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Economic Analysis: Theory and Practice
 

Digital platform creation in the insurance business to increase the efficiency of the internal control system

Vol. 20, Iss. 6, JUNE 2021

Received: 8 April 2021

Received in revised form: 24 April 2021

Accepted: 12 May 2021

Available online: 29 June 2021

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: G22, M41, М42, M49

Pages: 1177–1190

https://doi.org/10.24891/ea.20.6.1177

Aksana A. TURGAEVA Astrakhan State Technical University (ASTU), Astrakhan, Russian Federation
a_turgaeva@mail.ru

https://orcid.org/0000-0002-8374-1706

Subject. The article considers the possibilities of using digital and information-and-analytical platforms in the insurance industry to improve the efficiency of the internal control system of insurance organizations.
Objectives. The study aims to review the market of information technology solutions in insurance activities; to present factors, dictating the need for a single digital platform to improve the efficiency of the internal control system of insurance companies; to present the areas of implementing FinTech solutions in insurance activities.
Methods. I employ methods of observation, information processing, grouping, information technology analysis, and statistical analysis.
Results. The paper presents the results of the study of information technologies used by insurance companies. It proves that the implementation of FinTech solutions is of particular importance from the point of view of streamlining the internal control and the work of supervisory authorities.
Conclusions. The creation of a single digital platform for interaction between the users of insurance processes will contribute to enhancing the efficiency and effectiveness of control and supervisory procedures of internal control of insurance organizations, and have a positive impact on financial performance.

Keywords: information platform, information technology, FinTech solutions, insurance company, internal control

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