ECONOMIC BENEFITS OF DIGITAL TRANSFORMATION IN THE INSURANCE SECTOR

Abstract:

The digital transformation of the insurance sector has emerged as a pivotal driver of economic growth, efficiency, and innovation. By leveraging advanced technologies such as artificial intelligence, blockchain, big data, and the Internet of Things (IoT), insurers can streamline operations, enhance customer experience, and reduce operational costs. This article explores the economic benefits of digitalization in insurance, focusing on cost efficiency, revenue growth, market expansion, and enhanced risk management. It also highlights the role of digital technologies in improving accessibility and fostering competition within the sector. These transformations are not only reshaping the insurance industry but also contributing significantly to the broader economy.