Impact of digitalization on the insurance industry
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2023-07-26
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Goldbaum, Sergio
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This study explores the role of technology in shaping the insurance value chain, particularly focusing on underwriting risk and sales across different insurance branches. Utilizing a fixed effects panel data model, the analysis was conducted on two central variables, one representing the impact of technology, and the other indicating the effect of the bancassurance channel. The results show that both variables exert significant influence, although with distinct outcomes across the insurance branches. The study reveals that an increase in technology adoption and credit portfolio is associated with growth in sales, underscoring the power of technology and bancassurance in promoting insurance sales. However, the impact on underwriting risk varies across branches, suggesting a less uniform influence of technology in this aspect of the value chain. In terms of specific insurance branches, property insurance showed a strong correlation between technology and credit portfolio in issued premiums, while life insurance exhibited unexpected signs for technology and credit, implicating potential areas for further investigation. The auto insurance branch demonstrated a significant impact of technology and credit portfolios on both sales and underwriting risk. The findings contribute to the understanding of how technology can reshape the insurance industry, highlighting the potential for technology to play a more pivotal role in underwriting risk. The study also points towards the need for further exploration, particularly in the realm of microinsurance, a growing focus in the Insurtechs sandbox.