Digital Transformation of the Insurance Business as a Factor in the Small Business and Private Entrepreneurship Digitalization

Abstract

Azimov, M. Mirsadikov. Digital transformation of the insurance business as a factor in the small business and private entrepreneurship (SBPE) digitalization. The current developing of market relations in Uzbekistan and the improvement of the quality of socio-economic services for businesses and the population of the country to the international standards level require the financial infrastructure of our country to provide a wider range of various services to individuals and legal entities. At the same time, the introduction of new financial instruments and services to overcome existing problems that are prerequisites for the emergence and increase of risks for market relations participants is of particular importance. The SBPE digitalization is significantly behind the insurance business digitalization, which is explained by a lack of knowledge about technologies, shortage of specialized personnel, lack of understanding of the prospects for the implementation of technologies, insufficient development of digital infrastructure and low level of demand for digital goods and services. The digital revolution the insurance business is currently undergoing is a unique opportunity to optimize all business processes, increase added value and generate additional profits. Using the resources of insurance company to improve the digital literacy of SBPE entities will contribute to both expanding the insurance field and increasing the efficiency of SBPE entities.