Sirenko Natalia, Doctor of Economics, Professor, the Head of the Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0000-0003-1660-1073
e-mail: sirenko@mnau.edu.ua

Mikuliak Kateryna, Assistant of the Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0000-0001-8317-0360
e-mail: mikulyak@mnau.edu.ua

Nesterchuk Tetyana, Applicant of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0009-0001-6140-774Х
e-mail: tanjanesterthuk@gmail.com

Rud Nathan, Applicant of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine

ORCID ID: 0000-0003-3650-5935
e-mail: rudnatan123@gmail.com

Competition in the Era of Digitalization: New Technologies in Insurance as a Success Factor

Abstract. Introduction. The digital transformation of the insurance industry is a driving force behind its evolution, allowing insurers to not only improve internal operations but also create more personalized services for their customers. This research focuses on how InsurTech-technologies such as artificial intelligence (AI), blockchain, and big data-are shaping the competitive landscape of the insurance market. As the industry embraces these new tools, insurers must navigate the complex process of technology integration, address regulatory challenges, and ensure they maintain customer trust in an increasingly digital environment.

Purpose. The primary objective of this study is to study the impact of cutting-edge technologies on the competitiveness of insurance companies, particularly in the context of market digitalization.

Results. The research highlights how InsurTech innovations are reshaping the insurance industry. By adopting cutting-edge technologies such as AI, blockchain, and big data, insurance companies can improve operational efficiency, reduce costs, and offer personalized solutions to customers. InsurTech is critical to gaining competitive advantage as it enables insurers to quickly adapt to market changes, meet customer needs, and introduce unique products. In addition, investment in InsurTech is growing rapidly, demonstrating a shift toward high-tech, scalable solutions. This trend is critical to maintaining market leadership..

Conclusions. . InsurTech plays a key role in the competitiveness of insurance companies in the digital age. The integration of digital technologies not only improves operational efficiency, but also enables insurers to better meet customer expectations, reduce costs, and increase market share. However, successful digital transformation requires overcoming challenges such as the need for significant investment, specialized expertise, and a robust regulatory framework. The future success of insurers will depend on their ability to adapt to technological advances and leverage them to create value for customers and stakeholders.

Keyword: digitalization; competition; insurance services; innovation; InsurTech; Artificial Intelligence; Big Data; Blockchain.

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