• Russia: obstacles for implementing new tech in insurance market 2020

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The primary problem for implementing innovative technologies in the Russian insurance market were regulatory restrictions, as per 50 percent of surveyed industry experts in 2020. Lack of ready-to-use IT solutions was the second most mentioned reason. Almost half of respondents also mentioned that insurance clients were not ready for new business solutions as a confining factor for the development of new technologies in this market.

Obstacles to developing new technologies in Russian insurance industry in 2020*

	Share of respondents
Regulatory restrictions	50%
Lack of ready-to-use IT solutions	44%
Insurance clients not being ready for new technologies	44%
Insurers not seeing clear benefits from adopting new technologies	31%
Lack of qualified people	25%
Lack of necessary data	25%
External fraud*	19%
Not common practice in the market	19%
Low budget	13%
No obstacles	6%

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Source

Release date

August 2020

More information

Region

Russia

Survey time period

2020

Supplementary notes

* According to the source, such as when entering into insurance agreements or claiming losses.

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