Lviv Polytechnic National University Researchers Update Current Data on Insurance (Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine)

2020 DEC 31 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Researchers detail new data in insurance. According to news reporting out of Lviv Polytechnic National University by NewsRx editors, research stated, “Pandemic affects insurance industry both directly, via health shocks, and indirectly, via financial shocks, as well as via shift in the policyholder behavior and distribution channels.”

Our news journalists obtained a quote from the research from Lviv Polytechnic National University: “The paper contributes to understanding the impact of COVID-19 on the global and Ukrainian insurance market, provides insights into implementing digital measures and technologies for insurers, in response to changes caused or accelerated by pandemic, building the capabilities to survive and exploit the changing market. A research of the the dynamics of Ukrainian insurance market changes during the quarantine period was conducted, the main tech achievements of leading insurers were investigated. The paper highlights priorities that insurers need to address in the wake of pandemic (distribution destruction, reinvention of the customer experience, cost structure changes, new protection offerings and new revenue pools), deals with different business strategies that insurers can follow to adopt and pivot in the low-touch economy and reveals new opportunities to extend insurers’ protection offerings and establish new sources of revenue emerged with digital transformation. AcknowledgmentThis project was financed by the Ministry of Science and Higher Education of the Republic of Poland as part of the «Regional Initiative of Excellence’ Programme for 2019-2022. Project No. 021/RID/2018/19.”

According to the news reporters, the research concluded: “Total project budget: PLN 11 897 131,40.”

For more information on this research see: Pandemic as an accelerator of digital transformation in the insurance industry: evidence from Ukraine. Insurance Markets and Companies, 2020,11(1):30-41. (Insurance Markets and Companies - https://businessperspectives.org/journals/insurance-markets-and-companies?cate). The publisher for Insurance Markets and Companies is LLC “CPC “Business Perspectives”.

A free version of this journal article is available at https://doi.org/10.21511/ins.11(1).2020.04.

Our news editors report that additional information may be obtained by contacting Oleksandra Shevchuk, Ph.D. in Economics, Department of Finance, Lviv Polytechnic National University. Additional authors for this research include Iryna Kondrat, Jolanta Stanienda.

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