FUTURE ECONOMIC AND SUSTAINABILITY IMPACTS OF OPEN DATA IN INSURANCE

Abstract

The insurance industry is undergoing a profound transformation driven by the integration of open data and digital technologies. This paper explores the multifaceted implications of these changes, focusing on economic efficiency, regulatory compliance, and long-term sustainability. By examining the interplay between digital transformation and public finance theory, we identify key challenges and opportunities that arise in this evolving landscape. Our findings highlight the need for robust regulatory frameworks that balance transparency with data privacy, fostering an environment conducive to innovation. This research not only underscores the transformative potential of digital initiatives in enhancing operational effectiveness, but also advocates for strategic policymaking that leverages open data to stimulate economic growth and social well-being. Ultimately, we envision a future where the insurance sector thrives through the harmonious integration of technology and data-driven practices, paving the way for a more resilient and efficient industry.