Disruptive Technologies in the Operation of Insurance Industry

The aim of this paper is to present and discuss the opportunities and risks related to implementation of new digital disruptive technologies in the operation of insurance companies. We compare theoretical knowledge and empirical evidence of six alternative approaches of digitalization implementation in insurance companies. We review trends and analyse the application of information technologies in risk management, in sales and distribution, Insurtech, big data and predictive analytics, Internet of things (IoT), telematics devices and Blockchain technology in insurance. Regardless of the threats related to digitalization processes and increasing number of "attackers" in the insurance sector, insurance companies are slowly and gradually embracing new technologies, adapting their strategies, organizational structures, risk management, employees and culture in order to add value to their companies and to the customers