis. Each year, the domestic insurance system is enriched with innovative products, including sales automation, home security, mobile security, extreme security, and the CyberEdge cyber risk insurance program, among others. Conclusions. The priority areas for the development of innovative technologies in the domestic insurance system include the utilization of advanced sales channels for insurance products based on telematics and artificial intelligence, the implementation of blockchain technology, and the introduction of microinsurance. These advancements aim to enhance risk protection and to simplify customer access to the services offered by insurance companies. © Publisher PH “Akademperiodyka” of the NAS of Ukraine, 2024.