o:36301 Key information technologies impacting the advancement of the insurance industry en As of recently, the insurance industry has been at a pivotal point marked by significant innovation and transformation. The advancements in automation, AI, distribution channels, and cloud computing have established a robust foundation for a more dynamic future focused on customer needs. Looking ahead, these trends are expected to intensify, with efforts directed toward scaling solutions, improving processes, and tackling challenges such as regulatory compliance and skill shortages. Insurers are increasingly utilising generative AI to revolutionise areas like claims processing and customer support. Additionally, embedded insurance models, where coverage is integrated directly into the customer journey, are becoming more prevalent, redefining the value insurers provide. Process automation is transforming the insurance industry by moving beyond just reducing costs to becoming a key driver of operational excellence. Insurers are increasingly investing in advanced IT solutions to streamline core back-office functions like claims processing, underwriting, and policy management. This shift aims to eliminate inefficiencies by replacing outdated legacy systems with innovative technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML). Automating these processes helps insurers minimize delays, improve accuracy, and respond more quickly to customer needs and market shifts. The advantages extend past cost savings, leading to greater operational efficiency, faster service delivery, and higher customer satisfaction. It also enhances agent performance and employee retention. Overall, this comprehensive automation approach enables insurance companies to operate more smoothly, stay agile, and remain competitive in a fast-changing industry. By harnessing the power of process automation, insurers free up the fuel for innovation, sparking a transformation that reshapes their business model to thrive in today’s fast-moving, ever-changing market landscape. Cloud computing continues to be a vital enabler, offering the necessary agility, scalability, and compliance support for the industry's ongoing digital transformation. Overall, these trends will significantly influence how insurers operate, innovate, and connect with their customers. Key words: insurance, AI 91552100 170428937 1552100 978-86-403-1879-2 2025-06-11T09:48:58.695Z 44 no 46 Jasna Soldić-Aleksić Univerzitet u Beogradu Ekonomski fakultet 12557927 0000-0001-7641-3862 2025 46 Biljana Chroneos Krasavac Univerzitet u Beogradu Ekonomski fakultet 12653415 0000-0002-1486-4825 2025 46 Aleksandra Zečević Univerzitet u Beogradu Ekonomski fakultet 20543079 0000-0003-2955-8254 2025 application/pdf 403990 https://phaidrabg.bg.ac.rs/o:36301 no yes 18 70 368 1556235 11A03 Innovations in insurance : from traditional to modern market 333 350 Belgrade University of Belgrade, Faculty of economics and business, Publishing centre 2025