Insurtech as a strategic direction of insurance development in Russia

The current stage of economic development is characterized by a large-scale digital transformation of key industries, including the insurance sector. Against the background of an unstable geopolitical and economic environment, companies are forced to look for new ways to interact with customers, optimize costs and increase operational efficiency. In an environment where consumers expect fast, transparent and personalized service, digitalization becomes not just a competitive advantage, but a prerequisite for market survival. Since the process of digitalization of insurance in Russia is at an early stage of development, the available scientific research in this area is few, mostly empirical, and largely does not provide answers to the challenges arising from the development of insurtech in Russia. The author of the article makes an attempt to initially summarize the available empirical data and expresses his position on the prospects for digitalization of insurance in the country. The purpose of the study is to study the essence of insurance digitalization, its genesis, causes and factors of further development, and to formulate proposals for regulating this process. The information base of the article was compiled by the Federal Law «On the Organization of Insurance Business in the Russian Federation» ; materials from the Bank of Russia and the All-Russian Union of Insurers; analytical reports (HSE, NAFI, NCR, HAI Index Report); data from foreign and Russian insurtech companies; articles from specialized media and scientific journals; Internet resources and internal insurance company reports. The methodological basis of the research is a systematic and integrated approach to the analysis of industry changes, as well as a comparative analysis of the practices of implementing digital solutions in insurance in the Russian and foreign markets. The article reviewed the theoretical foundations of digital transformation in insurance, analyzed key technologies — artificial intelligence, big data, the Internet of things, blockchain — and considered examples of their actual application. The article also examines the situation in Russia, where, despite more modest investment volumes compared to global ones, its own ecosystem of insurtech solutions is developing. The analyzed cases showed that digital platforms, chatbots, telematics insurance products, mobile applications and online subscriptions covering key elements of the insurance service are already operating in the country. At the same time, the scale of digitalization is constrained by the limited size of the market, the lack of regulation in certain areas, and the relatively low level of technological investment. Thus, the total expenses of all Russian insurance companies on digital technologies amount to about 230 billion rubles, while in the West only investments in artificial intelligence in insurance in 2022 exceeded 189 billion dollars. Thus, the problem is not in backwardness, but in the lack of a scalable database, which is confirmed by market indicators, analyst forecasts and experience in implementing usage-based insurance in Russia. Thus, the digitalization of insurance is not just a technological trend, but a strategic direction that will determine the future of the industry in the coming years. Their sustainability, competitiveness, and role in the economy of tomorrow will depend on how effectively market participants can adapt to new realities.