INNOVATIVE PRODUCTS IN THE INSURANCE SECTOR AND THEIR ROLE IN THE MARKET
Authors/Creators
- 1. Samarkand Institute of Economics and Service Senior Lecturer, Department of "Investment and Innovations"
Description
Innovation in the insurance sector plays a crucial role in improving competitiveness, customer satisfaction, and financial inclusion. The introduction of innovative products, such as usage-based insurance, microinsurance, parametric insurance, and digital platforms, allows insurers to address emerging risks and market demands more effectively. This study examines the development and impact of innovative insurance products in Uzbekistan and internationally. Using a combination of statistical, comparative, and analytical methods, the research evaluates product adoption, market penetration, and customer response. The findings reveal that innovative products enhance market growth, diversify revenue streams, and improve risk management. However, challenges such as regulatory adaptation, technological barriers, and low awareness limit their effectiveness. Recommendations are provided to promote innovation, strengthen regulatory support, and improve accessibility for various customer segments.
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Additional details
References
- World Bank. (2022). Innovations in financial inclusion and insurance. Washington, DC.
- Swiss Re Institute. (2023). Global insurance innovation trends report. Zurich.
- OECD. (2023). Innovative products in the insurance sector: Market and regulatory perspectives. Paris.
- PwC. (2024). Digital insurance and InsurTech solutions report.
- International Association of Insurance Supervisors (IAIS). (2024). Supervisory guidance on innovative insurance products. Basel.