Publication Details
Abstract
In this article, the impact of digitalization in financial stability in insurance sector of Uzbekistan are discussed. The report provides insights into important market trends the industry cycle, shrinking number of insurers against expanding value of their authorized capital, modifications in insurance agents and brokers, etc. According to the study, the adoption of the IoT platform with modern-day digital technologies like artificial intelligence, big data analytics, blockchain, and IoT system helps to automate processes and boost the operational efficiency of insurance companies through valuable aids in process automation, better risk management, improved customer services personalization, wider & more effective investment activities, and other methods. The second part of the article presents the potential of digital transformation by analyzing the changes in total premiums, claims payments and investment volumes in the insurance market of Uzbekistan. The results illustrate the importance of embracing innovative technologies in improving financial stability and customer satisfaction in the insurance sector.