Life insurance: state and prospects of development in the digital economy

Aksyutina S.V.¹, Borovaya S.L.¹
¹ Вологодский государственный университет, Russia

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Journal paper

Journal of Economics, Entrepreneurship and Law ^{(РИНЦ, ВАК)}
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Volume 10, Number 3 (March 2020)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=42754517
Cited: 1 by 05.09.2022

Abstract:
The article is devoted to the study of topical issues of the development of the life insurance market in the conditions of digitalization of the Russian economy. The purpose of the article is a system analysis of the main driver of the insurance market in the Russian Federation such as life insurance and search for opportunities for its further development. The dynamics of the main indicators of the insurance market for the period of 2010-2018 allows the authors to note a significant change in the structure of insurance premiums and stable development of the life insurance segment. The current disproportions in the life insurance market determine its transformation with increasing digitalization of insurance services with objectively necessary growth of financial literacy of the population as a basis for smoothing the disparity of further development processes in life insurance. The revealed trends in the life insurance segment are largely determined by the growth of the competitiveness of investment and cumulative insurance products that have legal protection and tax benefits and which are designed to generate higher income in contrast to bank deposits. The life insurance segment tendencies also include the growth of income of the population; and the activation of insurance broker and life insurance agents. The necessity of introducing digital technologies in life insurance is argued. Organizational, technical and subjective barriers to the development of life insurance are indicated, which requires a priority complex solution to the issues of forming the financial competence of insurers, which together with the development of digitalization in the insurance business will allow to provide further growth of life insurance premiums, reduce imbalances and smooth out the uneven and heterogeneous development of the life insurance market.

Keywords: insurance market, life insurance, disparity, digitalization of insurance, financial literacy

JEL-classification: G22, G40, I13

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