Expert-based evaluation of digitalization and mass customization in the Baltic non-life insurance online platforms
DOI:
https://doi.org/10.15549/jeecar.v8i2.644Keywords:
Digitalization, Mass Customization, Standardization, Online insurance, Platforms, BalticsAbstract
The expansion of online distribution platforms illustrates how non-life insurance companies are shifting to digital and customized personal line insurance products. This research extends previous investigations on digital insurance transformations and customization trends in the European and Baltic markets. Expert-based evidence on predominant as-is features in existing non-life insurance online platforms and evaluation on a practical spread of 3 capabilities of the Mass Customization concept are key research outcomes. Results reveal that neither the Mass Customization concept and its capabilities nor combinations with digital and personalization solutions are sufficiently widespread. Results of the digitalization evaluation indicate that the level in the Baltic non-life insurance sector is between Satisfied and Rather Good and is equal to the level of service provider’s preparation for digital solutions. However, it is behind the actual needs of end-users. Findings show that standardization is a predominant as-is feature in the Baltic non-life insurance online platforms.
References
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Chang, S., Survant, L., Walch, D. and Woo, R. (2020). Confronting the crisis: How financial services firms are responding to and learning from COVID-19. Deloitte Insights, 1-18. Retrieved from: https://www2.deloitte.com/us/en/insights/focus/tech-trends/2020/future-of-it-and-finance-funding-innovation-at-the-speed-of-agile.html
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Etikan I. and Bala K. (2017). Combination of probability random sampling method with non probability random sampling method (sampling versus sampling methods). Biometrics & Biostatistics International Journal, 5(6), 210-213. doi: 10.15406/bbij.2017.05.00148 Retrieved from: https://medcraveonline.com/BBIJ/BBIJ-05-00148.pdf
Goepel, K. D. (2019) Comparison of Judgment Scales of the Analytical Hierarchy Process - A New Approach. International Journal of Information Technology & Decision Making, 18(2), 445-463. doi: https://doi.org/10.1142/S0219622019500044
Gómez, F.G., Gómez, M. D. P. M. and Gans, A.G. (2012). Fuzzy Logic Techniques (FLT) in the Interpretation of the Responses Given to a Questionnaire Filled out by Professors in Spain. International Journal of Humanities and Social Science, 2(20), 23-36. Retrieved from: https://core.ac.uk/download/pdf/19719086.pdf
IAIS (2018). Issues Paper on the Increasing Use of Digital Technology in Insurance and its Potential Impact on Consumer Outcomes. Retrieved from: https://www.iaisweb.org/file/75985/issues-paper-on-the-increasing-use-of-digital-technology-in-insurance-and-its-potential-impact-on-consumer-outcomes
Kamis, A., Stern, T. & Ladik, D.M. (2008) A flow-based model of web site intentions when users customize products in business-to-consumer electronic commerce. Information Systems Frontiers, 12, 157–168. doi: https://doi.org/10.1007/s10796-008-9135-y Retrieved from: https://www.researchgate.net/publication/220199012_A_Flow-based_model_of_web_site_intentions_when_users_customize_products_in_business-to-consumer_electronic_commerce
Klapkiv, L. and Klapkiv, J. (2017). Technological innovations in the insurance industry. Journal of Insurance, Financial Markets and Consumer Protection, 26(4), 67-78. Retrieved from: https://depot.ceon.pl/bitstream/handle/123456789/14333/RU26-5.pdf?sequence=1&isAllowed=y
Klapkiv, Y., Lyubov, K. and Zarudna, N. (2018). Online Distribution of Insurance of Civil Liability of Owners of Vehicles, The Experience of Poland, Opportunities of Ukraine. Baltic Journal of Economic Studies, 4. 195-201. doi: 10.30525/2256-0742/2018-4-1-195-201. Retrieved from: http://www.baltijapublishing.lv/index.php/issue/article/view/351/pdf
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Lietuvos Bankas (2020). Review of Lithuania’s Insurance Market (2019). Retrieved from: https://www.lb.lt/en/publications/review-of-lithuania-s-insurance-market-2019
?yskawa, K., K?dra, A., Klapkiv, L., and Klapkiv, J. (2019). Digitalization in insurance companies. Paper presented at International Scientific Conference “Contemporary Issues in Business, Management and Economics Engineering”, Vilnius, Lithuania. doi: https://doi.org/10.3846/cibmee.2019.086 Retrieved from: http://cibmee.vgtu.lt/index.php/verslas/2019/paper/view/500
Lyubov, K. (2018). Technological innovations in the insurance industry. Rozprawy Ubezpieczeniowe, 26, 67-78. Retrieved from: https://www.researchgate.net/publication/322753898_Technological_innovations_in_the_insurance_industry
Mitrovic, D., Trifunovic, D. and Ran?elovi?, S. (2019). Digitalisation in the Financial Sector and Implications for Insurance. In: Contemporary Trends In Insurance At The Beginning Of The Fourth Industrial Revolution. Publisher: Faculty Of Economics, Belgrade. Retrieved from:https://www.academia.edu/39238622/Digitalisation_in_the_Financial_Sector_and_Implications_for_Insurance
Mustafina A.A., Kaigorodova G.N., Alyakina P.D., Velichko N.Y. and Zainullina M.R. (2020) Digital Technology in Insurance. In: Ashmarina S., Mesquita A., Vochozka M. (eds) Digital Transformation of the Economy: Challenges, Trends and New Opportunities. Advances in Intelligent Systems and Computing, vol 908. Springer, Cham. https://doi.org/10.1007/978-3-030-11367-4_65
Nicoletti, B. (2016). Innovation in Insurance. In Nicoletti, B. Digital insurance: business innovation in the Post-crisis era. UK: Palgrave Macmillan. https://doi.org/10.1057/9781137553270
Piller, F. T., Thorsten, H., Ihl, C. and Salvador, F. (2014). Strategic Capabilities of Mass Customization Based E-Commerce: Construct Development & Empirical Test. Paper presented at the 2014 47th Hawaii International Conference on System Sciences, Waikoloa, HI, USA, January 6–9, doi:10.1109/HICSS.2014.403. Retrieved from: https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=6759005
Podvezko, V. & Sivilevi?ius, H. (2013) The use of AHP and rank correlation methods
for determining the significance of the interaction between the elements of a transport system having a strong influence on traffic safety. Transport 28(4): 389–403. doi: https://doi.org/10.3846/16484142.2013.866980 Retrieved from: https://journals.vgtu.lt/index.php/Transport/article/view/4220
Podvezko, V. (2005). Agreement Of Expert Estimates. Technological And Economic Development Of Economy, 11(2), 101-107. Doi: https://doi.org/10.3846/13928619.2005.9637688
Porter, M. (1985) The Competitive Advantage: Creating and Sustaining Superior Performance, New York: The Free Press. Retrieved from: https://www.albany.edu/~gs149266/Porter%20(1985)%20-%20chapter%201.pdf
Quir´os, P., Alonso, J.M. and Pancho, D.P. (2016) Descriptive and Comparative Analysis of Human Perceptions expressed through Fuzzy Rating Scale-based Questionnaires. International Journal of Computational Intelligence Systems, 9(3), 450-467. Doi: https://doi.org/10.1080/18756891.2016.1175811 Retrieved from: https://www.atlantis-press.com/journals/ijcis/25868704
Rattanalertnusorn, A., Thongteeraparp, A. and Bodhisuwan,W. (2013). Fuzzy Rating Score on the Likert Scale. Paper presented at International Conference on Engineering and Applied Science (ICEAS 2013) Osaka, Japan.
Risdiyono, R., Imam D. W. and Affan M. (2016). Mass Customization and Personalization Prospects in Developing Country: Indonesian Context. IOP Conference Series: Materials Science and Engineering 105: 1–5. doi:10.1088/1757-899X/105/1/012046. Retrieved from: https://iopscience.iop.org/article/10.1088/1757-899X/105/1/012046
Saaty, T. L. (2008). Decision making with the analytic hierarchy process. Int. J. Services Sciences, 1(1), 83 – 98. doi:10.1504/IJSSCI.2008.017590
Salvador, F., Holan, P. D. and Piller. F. T. (2009). Cracking the Code of Mass Customization. MIT Sloan Management Review, 50(3), 71-79. Retrieved from: https://www.researchgate.net/publication/265498057_Cracking_the_Code_of_Mass_Customization
Schilirò, D. (2020). Towards Digital Globalization and the Covid-19 Challenge. International Journal of Business Management and Economic Research (IJBMER), 11(2), 1710-1716. Retrieved from: https://www.researchgate.net/publication/341408390_Towards_Digital_Globalization_and_the_Covid-19_Challenge
Stoeckli, E., Uebernickel, F. and Brenner, W. (2016). Digitalization in the Insurance Industry. Themes and Decisions That Matter: Insights from a Multiple-Case Study in Germany and Switzerland. Series on Research in Information Systems Management and Business Innovation, 6.
Stoeckli, E., Dremel, C. and Uebernickel, F. (2018). Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world. Electronic markets, 28, 285-307. doi: https://doi.org/10.1007/s12525-018-0304-7
Vonglao, P. (2017). Application of fuzzy logic to improve the Likert scale to measure latent variables. Kasetsart Journal of Social Sciences, 38, 337-344. doi: https://doi.org/10.1016/j.kjss.2017.01.002 Retrieved from: https://www.sciencedirect.com/science/article/pii/S2452315117303739
Warg, M., Zolnowski, A., Frosch, M. and Weiß, P. (2019). From Product Organization to Platform Organization - Observations of Organizational Development in the Insurance Industry. Paper presented at conference: The 10 years Naples Forum on Service – Proceeding, Ischia, Italy, 2-16. Retrieved from: https://www.researchgate.net/publication/334327827_From_Product_Organization_to_Platform_Organization_-_Observations_of_Organizational_Development_in_the_Insurance_Industry
Weingarth J., Hagenschulte J., Schmidt N. and Balser M. (2019). Building a Digitally Enabled Future: An Insurance Industry Case Study on Digitalization. In: Urbach N., Röglinger M. (eds) Digitalization Cases. Management for Professionals. Springer, Cham. doi: https://doi.org/10.1007/978-3-319-95273-4_13
Wiesböck, F., Matt, C., Hess, T.H., and Li, L. (2017). How Management in the German Insurance Industry Can Handle Digital Transformation. Management Report, 1-26. Retrieved from: https://www.wim.bwl.uni-muenchen.de/download/epub/mreport_2017_1.pdf
Zarina, I., Voronova, I. and Pettere, Gaida. (2019). Internal model for insurers: possibilities and issues. Paper presented at International Scientific Conference Contemporary Issues In Business, Management and Economics Engineering’2019, Vilnius, Lithuania. doi: 10.3846/cibmee.2019.026.
Zolnowski, A. and Warg, M. (2017). Let’s Get Digital: Digitizing the Insurance Business with Service Platforms. Cutter Business Technology Journal, 30(9), 19-24.
Baležentis, A. and Žalimait?, M. (2011). Ekspertini? vertinim? taikymas inovacij? pl?tros veiksni? analiz?je: Lietuvos inovatyvi? ?moni? vertinimas, Management theory and studies for rural business and infrastructure Development, 3(27), 23-31. ISSN 1822-6760, 2345-0355 Retrieved from: https://www.lituanistika.lt/content/31060
Baret, S., Celner, A., O'Reilly, M. and Shilling, M. (2020). Finance and the future of IT Funding innovation at the speed of agile. Deloitte Insights, 1-20. Retrieved from: https://www2.deloitte.com/us/en/insights/focus/tech-trends/2020/future-of-it-and-finance-funding-innovation-at-the-speed-of-agile.html
Bohnert, A., Fritzsche, A. and Gregor, S. (2019). Digital agendas in the insurance industry: the importance of comprehensive approaches. Geneva Pap Risk Insur Issues Pract 44, 1–19. doi: https://doi.org/10.1057/s41288-018-0109-0. Retrieved from: https://www.researchgate.net/publication/328173678_Digital_agendas_in_the_insurance_industry_the_importance_of_comprehensive_approaches
Cappiello, A. (2018). Technology and Insurance. In Cappiello, A., Technology and the insurance industry. Re-configuring the competitive landscape (p. 7-28). In Palgrave Pivot, Cham. doi: 10.1007/978-3-319-74712-5
Chang, S., Survant, L., Walch, D. and Woo, R. (2020). Confronting the crisis: How financial services firms are responding to and learning from COVID-19. Deloitte Insights, 1-18. Retrieved from: https://www2.deloitte.com/us/en/insights/focus/tech-trends/2020/future-of-it-and-finance-funding-innovation-at-the-speed-of-agile.html
Daaboul, J., Bernard, A. and Laroche, F. (2012). Extended value network modelling and simulation for mass customization implementation. J Intell Manuf, 23, 2427–2439. doi: https://doi.org/10.1007/s10845-010-0493-1 Retrieved from: https://www.researchgate.net/publication/221030190_Extended_Value_Chain_Modelling_and_Simulation_for_Mass_Customization_Implementation
El Arif, F.Z. (2020). Insurance Distribution in the Digital Age. IOSR Journal of Economics and Finance (IOSR-JEF), 11(3), 31-38. doi: 10.9790/5933-1103063138 Retrieved from: https://www.iosrjournals.org/iosr-jef/papers/Vol11-Issue3/Series-6/E1103063138.pdf
Eling, M. and Lehmann, M. (2018). The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks. Geneva Papers on Risk and Insurance - Issues and Practice, 43, 359-396. doi: 10.1057/s41288-017-0073-0 Retrieved from: https://www.researchgate.net/publication/321636110_The_Impact_of_Digitalization_on_the_Insurance_Value_Chain_and_the_Insurability_of_Risks
Etikan I. and Bala K. (2017). Combination of probability random sampling method with non probability random sampling method (sampling versus sampling methods). Biometrics & Biostatistics International Journal, 5(6), 210-213. doi: 10.15406/bbij.2017.05.00148 Retrieved from: https://medcraveonline.com/BBIJ/BBIJ-05-00148.pdf
Goepel, K. D. (2019) Comparison of Judgment Scales of the Analytical Hierarchy Process - A New Approach. International Journal of Information Technology & Decision Making, 18(2), 445-463. doi: https://doi.org/10.1142/S0219622019500044
Gómez, F.G., Gómez, M. D. P. M. and Gans, A.G. (2012). Fuzzy Logic Techniques (FLT) in the Interpretation of the Responses Given to a Questionnaire Filled out by Professors in Spain. International Journal of Humanities and Social Science, 2(20), 23-36. Retrieved from: https://core.ac.uk/download/pdf/19719086.pdf
IAIS (2018). Issues Paper on the Increasing Use of Digital Technology in Insurance and its Potential Impact on Consumer Outcomes. Retrieved from: https://www.iaisweb.org/file/75985/issues-paper-on-the-increasing-use-of-digital-technology-in-insurance-and-its-potential-impact-on-consumer-outcomes
Kamis, A., Stern, T. & Ladik, D.M. (2008) A flow-based model of web site intentions when users customize products in business-to-consumer electronic commerce. Information Systems Frontiers, 12, 157–168. doi: https://doi.org/10.1007/s10796-008-9135-y Retrieved from: https://www.researchgate.net/publication/220199012_A_Flow-based_model_of_web_site_intentions_when_users_customize_products_in_business-to-consumer_electronic_commerce
Klapkiv, L. and Klapkiv, J. (2017). Technological innovations in the insurance industry. Journal of Insurance, Financial Markets and Consumer Protection, 26(4), 67-78. Retrieved from: https://depot.ceon.pl/bitstream/handle/123456789/14333/RU26-5.pdf?sequence=1&isAllowed=y
Klapkiv, Y., Lyubov, K. and Zarudna, N. (2018). Online Distribution of Insurance of Civil Liability of Owners of Vehicles, The Experience of Poland, Opportunities of Ukraine. Baltic Journal of Economic Studies, 4. 195-201. doi: 10.30525/2256-0742/2018-4-1-195-201. Retrieved from: http://www.baltijapublishing.lv/index.php/issue/article/view/351/pdf
Libby, R. and Blashfield, R. K. (1978). Performance of a composite as a function of the number of judges. Organizational Behavior & Human Performance, 21(2), 121-129. doi: https://doi.org/10.1016/0030-5073(78)90044-2
Lietuvos Bankas (2020). Review of Lithuania’s Insurance Market (2019). Retrieved from: https://www.lb.lt/en/publications/review-of-lithuania-s-insurance-market-2019
?yskawa, K., K?dra, A., Klapkiv, L., and Klapkiv, J. (2019). Digitalization in insurance companies. Paper presented at International Scientific Conference “Contemporary Issues in Business, Management and Economics Engineering”, Vilnius, Lithuania. doi: https://doi.org/10.3846/cibmee.2019.086 Retrieved from: http://cibmee.vgtu.lt/index.php/verslas/2019/paper/view/500
Lyubov, K. (2018). Technological innovations in the insurance industry. Rozprawy Ubezpieczeniowe, 26, 67-78. Retrieved from: https://www.researchgate.net/publication/322753898_Technological_innovations_in_the_insurance_industry
Mitrovic, D., Trifunovic, D. and Ran?elovi?, S. (2019). Digitalisation in the Financial Sector and Implications for Insurance. In: Contemporary Trends In Insurance At The Beginning Of The Fourth Industrial Revolution. Publisher: Faculty Of Economics, Belgrade. Retrieved from:https://www.academia.edu/39238622/Digitalisation_in_the_Financial_Sector_and_Implications_for_Insurance
Mustafina A.A., Kaigorodova G.N., Alyakina P.D., Velichko N.Y. and Zainullina M.R. (2020) Digital Technology in Insurance. In: Ashmarina S., Mesquita A., Vochozka M. (eds) Digital Transformation of the Economy: Challenges, Trends and New Opportunities. Advances in Intelligent Systems and Computing, vol 908. Springer, Cham. https://doi.org/10.1007/978-3-030-11367-4_65
Nicoletti, B. (2016). Innovation in Insurance. In Nicoletti, B. Digital insurance: business innovation in the Post-crisis era. UK: Palgrave Macmillan. https://doi.org/10.1057/9781137553270
Piller, F. T., Thorsten, H., Ihl, C. and Salvador, F. (2014). Strategic Capabilities of Mass Customization Based E-Commerce: Construct Development & Empirical Test. Paper presented at the 2014 47th Hawaii International Conference on System Sciences, Waikoloa, HI, USA, January 6–9, doi:10.1109/HICSS.2014.403. Retrieved from: https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=6759005
Podvezko, V. & Sivilevi?ius, H. (2013) The use of AHP and rank correlation methods
for determining the significance of the interaction between the elements of a transport system having a strong influence on traffic safety. Transport 28(4): 389–403. doi: https://doi.org/10.3846/16484142.2013.866980 Retrieved from: https://journals.vgtu.lt/index.php/Transport/article/view/4220
Podvezko, V. (2005). Agreement Of Expert Estimates. Technological And Economic Development Of Economy, 11(2), 101-107. Doi: https://doi.org/10.3846/13928619.2005.9637688
Porter, M. (1985) The Competitive Advantage: Creating and Sustaining Superior Performance, New York: The Free Press. Retrieved from: https://www.albany.edu/~gs149266/Porter%20(1985)%20-%20chapter%201.pdf
Quir´os, P., Alonso, J.M. and Pancho, D.P. (2016) Descriptive and Comparative Analysis of Human Perceptions expressed through Fuzzy Rating Scale-based Questionnaires. International Journal of Computational Intelligence Systems, 9(3), 450-467. Doi: https://doi.org/10.1080/18756891.2016.1175811 Retrieved from: https://www.atlantis-press.com/journals/ijcis/25868704
Rattanalertnusorn, A., Thongteeraparp, A. and Bodhisuwan,W. (2013). Fuzzy Rating Score on the Likert Scale. Paper presented at International Conference on Engineering and Applied Science (ICEAS 2013) Osaka, Japan.
Risdiyono, R., Imam D. W. and Affan M. (2016). Mass Customization and Personalization Prospects in Developing Country: Indonesian Context. IOP Conference Series: Materials Science and Engineering 105: 1–5. doi:10.1088/1757-899X/105/1/012046. Retrieved from: https://iopscience.iop.org/article/10.1088/1757-899X/105/1/012046
Saaty, T. L. (2008). Decision making with the analytic hierarchy process. Int. J. Services Sciences, 1(1), 83 – 98. doi:10.1504/IJSSCI.2008.017590
Salvador, F., Holan, P. D. and Piller. F. T. (2009). Cracking the Code of Mass Customization. MIT Sloan Management Review, 50(3), 71-79. Retrieved from: https://www.researchgate.net/publication/265498057_Cracking_the_Code_of_Mass_Customization
Schilirò, D. (2020). Towards Digital Globalization and the Covid-19 Challenge. International Journal of Business Management and Economic Research (IJBMER), 11(2), 1710-1716. Retrieved from: https://www.researchgate.net/publication/341408390_Towards_Digital_Globalization_and_the_Covid-19_Challenge
Stoeckli, E., Uebernickel, F. and Brenner, W. (2016). Digitalization in the Insurance Industry. Themes and Decisions That Matter: Insights from a Multiple-Case Study in Germany and Switzerland. Series on Research in Information Systems Management and Business Innovation, 6.
Stoeckli, E., Dremel, C. and Uebernickel, F. (2018). Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world. Electronic markets, 28, 285-307. doi: https://doi.org/10.1007/s12525-018-0304-7
Vonglao, P. (2017). Application of fuzzy logic to improve the Likert scale to measure latent variables. Kasetsart Journal of Social Sciences, 38, 337-344. doi: https://doi.org/10.1016/j.kjss.2017.01.002 Retrieved from: https://www.sciencedirect.com/science/article/pii/S2452315117303739
Warg, M., Zolnowski, A., Frosch, M. and Weiß, P. (2019). From Product Organization to Platform Organization - Observations of Organizational Development in the Insurance Industry. Paper presented at conference: The 10 years Naples Forum on Service – Proceeding, Ischia, Italy, 2-16. Retrieved from: https://www.researchgate.net/publication/334327827_From_Product_Organization_to_Platform_Organization_-_Observations_of_Organizational_Development_in_the_Insurance_Industry
Weingarth J., Hagenschulte J., Schmidt N. and Balser M. (2019). Building a Digitally Enabled Future: An Insurance Industry Case Study on Digitalization. In: Urbach N., Röglinger M. (eds) Digitalization Cases. Management for Professionals. Springer, Cham. doi: https://doi.org/10.1007/978-3-319-95273-4_13
Wiesböck, F., Matt, C., Hess, T.H., and Li, L. (2017). How Management in the German Insurance Industry Can Handle Digital Transformation. Management Report, 1-26. Retrieved from: https://www.wim.bwl.uni-muenchen.de/download/epub/mreport_2017_1.pdf
Zarina, I., Voronova, I. and Pettere, Gaida. (2019). Internal model for insurers: possibilities and issues. Paper presented at International Scientific Conference Contemporary Issues In Business, Management and Economics Engineering’2019, Vilnius, Lithuania. doi: 10.3846/cibmee.2019.026.
Zolnowski, A. and Warg, M. (2017). Let’s Get Digital: Digitizing the Insurance Business with Service Platforms. Cutter Business Technology Journal, 30(9), 19-24.
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Published
2021-06-13
How to Cite
Baranauskas, G., & Raišien?, A. G. (2021). Expert-based evaluation of digitalization and mass customization in the Baltic non-life insurance online platforms. Journal of Eastern European and Central Asian Research (JEECAR), 8(2), 184–201. https://doi.org/10.15549/jeecar.v8i2.644
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