InsurTech Market as an Innovative Driver in the Insurance Industry
( Pp. 80-87)
More about authors
Viktor A. Gorbach
Director of the Legal Department
Renaissance Life Insurance Company Limited; Moscow
; Russian Federation
Renaissance Life Insurance Company Limited; Moscow
; Russian Federation
Abstract:
The article examines the role of InsurTech as a systemic driver of digital transformation in the insurance industry, as well as the legal, technological, and infrastructural barriers to its development in Russia. The purpose of the study is to identify the key factors determining InsurTech’s place in the transformation of the insurance market and to substantiate ways to overcome the existing challenges within the Russian segment. Conclusions. The study establishes that InsurTech facilitates the transition to a client-centric ecosystem based on artificial intelligence, big data, the Internet of Things, blockchain, and telematics. The legal framework remains fragmented: the absence of a legal definition of a smart contract, imperfections in the norms governing digital insurance contracts, and insufficient personal data protection generate regulatory risks, including the risk of discrimination in algorithmic underwriting, thereby constraining the scaling of InsurTech solutions. It is noted that the introduction of mandatory liability insurance for harm caused by the use of artificial intelligence within an experimental legal regime signifies a shift towards concrete legal instruments for managing digital risks. The Russian market faces three groups of barriers: a digital infrastructure gap, low financial and digital literacy among the population, and a deficit of scalable data exchange platforms. International experience demonstrates the effectiveness of proactive regulation that harmonises digital insurance services. A strategic partnership among traditional insurers, technology startups, and the state is recognised as the key condition for overcoming the identified challenges and building a sustainable digital insurance ecosystem.
How to Cite:
Gorbach, V.A. (2026). InsurTech Market as an Innovative Driver in the Insurance Industry. Economic Problems and Legal Practice, 22(3), 80-87. DOI: 10.33693/2541-8025-2026-22-3-80-87. EDN: QJMKUY
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Belov V.A. Smart contract: concept, legal regulation, law enforcement practice, consumer relations. Law and Economics. 2021. No. 9. Pp. 35–41. (In Rus.). EDN: ZCBDHR.
Ovchinnikova Yu.S. Digitalization of Insurance Services: Protection of the Weak Party of the Contract and Private Life. Property Relations in the Russian Federation. 2022. No. 3 (246). (In Rus.). EDN: SYWRGK.
Shupilo O. M., Ashchepkova M. M., Drogin E. V. Research of Innovative Insurance Products in the Context of Digitalization. EGI. 2025. No. 2 (58). (In Rus.). EDN: XVYXMH.
Telibekova I.M. The experience of using digital technologies in insurance abroad. Law and the state: theory and practice. 2022. № 2 (206). (In Rus.). EDN: EEROPR.
Nebolsina E.V. Insurtech in the global economy: trends, drivers and models. Society: politics, economics, law. 2026. No. 4 (153). Pp. 186–191. (In Rus.). EDN: BDXVQD.
Sweet Yu.P., Shcherbakova M.A. Insurance business protection in the context of digitalization: a balance of private and public interests. Bulletin of the O.E. Kutafin University (MGUA). 2024. № 8 (120). Pp. 53–59. (In Rus.). EDN: EYDFYA.
Filatova O.A. Insurtech in Russia: opportunities, problems and growth points // Modern problems of economic development of enterprises, industries, complexes, territories. Materials of the International Scientific and Practical Conference. Khabarovsk, 2024. Pp. 250–257. EDN: BWSRDB.
Bogoyavlensky S.B. Insurtech for individuals: from insurance to risk management // Architecture of finance: fast and furious-economic development in conditions of external shocks and internal contradictions. Collection of materials of the X Anniversary International Scientific and practical Conference. Edited by I.A. Maksimtsev, E.A. Gorbashko, and V.G. Shubaeva. 2020. Pp. 14–18. EDN: HIVIJB.
Keywords:
InsurTech, Digitalization, insurance, InsurTech, innovation, artificial intelligence, cybersecurity..
