Strengthening the insurance sector in the Republic of Moldova through digitalization

The global trend of sustainable development implies, among others, a process of digitization of economic processes to ensure transparency, reduce costs, improve user experience and make time spent more efficient. Following the COVID-19 pandemic, the need for digitization has increased, the trend also being supported at the level of the insurance industry. The purpose of this article is to analyze the impact of digitization on the insurance market in the Republic of Moldova and to identify opportunities for development through new technologies. The need for this research is given by the aspirations of the Republic of Moldova to join the EU, which implies alignment with the European trends of financial innovation and digitalization. The objectives pursued in the study were to determine what are the possibilities, but also the challenges of insurance companies in the Republic of Moldova in the implementation of digital technologies and how this process is supported by the government and development partners. As a result of the research, the directions of digital development of the insurance industry in the Republic of Moldova were established, the problems faced by insurance companies in this process were identified, and recommendations were developed regarding the consolidation of the insurance market in the context of the sustainable development of the country.