Technological innovations in the insurance industry

The main idea of this article is an overview and analysis of the technological innovations in the insurance industry. First of all, the authors have characterised the driving factors of innovative development in the insurance industry. Secondly, the innovation in the financial sector was described as an invention and as an adoption. The main part of the paper was based on an overview of the use of technological innovations (such as software, analytics, sensors, algorithmic) for the effective insurance value chain. At the end, the authors have made a SWOT-analysis of the technological innovations.