Digital and Customizable Insurance: Empirical Findings and Validation of Behavioral Patterns, Influential Factors, and Decision-Making Framework of Baltic Insurance Consumers in Digital Platforms

The phenomenon of digitization, digitalization, and customization became an operational and service platform standard, widely spread within the previous decade in the financial sector, but seems to be not enough balanced in the insurance service field. Here these domains had latency and strong implications mostly at the strategical planning level and in primary activities of the insurance specific-value chain. Accordingly, a multidimensional and cross-border scientific analysis of the effects and outcomes of digitalization and customization domains in the insurance industry, platforms, and consumers behavior is required. This particular chapter aims to synthesize and conceptualize consumer decision-making and technology acceptance models and frameworks, applicable to digital insurance platforms management. The conducted empirical investigation and statistical analysis resulted in a reveal of behavioral patterns and influential factors of decision-making of Baltic insurance consumers in digital insurance platforms and validation of a conceptual digital insurance consumer decision-making process framework.