The Impact of Finance Technologies on Insurance Market Development

Introduction of finance technologies can seriously affect global transformation of Russian insurance market. The article on the basis of statistical and analytical data of the Bank of Russia studied the current development of insurance market, identified specific features of using finance technologies and highlighted the importance of combining insurance and technological unity in working-out digital insurance products. In the process of digital insurance analyzing a conclusion was drawn that technological character of insurance companies is an important factor of sustainable growth of client-oriented insurance business and that use of finance technologies in insurance can foster upgrading personalized client-oriented insurance service and raising quality of insurance protection. The author formulated global targets of insurance market development and showed specific influence of finance technologies on the development of insurance activities and effective protection of individuals and companies. Prospects of introducing finance technologies in insurance were presented as well as developments in digital standard on insurance.