Цифровизация на застрахователния пазар в Република България – проблеми и решения
Digitization of the insurance market in the Republic of Bulgaria-problems and solutions

Author(s): Gergana Rashkova
Subject(s): Economy, Business Economy / Management, Financial Markets, Accounting - Business Administration
Published by: Международно висше бизнес училище
Keywords: digitalization; insurance; market
Summary/Abstract: Digital solutions are the basis of the future development of the insurance industry. The implementation of electronic tools for insurance also causes serious controversy, because as insurance is very sensitive and conservative about any change. In practice, there are still significant obstacles to the entire insurance process happening entirely online. The restrictions are of a different nature, as most are concentrated in the regulatory framework, and the rest are purely technological – both on the part of the insurers and on the part of the insured. Despite the difficulties, insurers on the Bulgarian market offer various forms of digital platforms for insurance. There is no insurance company that has not digitized individual processes or its entire activity to varying degrees. The present report examines the digital capabilities of 34 non-life insurance companies and 14 life insurance companies operating on the territory of the Republic of Bulgaria. The purpose of the research is to outline the main problems in the digitalization of insurance services and to propose possible solutions. To achieve this, the customer satisfaction of the users of digital insurance services was studied through short surveys. Expert opinions of company employees who test and approve new digital solutions in insurance companies are presented. The most common problems that arise when using and servicing a digital insurance service are outlined – technological, regulatory and time-related. Statistically, the share of insurance services that the Bulgarian market has digitized is still not taken into account. Very few companies offer a completely online insurance product, and mainly in the field of “Accident” insurance, in the category of those occupying the largest market share – Automobile insurance, it is not yet possible to fully digitize

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