Title: How innovation in life insurance is reshaping the global insurance market - the case of the Republic of Macedonia
Authors: Branka Denkova
Addresses: South East European University, Doctoral studies Business Administration, Blvd: Jane Sandanski No. 118 3/9, Skopje, Republic of Macedonia
Abstract: Innovation through new technologies are key elements of change in the financial sector and this has led to major efficiency gains, even though these changes can be accompanied by uncertainty. Life insurance is not an exception to this. With developments in technology and new ways of service provision, these technologies are enabling the creation of new insurance products, services, and business models. Innovation through technology provides opportunities for traditional insurers to transform themselves and it also forces them to compete with well-founded companies that are beginning to reinvent themselves by providing new services and lowering the costs. Based on a social representation, this study presents consumers attitudes towards innovation in life insurance. Results suggest that there is low interest for respondents to engage with new sources of innovation and experimentation. Consequently, this should trigger insurance companies in the Republic of Macedonia to improve their performance in terms of incorporating new sources of innovation by focusing on the positive experience of the developed countries where innovation in life insurance is generally accepted and represents part of the system security of the population.
Keywords: innovation; life insurance; global insurance market; technology; internet; mobile; trust; consumers; market; attitudes; purchasing online; agent.
International Journal of Technology Transfer and Commercialisation, 2019 Vol.16 No.4, pp.311 - 324
Received: 10 Nov 2018
Accepted: 23 Nov 2018
Published online: 14 Dec 2019 *