Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine

Шевчук, О. М.; Кондрат, Ірина; Stanienda, Jolanta

doi:10.21511/ins.11(1).2020.04

Cited by 13 publications

(4 citation statements)

References 16 publications

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“…They conclude that the crisis had detrimental effects on the insurance sector, followed by a significant drop in profitability (−16.6%) and total premium (17.01%). In addition, Shevchuk et al [29] explore how this new economic reality caused by COVID-19 is related to financial performances of the insurance companies in Ukraine. It seems that the new market landscape is based on a new CRM, which could be the catalyst for innovation in the insurance business.…”

Section: Literature Overviewmentioning

confidence: 99%

Determinants of Sustainable Profitability of the Serbian Insurance Industry: Panel Data Investigation

Vojinović

Milutinović

Sertić³

et al. 2022

Sustainability

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This paper aims to investigate the main drivers of sustainable profitability trends in the Serbian insurance industry over the years 2008–2019 (inclusive). Our study is motivated by the fact that insurance companies contribute to economic growth, and thus it is essential to understand the factors that contribute to their financial strength and stability. We use a set of standard panel regression models, including the mixed-effects model, followed by a more robust GMM estimation to uncover the linkage between selected micro-specific, macroeconomic, and institutional factors, and return of assets (ROA) and return on total premiums (ROTP). The present paper constitutes a significant contribution to the existing literature on the account of its comprehensiveness both in terms of the institutional datasets that we use, and in terms of the methodologies we apply (in particular, mixed effects and the generalized method of moments (GMM)). The estimated parameters are model-specific, and we find that firm size, GDP, the population growth rates, political stability, and the degree of specialization (in some empirical models) all lead to higher profitability. On the other hand, we observe that excessive risk-taking and inflation (in some specifications) are inversely related to profitability. Finally, we note that regulatory quality, average wage, and life expectancies are found to be not statistically significant. Accordingly, we argue that a profitability-centric managerial strategy should be based on expanded market share and stringent risk management protocols. At the macro level, we conclude that pro-growth and pro-population policies, combined with a well-oiled institutional setting that ensures political stability, constitute the best possible prescription for strong operational performance and profit sustainability in the Serbian insurance industry.

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Section: Literature Overviewmentioning

confidence: 99%

Determinants of Sustainable Profitability of the Serbian Insurance Industry: Panel Data Investigation

Vojinović

Milutinović

Sertić³

et al. 2022

Sustainability

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“…This fact may be verified by the claims distribution of the coverage types analysed during the first half of 2020 (Figures 1,2 and 3). This is a possible factor explaining why premium recalculations resulted in a positive adjustment, as shown by Shevchuk (2020) in Ukraine.…”

Section: Closing Remarksmentioning

confidence: 98%

Análise do impacto da covid-19 no acionamento de seguros auto

Dalla Dea Prado,

Bomgiovani Cazzari

2023

R. Bras. Transp.

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Com a chegada da pandemia da COVID-19, o mercado segurador sofreu múltiplos impactos, e dentro desse campo, o seguro auto foi amplamente atingido. O presente trabalho teve como objetivo identificar e entender quais os impactos causados pela COVID-19 no acionamento dos seguros, considerando tanto uma dimensão de frequência quanto de severidade. Foram analisadas as regiões do estado de São Paulo, com dados segregados por sexo e faixa etária. O estudo comparou os dados do semestre pré-pandemia (segundo semestre de 2019) com os do primeiro semestre de 2020, a fim de capturar os primeiros impactos no mercado de seguros auto, consequentes da chegada da COVID-19. As principais conclusões consistiram na diminuição de reclamações do referido seguro e no aumento da severidade dessas reclamações, resultando em um reajuste positivo nos valores de prêmio do seguro.

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“…The main types of digital technologies developed in insurance were machine learning, predictive analytics, artificial intelligence, blockchain technology, and telematics. Due to increased digitization, insurers can now take advantage of access to data and improved analytical tools for underwriting and pricing [58,59].…”

Section: Covid-19 Impacts On the Financial System And Regulationmentioning

confidence: 99%

Digital Financial Inclusion: COVID-19 Impacts and Opportunities

et al. 2023

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The COVID-19 pandemic has caused the acceleration of digitization and the consideration of digital financial inclusion as a means to minimize negative economic consequences and increase the resilience of households and SMEs. The purpose of this article was to assess the impact of the COVID-19 pandemic on digital financial inclusion by constructing and calculating an integral index of digital financial inclusion (DFI) based on Global Findex Database indicators. The approach to calculating the DFI index and two sub-indices that characterized passive participation in financial relations and active use of digital technologies was based on a linear mathematical model of the integrated indicator and on the use of the Fishburn formula to calculate the weight coefficients. The obtained results proved the acceleration of digital financial inclusion in 2021 and revealed significant differences in DFI between countries and groups of countries according to income level as well as problems of financial exclusion of the most vulnerable groups of population, especially in developing countries. The obtained results regarding the level of DFI are discussed from the point of view of COVID-19 impacts: both directly by influencing consumer behavior and decisions regarding digital financial services and from a broader perspective by influencing business entities, financial service providers, and regulation.

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Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine

Cited by 13 publications

References 16 publications

Determinants of Sustainable Profitability of the Serbian Insurance Industry: Panel Data Investigation

Determinants of Sustainable Profitability of the Serbian Insurance Industry: Panel Data Investigation

Análise do impacto da covid-19 no acionamento de seguros auto

Digital Financial Inclusion: COVID-19 Impacts and Opportunities

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