INNOVATIVE AND DIGITAL DEVELOPMENT OF THE NATIONAL AUTO INSURANCE MARKET IN THE CONDITIONS OF CONVERGENCE WITH THE EUROPEAN MARKET OF INSURANCE SERVICES
Authors: Suruchanu Andriana , Kraus Nataliia , Kraus Kateryna 
Published: January 2025

The article reveals the characteristic features of the innovative and digital development of the national auto insurance market in the context of convergence with the European market of insurance services. The content of the transformation of the insurance sector in the context of global digitization processes is disclosed; the advantages and characteristics of digital innovations in insurance and the role of fintech startups in the modern transformation of the financial market are presented. Itʼs noted that globalization of financial markets in the world economy has already transformed the relationship between insurers and market intermediaries and stimulated the modernization of business models and technological processes. It is indicated that motor transport insurance is one of the main sectors in the structure of non-life insurance in many countries of the world, its share in the insurance market of the European Union is about 30% of the total volume of risk premiums. Auto insurance is one of the most dynamic structural components of the insurance industry. This is connected both with the rapid development of the transport infrastructure, the decrease in the price (accordingly, the increase in availability) of vehicles, and with the frantic pace of increasing their number on the roads of Ukraine.
The authors of the study determined the positions of insurance companies in the top specializations of Ukrainian fintech companies, identified the factors of growth of the online insurance market share in the world, and also assessed the prospects of InsurTech leadership and the introduction of innovations in insurance. The peculiarities of the development of auto insurance through the prism of innovations and digital technologies are analyzed and studied. The authors presented a detailed analysis of the annual trends in funding of InsurTech startups for the period 2017–2022 and the top directions of development and the structure of specialization of FinTech companies of Ukraine as of the beginning of 2021. The study provides an analysis of the changes taking place in the Ukrainian insurance market against the background of full-scale occupation from the Russian Federation The article defines the categories of positive changes that have already taken place and will take place in the auto insurance sector as a result of digitalization.
In the article, the authors draw attention to the fact that in the conditions of martial law, the global process of digitization in the economic and financial sphere is irreversible and must continue in Ukraine. It is noted that digitalization has similar positive consequences for the banking and financial sector and society as a whole. The opinion is expressed that in the existing conditions of martial law, the importance and relevance of further digital innovations in auto insurance to improve communication, sales channels and business processes cannot be denied. This will ultimately help the insurance sector to overcome the crisis and contribute to the more effective development of auto insurance in Ukraine.