Innovative technologies for the insurance sector in the Republic of Moldova

Abstract

The trend of sustainable development implies, among other things, a process of digitization of economic processes to ensure transparency, reduce costs, increase the user experience, and make the time used more efficient. The COVID-19 pandemic has accentuated the need for digitization, the trend being supported by the level of the insurance industry as well. The purpose of this article is to analyse opportunities for the implementation of digital technologies in the insurance market in the Republic of Moldova and to identify the potential for development through digitalization. It requires research for this date on the aspirations of the Republic of Moldova to join the EU, which implies the alignment of European trends in financial innovation and digitalization. The objectives pursued in the study were to determine what are the possibilities and 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. As a result of the research, directions for the digital development of the insurance industry in the Republic of Moldova were established, problems faced by insurance companies in this process were identified, and recommendations were developed regarding the consolidation of the insurance market.