Progress in the development of marketplaces for insurance products in the European Union countries as a driving force for the development of the insurance market

Abstract

The article examines current trends in the development of insurance product marketplaces in the European Union countries as a factor in the digital transformation of the insurance market. The features of the functioning of digital platforms in the context of European regulatory policy are analyzed and the role of insurance marketplaces in increasing the level of competition, transparency and personalization of insurance services of European insurers is determined. The advantages of implementing digital solutions for insurance companies are substantiated, in particular, reducing transaction costs, increasing underwriting efficiency and improving customer analytics. It is shown that marketplaces are gradually transforming from distribution tools into an element of the infrastructure of an open insurance ecosystem in Europe. It is concluded that the spread of marketplaces is a key factor in increasing innovation, digital integration and resilience of the insurance market to external challenges. It is additionally emphasized that the development of insurance marketplaces in the EU is accompanied by the active implementation of open data standards, which contributes to the formation of a single digital space for interaction between insurers, intermediaries and consumers. Particular attention is paid to the growing role of algorithmic recommendations, automated selection of insurance products and the introduction of digital identification, which significantly improve the quality of user experience. It has been established that new business models based on an ecosystem approach create additional value for market participants due to network effects and the possibility of scaling innovations. The results obtained allow a deeper understanding of how the integration of marketplaces into the structure of the insurance sector affects the competitive dynamics and strategic orientations of insurers in the digital economy. The article can be useful both for theoretical purposes in order to study the material, and for practical purposes in order to apply the information presented during the interaction of insurers and insurance marketplaces in Ukraine.