The primary problem for implementing innovative technologies in the Russian insurance market was legacy IT, as per 65 percent of surveyed industry experts in 2021. Regulatory restrictions were the second most mentioned reason. Over 40 percent of respondents also mentioned lack of ready-to-use IT solutions as a confining factor for the development of new technologies in this market.
Main obstacles to developing new technologies in the insurance industry in Russia in 2021
Characteristic
Share of respondents
Legacy IT - outdated and not optimally organized IT systems, system "zoo"
65%
Restrictive regulatory environment
53%
Lack of ready-to-use IT solutions
41%
Low budget
35%
Insurers not seeing clear benefits from adopting new technologies
29%
Reluctance of insurance clients (tendency of consumers to purchase insurance through intermediaries)
24%
Lack of necessary data
24%
Priority role of the agency network (compared to online sales channel)
24%
Lack of qualified personnel
18%
Risks of data leak/weak data protection in proposed IT solutions
12%
Not common practice in the market
12%
External fraud (for example, when entering into insurance agreements, claiming losses)
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KPMG. (July 29, 2021). Main obstacles to developing new technologies in the insurance industry in Russia in 2021 [Graph]. In Statista. Retrieved October 30, 2024, from https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/
KPMG. "Main obstacles to developing new technologies in the insurance industry in Russia in 2021." Chart. July 29, 2021. Statista. Accessed October 30, 2024. https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/
KPMG. (2021). Main obstacles to developing new technologies in the insurance industry in Russia in 2021. Statista. Statista Inc.. Accessed: October 30, 2024. https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/
KPMG. "Main Obstacles to Developing New Technologies in The Insurance Industry in Russia in 2021." Statista, Statista Inc., 29 Jul 2021, https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/
KPMG, Main obstacles to developing new technologies in the insurance industry in Russia in 2021 Statista, https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/ (last visited October 30, 2024)
Main obstacles to developing new technologies in the insurance industry in Russia in 2021 [Graph], KPMG, July 29, 2021. [Online]. Available: https://www.statista.com/statistics/1091467/russia-obstacles-for-implementing-new-tech-in-insurance-market/
