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International Journal of Marketing & Financial Management

An Empirical Analysis of FinTech Innovations in Insurance: Adoption Patterns, Service Efficiency, and User Challenges

Bhavik Patel ; Dr. Vijay Gondaliya

Bhavik Patel – Final Year BBA Students, B V Patel Institute of Management, Uka Tarsadia University

Dr. Vijay Gondaliya – Associate Professor, B V Patel Institute of Management, Uka Tarsadia University

DOI : https://doi.org/10.5281/zenodo.19484994 Page No : 75-86

Published Online : 2026-04-09

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This study examines the impact of fintech innovations on individuals with respect to financial protection through insurance. The research is based on primary data collected from 135 respondents in South Gujarat using a structured questionnaire. The study evaluates awareness, adoption, customer experience, and challenges associated with digital insurance platforms. Using descriptive and exploratory research design, the study identifies that fintech has significantly improved accessibility, transparency, and efficiency in insurance services. However, issues such as claim delays, technical challenges, and lack of personal interaction continue to affect user satisfaction. The findings highlight that fintech-driven insurance is a key contributor to financial inclusion and risk protection, but requires further improvements for sustainable growth.

Reference

Thakur, S., Rasool, H., Palhad, S., & Khan, Y. (2022). Insurtechs: Current and future skills needs. INSETA Research Report, May 2022, 1–31.
Ikonomi, A., Nast, B., Shi, L., Levrault, L., & Purcell, T. M. (2022). Artificial intelligence in insurance. ACTSCI 490: Capstone Experience, September 2022, 1–21.
Shamsuddin, J. N. B. (2024). The impact of InsurTech on the firm performance and financial sustainability of insurance companies and Takaful operators in Malaysia. Lincoln University Digital Thesis, 2024.
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm? SSRN Electronic Journal, October 2015, 1–45.
Charpentier, A., & Suire, R. (2025). The insurance market in the era of digital transitions: Relationships between insurers, Big Tech, and Insurtechs. SOA Research Institute Report, January 2025, 1–42.
Financial Stability Institute. (2017). Fintech developments in the insurance industry - Executive summary. FSI Connect, February 2017, 1–3.
Cappiello, A. (2020). The technological disruption of insurance industry: A review. International Journal of Business and Social Science, 11(1), 1–11.
Ghosh, S. (2023). Impact of Fintech industry in India: An evolutionary change in Indian economy. Vidyasagar University Journal of Commerce, 28(2023-2024), 78–88.
Shawer, M. A. (2024). The transformative impact of financial technology (Fintech) on the financial industry: Innovations, challenges, and future trends. IRE Journals, 8(1), 127–137.
Reddy, M. S., & Kumar M, K. (2024). Exploring the transformative impact of Fintech on banking, finance and insurance industries. International Journal of Scientific Research in Engineering and Management (IJSREM), 8(4), 1–15.
Abbas, M. M. (2025). The impact of financial technology on the insurance industry: A case study of allianz Iraq Company. International Journal of Research in Finance and Management, 8(2), 211–218.
Gayathiry, D., & Suganya, D. (2023). Fintech innovation and adoption in insurance. Journal of the Oriental Institute, 72(03, No. 13), 39–43.
Gupta, A. P. (2024). The role of fintech in streamlining insurance processes and reducing administrative overheads. International Journal of Finance, 37(2), 21–31.
Barroso, M., & Laborda, J. (2022). Digital transformation and the emergence of the Fintech sector: Systematic literature review. Digital Business, 2(2022), 1–18.
Volosovych, S., Zelenitsa, I., Kondratenko, D., Szymla, W., & Mamchur, R. (2021). Transformation of insurance technologies in the context of a pandemic. Insurance Markets and Companies, 12(1), 1–13.
Kamuangu, P. (2024). Digital transformation in finance: A review of current research and future directions in FinTech. World Journal of Advanced Research and Reviews, 21(03), 1667–1675.
Mittal, N. (2024). Fin tech evolution: Pioneering sustainable transformations in investment and finance. Sudarshan Research Journal, 2(2), 10–27.
Anifa, M., Ramakrishnan, S., Joghee, S., Kabiraj, S., & Bishnoi, M. M. (2022). Fintech innovations in the financial service industry. Journal of Risk and Financial Management, 15(287), 1–19.
Saini, A. K. (2018). The fintech revolution and future of banking and financial institutions: A quantitative investigation. Psychology and Education, 55(1), 428–436.
Satuluri, R. K., & Radhika, R. (2021). Digital transformation in Indian insurance industry. Turkish Journal of Computer and Mathematics Education, 12(4), 310–324.
Jain, R., Prajapati, D., & Dangi, A. (2023). Transforming the financial sector: A review of recent advancements in FinTech. International Journal for Research Trends and Innovation, 8(2), 250–266.
Nepochatenko, O., Bechko, P., & Ponomarenko, O. (2023). The transformation of the insurance market under the influence of financial digital technologies. International Science Journal of Management, Economics & Finance, 2(2), 48–55.
Khalatur, S., Pavlova, H., Vasilieva, L., Karamushka, D., & Danileviča, A. (2022). Innovation management as basis of digitalization trends and security of financial sector. Entrepreneurship and Sustainability Issues, 9(4), 56–76.
Darnida, Y. C., Haryono, A., & Nurriqli, A. (2024). The role of financial technology in increasing financial access. Journal of Management, 3(2), 474–493.
Xi, W., & Wang, Y. (2023). Digital financial inclusion and quality of economic growth. Heliyon, 9(2023), 1–18.

Cite this Article as: Bhavik P & Vijay G (2026), “An Empirical Analysis of FinTech Innovations in Insurance: Adoption Patterns, Service Efficiency, and User Challenges”, International Journal of Marketing & Financial Management, Volume 14, Issue1, 2026, pp 75-86 , DOI : https://doi.org/10.5281/zenodo.19484994

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PDF Download: 3

Reference

Thakur, S., Rasool, H., Palhad, S., & Khan, Y. (2022). Insurtechs: Current and future skills needs. INSETA Research Report, May 2022, 1–31.
Ikonomi, A., Nast, B., Shi, L., Levrault, L., & Purcell, T. M. (2022). Artificial intelligence in insurance. ACTSCI 490: Capstone Experience, September 2022, 1–21.
Shamsuddin, J. N. B. (2024). The impact of InsurTech on the firm performance and financial sustainability of insurance companies and Takaful operators in Malaysia. Lincoln University Digital Thesis, 2024.
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm? SSRN Electronic Journal, October 2015, 1–45.
Charpentier, A., & Suire, R. (2025). The insurance market in the era of digital transitions: Relationships between insurers, Big Tech, and Insurtechs. SOA Research Institute Report, January 2025, 1–42.
Financial Stability Institute. (2017). Fintech developments in the insurance industry - Executive summary. FSI Connect, February 2017, 1–3.
Cappiello, A. (2020). The technological disruption of insurance industry: A review. International Journal of Business and Social Science, 11(1), 1–11.
Ghosh, S. (2023). Impact of Fintech industry in India: An evolutionary change in Indian economy. Vidyasagar University Journal of Commerce, 28(2023-2024), 78–88.
Shawer, M. A. (2024). The transformative impact of financial technology (Fintech) on the financial industry: Innovations, challenges, and future trends. IRE Journals, 8(1), 127–137.
Reddy, M. S., & Kumar M, K. (2024). Exploring the transformative impact of Fintech on banking, finance and insurance industries. International Journal of Scientific Research in Engineering and Management (IJSREM), 8(4), 1–15.
Abbas, M. M. (2025). The impact of financial technology on the insurance industry: A case study of allianz Iraq Company. International Journal of Research in Finance and Management, 8(2), 211–218.
Gayathiry, D., & Suganya, D. (2023). Fintech innovation and adoption in insurance. Journal of the Oriental Institute, 72(03, No. 13), 39–43.
Gupta, A. P. (2024). The role of fintech in streamlining insurance processes and reducing administrative overheads. International Journal of Finance, 37(2), 21–31.
Barroso, M., & Laborda, J. (2022). Digital transformation and the emergence of the Fintech sector: Systematic literature review. Digital Business, 2(2022), 1–18.
Volosovych, S., Zelenitsa, I., Kondratenko, D., Szymla, W., & Mamchur, R. (2021). Transformation of insurance technologies in the context of a pandemic. Insurance Markets and Companies, 12(1), 1–13.
Kamuangu, P. (2024). Digital transformation in finance: A review of current research and future directions in FinTech. World Journal of Advanced Research and Reviews, 21(03), 1667–1675.
Mittal, N. (2024). Fin tech evolution: Pioneering sustainable transformations in investment and finance. Sudarshan Research Journal, 2(2), 10–27.
Anifa, M., Ramakrishnan, S., Joghee, S., Kabiraj, S., & Bishnoi, M. M. (2022). Fintech innovations in the financial service industry. Journal of Risk and Financial Management, 15(287), 1–19.
Saini, A. K. (2018). The fintech revolution and future of banking and financial institutions: A quantitative investigation. Psychology and Education, 55(1), 428–436.
Satuluri, R. K., & Radhika, R. (2021). Digital transformation in Indian insurance industry. Turkish Journal of Computer and Mathematics Education, 12(4), 310–324.
Jain, R., Prajapati, D., & Dangi, A. (2023). Transforming the financial sector: A review of recent advancements in FinTech. International Journal for Research Trends and Innovation, 8(2), 250–266.
Nepochatenko, O., Bechko, P., & Ponomarenko, O. (2023). The transformation of the insurance market under the influence of financial digital technologies. International Science Journal of Management, Economics & Finance, 2(2), 48–55.
Khalatur, S., Pavlova, H., Vasilieva, L., Karamushka, D., & Danileviča, A. (2022). Innovation management as basis of digitalization trends and security of financial sector. Entrepreneurship and Sustainability Issues, 9(4), 56–76.
Darnida, Y. C., Haryono, A., & Nurriqli, A. (2024). The role of financial technology in increasing financial access. Journal of Management, 3(2), 474–493.
Xi, W., & Wang, Y. (2023). Digital financial inclusion and quality of economic growth. Heliyon, 9(2023), 1–18.

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