Features of Development and Digitalization of Life Insurance in the Russian Federation

Abstract

During the last years life insurance in Russia is a quickly developing segment of the insurance market: life insurers develop, look for and find new consumers; also they organize partner sales outlets and implement new technologies. The Internet economy modernizes many processes of the conclusion and maintaining the contract of insurance. Life insurers in Russia use IT, they also are engaged in digitalization of the business processes. The analysis of the Russian and foreign scientific sources, publications of the consulting agencies demonstrates that the specifics of life insurance have to be considered at business process automation and digitalization of insurance, but this context has been addressed rather seldom, and in Russia research and publication on the subject are rare. The article is based on an original tactical research of digitalization processes of the insurance market in Russia and the life insurance market as its part. The majority of the external reasons are determined by insufficient activity of life insurers in the digital technologies segment, the low volumes of bonuses collected by insurers through digital sales channels that does not allow to use opportunities provided by digital technologies for scaling up of businesses to the full.