ARTIFICIAL INTELLIGENCE TECHNOLOGIES IN THE INSURANCE INDUSTRY OF UKRAINE: ANALYSIS OF TRENDS AND DEVELOPMENT PROSPECTS
Abstract
The article examines the peculiarities of the functioning of the insurance market as a segment of the financial market. The global and national prerequisites for the introduction of innovations, in particular digital technologies, into the business practice of insurance companies are outlined. The level of implementation of artificial intelligence technologies in the financial services sector of Ukraine is determined and the approaches to the priority directions of transformation of the non-banking financial sector of the state are summarized. Based on the analysis of the dynamics of digitalization of the insurance industry, the priority tasks of InsurTech have been determined, taking into account the separation of developments from FinTech. The article provides examples of revolutionary investment projects that have changed approaches to the technological provision of insurance and led to the subsequent digital revolution of the insurance market. The possibilities are diversified and the directions of using popular technologies of artificial intelligence in insurance are outlined, which allows to assess the current state of transformation of the insurance market and to determine the prospects for its further development. InsurTech, ML mechanisms, Blockchain and BigData technologies, software products and chatbots are proven to provide an unrivaled range of revolutionary benefits and change the business models of the insurance industry. High efficiency of operational processing and underwriting, more thorough risk assessment and more mobile interaction with clients, automation of request processing and facilitation of the procedure for buying and selling insurance policies in accordance with individual insurance offers within the framework of a personalized machine approach and generation of unique insurance strategies in accordance with trends in consumer expectations and the situation on market, allow a positive assessment of the vector of digital transformations in insurance and ensuring financial inclusion for the state. In this context, the impact of artificial intelligence technologies on meeting the needs of key insurance subjects of Ukraine is updated. According to the results of the study, the need to provide technological retraining of modern personnel in the context of their learning to navigate the digital environment was determined. The need to ensure proper countermeasures against cyber risks caused by the use of digital technologies in the conditions of military-political conflicts and information wars was emphasized. A general conclusion was made about the importance of further implementation of InsurTech in the domestic insurance market to ensure stability and stability of the financial system of Ukraine.
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