Impact Of Digital Transformation In The Insurance Industry On Economic Growth And Insurer Development

The insurers develop risk management and savings plans that create significant economic impacts. Nevertheless, the digital economy has led to the emergence of modern technological processes that have brought significant implications to the activities of insurers and the possibility of reaching their clients via the digital platform. The study examines the impact of digital transformation on insurance firms and, at the same time, its influence on the growth of the national economy. The kind of research methodology that was used in this research was quantitative. The researchers have prepared a standard questionnaire, and it was distributed to 99 respondents by the convenience sampling method. The researchers collected quantitative data by using the sources of secondary data, that is, journals, government websites, and reports. The researcher used SPSS software to conduct statistical analysis to reveal the descriptive statistics and chi-square results. The results of the analysis indicate that technological progress provides insurers with high rates of acquiring knowledge about digital insurance products and other services connected with them. The findings of the research reveal that digital transformation in the insurance sector has provided benefits to all stakeholders since it has enhanced accessibility and operational efficiency, and developed customer-friendly systems to enable the national economic development.