THE IMPACT OF TECHNOLOGICAL DEVELOPMENT ON INSURANCE COMPANIES

Abstract

In the contemporary business environment, the fundamental parameter for the successful subsistence of the competitive advantages is keeping pace with the contemporary trends. This also applies to the insurance industry, regardless of how conservative it is considered to be. Information and Communication Technologies influence all business sectors of the insurance companies. The users are increasingly reaching for the Internet as tools of research of insurance prices and products, and possibilities are opening up for the insurers through the new distribution channels. Innovations of the existing products and the development of the new ones represent the driving force behind the evolution of the entire insurance sector. Investing in the modern technology through information systems and risk modeling software makes administrative work easier, and has a significant role in the strategic-business decision-making process.