Impact of Open Big Data and Insurtech on Business Digitalization

The need for the insurance sector to modernize its operations and implement digital transformation is indisputable. Insurance technology has emerged as a result of digital change in the insurance sector (InsurTech). With the introduction of numerous digital insurance service providers in UAE is developing rather quickly and will only continue to expand. Throughout the whole lifetime of an insurance product, including pre-contract, product creation, post-contract, back office operations, and risk management, insurtech can be used. In order to evaluate the insurtech need with big data and their impact on business digitalization this research was conducted. Empirical evidences composed from insurance industry located in Dubai UAE through an online survey. 46 companies were approached to collect data using a descriptive research. A valid sample size of 166 employees used for data analysis. SmartPLS 4 software used to measure the hypothesized model. Findings revealed significant relationship of each construct. Additionally, due to low insurance penetration as well as the growth of insurtech start-ups, the UAE has a great potential for insurtech. The difficulties that Insurtech faces are mostly caused by existing legislation that do not yet directly address Insurtech.