FINTECH AND TRANSFORMATION OF INSURANCE BUSINESS

This article is aimed at investigating the impact of key technological innovations in the field of FinTech on the insurance industry. Special attention is paid to how the use of blockchain, artificial intelligence, big data and the Internet of Things contributes to the transformation of both operational and strategic aspects of the insurance business. Modern insurance companies are facing a number of transformations due to the introduction of new technologies. The article analyzes the specific ways in which these innovations can improve interaction with policyholders, optimize risk assessment, reduce operating costs, and improve the overall effectiveness of risk management. Thus, the use of AI can significantly improve the accuracy and speed of processing applications, blockchain ensures the immutability and transparency of insurance contracts, big data allows for comprehensive and dynamic risk assessment, and IoT expands the boundaries of data collection and monitoring of the condition of insured facilities in the Russian Federation. The issues raised during the work include consideration of legal aspects related to data privacy and technology regulation, as well as cybersecurity and information protection issues in the context of the growing threat of cyber-attacks. The article describes successful practices of implementing FinTech innovations based on real examples from the insurance industry, identifies potential areas for their further development and presents their impact on the future of insurance in the context of continuous digital evolution. The final part highlights the need for insurers to identify strategies and prospects for adapting to the new digital environment, which promises to be significantly different from the one in which they have operated to date.