The Russian insurance market has shown growth for the second year in a row, with competition rising. Tracking key industry trends is essential to stay ahead. Here are the main trends shaping the insurance market today.
Digitalisation
Conservative practices in insurance are giving way to digital solutions. More companies are adopting technology within their operations. Digital services are expanding, making offerings more accessible and processes more transparent. Digitising the insurance portfolio is more common, allowing both market participants and clients to work comfortably with electronic documents.
Artificial Intelligence
Artificial intelligence technologies are becoming standard across industries, including insurance. Insurers are using AI to automate processes and improve decision-making. AI also helps boost efficiency and combat fraud.
Gradual Recovery
After international companies exited in 2022, collections dropped significantly, but 2023 saw stabilisation. Debtors resumed deferred payments, which supported both the economy and the insurance sector. The B2B insurance market is gradually recovering, though future uncertainty remains. Large organisations are preparing for possible economic shifts, making insurance risk optimisation a priority.
Insurance Embedded in Services
Insurance is now often included within service packages by third-party providers. Key advantages:
- Practicality: Clients get insurance as part of the service package with no extra steps.
- Targeted coverage: Insurance covers risks related to the particular service.
- Higher loyalty: Convenience encourages greater client trust.
Cloud Adoption
Interest in SaaS platforms is rising in insurance, but adoption is slowed by weaker solutions. Issues stem from untrustworthy data transfer protocols that create information leak risks. Companies are seeking more secure options. AIINS, a dedicated corporate insurance platform, delivers robust data protection and a convenient interface.