Proceedings of the 6th International Conference on Advanced Research in Management, Economics and Accounting
Year: 2024
DOI:
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Ecosystem Approach in The Insurance Business in Uzbekistan
D.Sc. (Econ.) Rustam Sadykovich Azimov, 2Mirsadikov Miradil Abdullayevich
ABSTRACT:
The insurance sector in Uzbekistan is undergoing significant transformation driven by the country’s development strategy for 2022-2026, which prioritizes the digital economy as a key driver of growth. This article examines the evolution of the insurance market in Uzbekistan from 2019 to 2022, highlighting positive trends such as substantial growth in total insurance premiums and the presence of numerous insurance companies. Despite these advancements, challenges persist, including low levels of insurance penetration among the population and a lack of trust in insurance institutions. The article argues that embracing digital ecosystems is crucial for the future of the insurance industry in Uzbekistan, enabling insurers to offer comprehensive services beyond traditional insurance policies. By leveraging digital platforms to provide a wide range of non-insurance services, insurers can enhance customer loyalty, reduce risk, and generate additional revenue streams. Drawing on international examples and definitions of ecosystems, the article proposes a framework for the development of insurance ecosystems in Uzbekistan. It suggests that insurers can adopt various strategies to participate in ecosystems, ranging from ownership to partnership models. By creating client-oriented ecosystems, insurers can optimize their business operations, expand market opportunities, and improve insurance culture, ultimately enhancing the value proposition for consumers.
keywords: ecosystem, digitalization, insurance, transformation, customer-centric approach