INSURTECH AS A FACTOR OF TRANSFORMATION OF CONSUMER BEHAVIOR IN THE RUSSIAN INSURANCE MARKET

The relevance of the article stems from the increasing transformation of consumers’ digital financial behavior with the advent of the digital economy. This process, which has been quite rapid in recent decades, has been further accelerated by the pandemic. The purpose of this study is to identify trends in the transformation of consumer behavior of insurance products in the Russian insurance market. The digital transformation of the insurance industry is primarily associated with phenomena such as Insurtech. In essence, it is a means to transform a traditional and conservative industry such as insurance into a prosperous, customer-focused and needs-driven sphere of finance. Insurance consumer research has shown that not only the structure but also the very nature of digital financial consumption is changing under the influence of the ongoing digital transformation. Consumers’ financial attitudes, digital skills, preferences and habits are shaped during their active digital socialization and depend heavily on the presence of digital and financial literacy. The survey results show that Russian consumers have adapted their behavior to search for, use and integrate in digital technologies. Consumers understand what they want from modern financial technologies and financial services in general. Depending on the use of certain digital technologies, specific consumer expectations are formed. The article identifies current economic significant regular trends which determine the attitude of citizens to insurance policy in Russia and can be proposed in the program to improve the functioning of the Russian insurance market.