<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Aim/purpose</bold> – In line with the general trend of digitalization and changing customers’ needs and preferences, insurance companies have increasingly applied digital technology to their business. This digital transformation should enhance insurance companies’ efficiency and provide further advantages. Therefore, this study’s main aim is to analyze the current relationship between the digital maturity of Croatian non-life insurers and their efficiency.
<bold>Design/methodology/approach</bold> – The empirical analysis is based on the data collected via an online survey on a sample of Croatian non-life insurers and from the insurance companies’ financial statements. The data was analyzed using the Digital Maturity Model 5.0 by Forrester Research, Inc., Data Envelopment Analysis, and correlation analysis.
<bold>Findings</bold> – The surveyed Croatian non-life insurance companies have achieved the second level of a four-level digital maturity scale, on average. Although the digital transformation of insurance companies is a promising efficiency driver, the current level of digital maturity of Croatian non-life insurance companies is not positively related to their efficiency.
<bold>Research implications/limitations</bold> – The research has implications for insurance companies regarding their path of digital transformation, as well as for the regulators establishing an adequate regulatory framework to encourage the digital development of insurance companies. The objective limits of the research refer to the means of measuring digital maturity and the sample size. The research is limited to the Croatian insurance market.
<bold>Originality/value/contribution</bold> – Analysis of the efficiency of insurance companies from the information technology perspective is rare in the academic literature, and this issue has not been investigated using a sample of Croatian insurers. The research contributes to advancing knowledge on the relationship between digital maturity and insurance companies’ efficiency.1
</abstract>

Aim/purpose – In line with the general trend of digitalization and changing customers’ needs and preferences, insurance companies have increasingly applied digital technology to their business. This digital transformation should enhance insurance companies’ efficiency and provide further advantages. Therefore, this study’s main aim is to analyze the current relationship between the digital maturity of Croatian non-life insurers and their efficiency.
Design/methodology/approach – The empirical analysis is based on the data collected via an online survey on a sample of Croatian non-life insurers and from the insurance companies’ financial statements. The data was analyzed using the Digital Maturity Model 5.0 by Forrester Research, Inc., Data Envelopment Analysis, and correlation analysis.
Findings – The surveyed Croatian non-life insurance companies have achieved the second level of a four-level digital maturity scale, on average. Although the digital transformation of insurance companies is a promising efficiency driver, the current level of digital maturity of Croatian non-life insurance companies is not positively related to their efficiency.
Research implications/limitations – The research has implications for insurance companies regarding their path of digital transformation, as well as for the regulators establishing an adequate regulatory framework to encourage the digital development of insurance companies. The objective limits of the research refer to the means of measuring digital maturity and the sample size. The research is limited to the Croatian insurance market.
Originality/value/contribution – Analysis of the efficiency of insurance companies from the information technology perspective is rare in the academic literature, and this issue has not been investigated using a sample of Croatian insurers. The research contributes to advancing knowledge on the relationship between digital maturity and insurance companies’ efficiency.1

The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research

Department of Finance Faculty of Economics

Department of Economics Faculty of Economics

Journal of Economics and Management

This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 International License.

Aim/purpose – In line with the general trend of digitalization and changing customers’ needs and preferences, insurance companies have increasingly applied...

The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research

Data publikacji: 05 kwi 2024

Zakres stron: 55 - 78

Otrzymano: 26 paź 2023

Przyjęty: 16 mar 2024

DOI: https://doi.org/10.22367/jem.2024.46.03

Słowa kluczowe
digital transformation and maturity, efficiency, Croatian non-life insurance companies

© 2024 Marijana Ćurak et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 International License.

The relationship between the digital maturity and efficiency of Croatian non-life insurers: Exploratory research

Data publikacji: 05 kwi 2024

Zakres stron: 55 - 78

Otrzymano: 26 paź 2023

Przyjęty: 16 mar 2024

DOI: https://doi.org/10.22367/jem.2024.46.03

Słowa kluczowedigital transformation and maturity, efficiency, Croatian non-life insurance companies

© 2024 Marijana Ćurak et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 International License.

Słowa kluczowe
digital transformation and maturity, efficiency, Croatian non-life insurance companies