Development of an insurance company strategy using machine learning and automation factors

Abstract

In today’s rapidly changing business environment, the competitiveness and sustainable development of companies increasingly depend on effective leadership, strategic management and the integration of innovative technologies. This is especially crucial in the insurance technology sector. The aim of research is to elaborate a company’s development strategy, based on the company’s strategic problems and industry trends. The paper explores the industry and its development trends, reviewing scientific literature, the main development drivers of InsurTech are identified. Further, an analysis using the quantitative assessment method (AHP and ANP methods), as well as determining the company’s strategic problems and potential development strategies are performed. Our review has important practical and theoretical implications, the findings provide insights for insurers, to develop strategies through Multi-Criteria Decision Analysis (MCDA) that promote the faster adoption of InsurTech services, especially for SMEs.