Business Model Transformation of Russian Insurance Company Under the Influence of Digital Technologies

The main competitors for the insurance company are no longer other traditional market players, but new companies from outside, which are guided by different principles and differ in their business model, developed with a focus on digital technologies. It is necessary to take into account the experience of the related banking sector, where the emergence of innovation-related companies has changed the long-established rules of doing business in conditions of similar high entry barriers and maximized the marginality of the value proposition while reducing economic and time costs. In this regard, the main consideration is how successful traditional insurers will remain and whether it is necessary to transform their own business model under the influence of technological factors and changing consumer preferences. This is particularly relevant for emerging insurance markets that are in the process of moving to a new stage of their development. There is a need to increase the management practice of using digital technologies to transform the business model of an insurance company. The purpose of this thesis is to develop recommendations for improving the business model of the Russian universal insurance company, taking into account the use of digital technologies. Chapter 1 discusses the conceptual foundations of the "business model" and "business model innovations", which allowed us to define the theoretical framework of the study and develop an approach to analyze the business model. Chapter 2 examines the current stage of insurance development. Based on current practice, it is established that the prospective change in the business model in insurance companies in the current reality is inextricably linked with the introduction of technological innovations, and that Russian companies follow the general trend of digitalization, but are at its initial stage. Chapter 3 provides a analysis of the current business model of the Russian insurance company and provides recommendations for improving its business model taking into account digital initiatives.